ProAssurance (NYSE:PRA) Reaches New 52-Week High – Here’s What Happened

ProAssurance Corporation (NYSE:PRA)’s stock price reached a new 52-week high on Wednesday . The stock traded as high as $24.99 and last traded at $24.9950, with a volume of 75861 shares changing hands. The stock had previously closed at $24.65.

Analysts Set New Price Targets

Several analysts have issued reports on PRA shares. Weiss Ratings raised shares of ProAssurance from a “hold (c)” rating to a “hold (c+)” rating in a research report on Friday, May 29th. Wall Street Zen lowered shares of ProAssurance from a “hold” rating to a “sell” rating in a research note on Sunday, May 10th. Finally, Zacks Research upgraded shares of ProAssurance from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, February 24th. One investment analyst has rated the stock with a Strong Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat, ProAssurance has an average rating of “Buy”.

ProAssurance Stock Performance

The stock’s 50 day moving average is $24.58 and its 200 day moving average is $24.42. The firm has a market cap of $1.29 billion, a price-to-earnings ratio of 20.00 and a beta of 0.02. The company has a current ratio of 0.27, a quick ratio of 0.27 and a debt-to-equity ratio of 0.31.

ProAssurance (NYSE:PRA) last released its earnings results on Tuesday, May 5th. The insurance provider reported $0.25 EPS for the quarter, meeting the consensus estimate of $0.25. The firm had revenue of $262.63 million for the quarter, compared to analyst estimates of $216.86 million. ProAssurance had a net margin of 5.99% and a return on equity of 6.82%. The business’s quarterly revenue was down 3.5% compared to the same quarter last year. During the same period last year, the firm earned $0.13 EPS. Analysts anticipate that ProAssurance Corporation will post 1.25 earnings per share for the current year.

Institutional Investors Weigh In On ProAssurance

A number of large investors have recently modified their holdings of PRA. Russell Investments Group Ltd. increased its stake in shares of ProAssurance by 356.2% in the 2nd quarter. Russell Investments Group Ltd. now owns 1,405 shares of the insurance provider’s stock valued at $32,000 after purchasing an additional 1,097 shares during the last quarter. PNC Financial Services Group Inc. lifted its holdings in shares of ProAssurance by 173.7% in the first quarter. PNC Financial Services Group Inc. now owns 1,897 shares of the insurance provider’s stock worth $47,000 after acquiring an additional 1,204 shares during the last quarter. Tower Research Capital LLC TRC boosted its stake in shares of ProAssurance by 271.2% in the 2nd quarter. Tower Research Capital LLC TRC now owns 5,576 shares of the insurance provider’s stock valued at $127,000 after purchasing an additional 4,074 shares in the last quarter. BNP Paribas Financial Markets grew its holdings in shares of ProAssurance by 22.8% during the 2nd quarter. BNP Paribas Financial Markets now owns 5,679 shares of the insurance provider’s stock valued at $130,000 after purchasing an additional 1,056 shares during the last quarter. Finally, Longfellow Investment Management Co. LLC increased its position in ProAssurance by 95.2% during the 3rd quarter. Longfellow Investment Management Co. LLC now owns 6,253 shares of the insurance provider’s stock worth $150,000 after purchasing an additional 3,050 shares in the last quarter. Institutional investors and hedge funds own 85.58% of the company’s stock.

ProAssurance Company Profile

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.