Gabelli Funds LLC Buys 117,447 Shares of ProAssurance Corporation $PRA

Gabelli Funds LLC increased its stake in shares of ProAssurance Corporation (NYSE:PRA) by 165.0% in the 1st quarter, Holdings Channel reports. The firm owned 188,634 shares of the insurance provider’s stock after buying an additional 117,447 shares during the period. Gabelli Funds LLC’s holdings in ProAssurance were worth $4,663,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Russell Investments Group Ltd. boosted its holdings in ProAssurance by 356.2% in the second quarter. Russell Investments Group Ltd. now owns 1,405 shares of the insurance provider’s stock worth $32,000 after purchasing an additional 1,097 shares during the last quarter. PNC Financial Services Group Inc. raised its stake in ProAssurance by 173.7% during the 1st quarter. PNC Financial Services Group Inc. now owns 1,897 shares of the insurance provider’s stock valued at $47,000 after buying an additional 1,204 shares during the last quarter. Tower Research Capital LLC TRC raised its stake in ProAssurance by 271.2% during the 2nd quarter. Tower Research Capital LLC TRC now owns 5,576 shares of the insurance provider’s stock valued at $127,000 after buying an additional 4,074 shares during the last quarter. BNP Paribas Financial Markets lifted 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 buying an additional 1,056 shares during the period. Finally, Kestra Advisory Services LLC bought a new position in shares of ProAssurance during the 4th quarter valued at $191,000. Institutional investors own 85.58% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts recently commented on the company. Wall Street Zen lowered ProAssurance from a “hold” rating to a “sell” rating in a report on Sunday, May 10th. Weiss Ratings upgraded ProAssurance from a “hold (c)” rating to a “hold (c+)” rating in a research note on Friday, May 29th. One research analyst has rated the stock with a Strong Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Buy”.

ProAssurance Stock Performance

NYSE:PRA opened at $25.00 on Wednesday. ProAssurance Corporation has a one year low of $22.79 and a one year high of $25.01. The business has a fifty day moving average price of $24.76 and a 200-day moving average price of $24.58. The firm has a market capitalization of $1.29 billion, a price-to-earnings ratio of 20.00 and a beta of 0.02. 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 (NYSE:PRA) last released its earnings results on Tuesday, May 5th. The insurance provider reported $0.25 earnings per share for the quarter, meeting the consensus estimate of $0.25. ProAssurance had a return on equity of 6.82% and a net margin of 5.99%.The company had revenue of $262.63 million for the quarter, compared to the consensus estimate of $216.86 million. During the same period in the previous year, the business earned $0.13 earnings per share. ProAssurance’s quarterly revenue was down 3.5% compared to the same quarter last year. Sell-side analysts forecast that ProAssurance Corporation will post 1.25 EPS for the current year.

ProAssurance 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.