ProAssurance Corp. (PRA) Shares Sold by Parkwood LLC
Parkwood LLC lowered its position in ProAssurance Corp. (NYSE:PRA) by 14.8% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 8,786 shares of the company’s stock after selling 1,521 shares during the period. Parkwood LLC’s holdings in ProAssurance Corp. were worth $470,000 as of its most recent SEC filing.
Several other large investors have also modified their holdings of the company. M&T Bank Corp raised its stake in shares of ProAssurance Corp. by 0.4% in the first quarter. M&T Bank Corp now owns 10,256 shares of the company’s stock worth $519,000 after buying an additional 39 shares during the last quarter. Bessemer Group Inc. raised its stake in shares of ProAssurance Corp. by 24.2% in the first quarter. Bessemer Group Inc. now owns 77,031 shares of the company’s stock worth $3,898,000 after buying an additional 15,026 shares during the last quarter. JPMorgan Chase & Co. raised its stake in shares of ProAssurance Corp. by 14.1% in the first quarter. JPMorgan Chase & Co. now owns 1,703,627 shares of the company’s stock worth $86,203,000 after buying an additional 210,275 shares during the last quarter. BlackRock Group LTD raised its stake in shares of ProAssurance Corp. by 6.7% in the first quarter. BlackRock Group LTD now owns 76,413 shares of the company’s stock worth $3,866,000 after buying an additional 4,831 shares during the last quarter. Finally, BlackRock Inc. raised its stake in shares of ProAssurance Corp. by 180.1% in the first quarter. BlackRock Inc. now owns 7,850 shares of the company’s stock worth $397,000 after buying an additional 5,047 shares during the last quarter. Institutional investors and hedge funds own 80.80% of the company’s stock.
Shares of ProAssurance Corp. (NYSE:PRA) traded down 0.85% during midday trading on Friday, reaching $52.38. The company had a trading volume of 150,201 shares. The company’s 50 day moving average price is $53.73 and its 200 day moving average price is $51.28. The stock has a market capitalization of $2.79 billion, a PE ratio of 26.06 and a beta of 0.42. ProAssurance Corp. has a 52-week low of $45.78 and a 52-week high of $55.43.
ProAssurance Corp. (NYSE:PRA) last posted its earnings results on Wednesday, August 3rd. The company reported $0.67 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.57 by $0.10. ProAssurance Corp. had a return on equity of 7.65% and a net margin of 16.40%. The firm had revenue of $214.80 million for the quarter, compared to analyst estimates of $202.70 million. During the same quarter in the prior year, the company earned $0.64 EPS. ProAssurance Corp.’s revenue was up 5.6% on a year-over-year basis. Equities research analysts expect that ProAssurance Corp. will post $2.40 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, October 7th. Shareholders of record on Wednesday, September 28th will be given a $0.31 dividend. This represents a $1.24 dividend on an annualized basis and a yield of 2.37%. The ex-dividend date is Monday, September 26th. ProAssurance Corp.’s dividend payout ratio is currently 61.69%.
A number of brokerages have recently weighed in on PRA. Zacks Investment Research upgraded ProAssurance Corp. from a “hold” rating to a “buy” rating and set a $61.00 price target on the stock in a research note on Tuesday, August 9th. TheStreet upgraded ProAssurance Corp. from a “hold” rating to a “buy” rating in a research note on Friday, June 3rd. Finally, JMP Securities boosted their price target on ProAssurance Corp. to $57.00 and gave the stock an “outperform” rating in a research note on Monday, June 13th.
About ProAssurance Corp.
ProAssurance Corporation is a holding company for property and casualty insurance companies. The Company provides professional liability insurance for healthcare professionals and facilities, professional liability insurance for attorneys, liability insurance for medical technology and life sciences risks, and workers’ compensation insurance.
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