ProAssurance (NYSE:PRA) Releases Quarterly Earnings Results, Hits Estimates

ProAssurance (NYSE:PRA) posted its quarterly earnings data on Tuesday. The insurance provider reported $0.25 EPS for the quarter, hitting the consensus estimate of $0.25, FiscalAI reports. The firm had revenue of $262.63 million during the quarter, compared to analyst estimates of $216.86 million. ProAssurance had a net margin of 4.64% and a return on equity of 6.50%. ProAssurance’s revenue was down 3.5% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.13 EPS.

ProAssurance Stock Performance

ProAssurance stock traded up $0.01 during mid-day trading on Tuesday, reaching $24.66. 700,195 shares of the company traded hands, compared to its average volume of 916,961. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.27 and a quick ratio of 0.27. ProAssurance has a fifty-two week low of $22.72 and a fifty-two week high of $24.85. The company has a market capitalization of $1.27 billion, a price-to-earnings ratio of 15.22 and a beta of 0.04. The firm’s fifty day moving average is $24.59 and its two-hundred day moving average is $24.30.

Analysts Set New Price Targets

Several research firms recently commented on PRA. Zacks Research upgraded shares of ProAssurance from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, February 24th. Wall Street Zen upgraded shares of ProAssurance from a “sell” rating to a “hold” rating in a research note on Saturday. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of ProAssurance in a research note on Thursday, January 22nd. One research analyst has rated the stock with a Strong Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $25.00.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of PRA. Qube Research & Technologies Ltd increased its stake in ProAssurance by 186.1% during the 2nd quarter. Qube Research & Technologies Ltd now owns 1,491,060 shares of the insurance provider’s stock valued at $34,041,000 after purchasing an additional 969,833 shares in the last quarter. Balyasny Asset Management L.P. boosted its holdings in shares of ProAssurance by 360.0% in the 4th quarter. Balyasny Asset Management L.P. now owns 1,039,901 shares of the insurance provider’s stock valued at $25,124,000 after acquiring an additional 813,814 shares during the last quarter. Alliancebernstein L.P. boosted its holdings in shares of ProAssurance by 41.6% in the 3rd quarter. Alliancebernstein L.P. now owns 2,711,805 shares of the insurance provider’s stock valued at $65,056,000 after acquiring an additional 796,132 shares during the last quarter. Man Group plc purchased a new stake in ProAssurance during the third quarter worth $17,058,000. Finally, PSquared Asset Management AG purchased a new stake in ProAssurance during the fourth quarter worth $8,365,000. Institutional investors and hedge funds own 85.58% of the company’s stock.

About ProAssurance

ProAssurance Corporation is a specialty property and casualty insurance holding company headquartered in Birmingham, Alabama. The company focuses primarily on professional liability coverage for healthcare providers, including physicians, surgeons, dentists and allied health professionals. ProAssurance operates through a group of insurance subsidiaries that underwrite both occurrence- and claims-made policies tailored to the unique risks faced by the medical community.

In addition to professional liability insurance, ProAssurance offers a suite of complementary property and casualty products, such as general liability, workers’ compensation, property and inland marine, and umbrella coverage.