Zacks Research Downgrades ProAssurance (NYSE:PRA) to Hold

ProAssurance (NYSE:PRA) was downgraded by Zacks Research from a “strong-buy” rating to a “hold” rating in a report released on Wednesday,Zacks.com reports.

Separately, Weiss Ratings reissued a “hold (c)” rating on shares of ProAssurance in a research report on Wednesday, October 8th. Six equities research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, ProAssurance has a consensus rating of “Reduce” and an average target price of $21.50.

ProAssurance Trading Down 0.2%

Shares of NYSE PRA opened at $23.99 on Wednesday. The firm has a 50 day moving average price of $23.94 and a two-hundred day moving average price of $23.58. The stock has a market cap of $1.23 billion, a P/E ratio of 25.52 and a beta of 0.11. ProAssurance has a 52-week low of $13.00 and a 52-week high of $24.22. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.26 and a current ratio of 0.26.

ProAssurance (NYSE:PRA) last issued its quarterly earnings data on Friday, May 20th. The insurance provider reported $0.04 earnings per share for the quarter. The company had revenue of $220.02 million for the quarter. ProAssurance had a net margin of 4.33% and a return on equity of 5.62%. As a group, equities analysts forecast that ProAssurance will post 0.8 EPS for the current year.

Institutional Investors Weigh In On ProAssurance

Several large investors have recently added to or reduced their stakes in the business. Alpine Associates Management Inc. acquired a new position in ProAssurance during the 1st quarter worth approximately $5,167,000. Victory Capital Management Inc. acquired a new stake in ProAssurance in the first quarter valued at approximately $209,000. Envestnet Portfolio Solutions Inc. bought a new stake in shares of ProAssurance during the second quarter valued at approximately $587,000. Hsbc Holdings PLC raised its position in shares of ProAssurance by 76.4% during the first quarter. Hsbc Holdings PLC now owns 66,620 shares of the insurance provider’s stock worth $1,553,000 after purchasing an additional 28,861 shares during the period. Finally, Ellsworth Advisors LLC bought a new position in shares of ProAssurance in the 1st quarter worth $955,000. Institutional investors and hedge funds own 85.58% of the company’s stock.

ProAssurance Company Profile

ProAssurance Corporation, through its subsidiaries, provides property and casualty insurance, and reinsurance products in the United States. The company operates through Specialty Property and Casualty, Workers’ Compensation Insurance, and Segregated Portfolio Cell Reinsurance segments. It offers professional liability insurance to healthcare providers and institutions, and attorneys and their firms; medical technology liability insurance to medical technology and life sciences companies; and custom alternative risk solutions, including assumed reinsurance, loss portfolio transfers, and captive cell programs for healthcare professional liability insureds.