ProAssurance Corporation (PRA) Upgraded at Zacks Investment Research
According to Zacks, “The shares of ProAssurance have gained 16% in 2016 compared to 21% gained by the Zacks categorized Property & Casualty insurance industry on the back of its exposure to persistently low interest rate as well as reduced retention rates. Volatility in premium retention in its physician business is another headwind. The Zacks Consensus Estimate for the fourth quarter is currently pegged at $0.67 reflecting 7.8% year over year decline. However, its inorganic growth strategies have largely helped it build a solid competitive market position. Its robust capital position has enabled it to boost investors’ return by undertaking share buybacks as well as paying quarterly dividends and special dividends. Prudent operating and financial leverage, responsible pricing, loss reserve practice and conservative investments in assets will likely drive growth.”
Shares of ProAssurance Corporation (NYSE:PRA) opened at 55.65 on Tuesday. ProAssurance Corporation has a one year low of $45.78 and a one year high of $63.53. The company has a 50-day moving average of $57.85 and a 200 day moving average of $54.24. The stock has a market cap of $2.96 billion, a price-to-earnings ratio of 22.67 and a beta of 0.46.
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The company also recently disclosed a quarterly dividend, which was paid on Monday, January 9th. Stockholders of record on Friday, December 23rd were issued a $0.31 dividend. This represents a $1.24 annualized dividend and a dividend yield of 2.23%. The ex-dividend date was Wednesday, December 21st. ProAssurance Corporation’s payout ratio is currently 50.61%.
Large investors have recently bought and sold shares of the stock. TimesSquare Capital Management LLC increased its stake in ProAssurance Corporation by 40.2% in the second quarter. TimesSquare Capital Management LLC now owns 1,908,580 shares of the company’s stock valued at $102,204,000 after buying an additional 547,680 shares during the last quarter. Mesirow Financial Investment Management Equity Management purchased a new stake in ProAssurance Corporation during the second quarter valued at $25,202,000. Bank of Montreal Can purchased a new stake in ProAssurance Corporation during the second quarter valued at $15,891,000. JPMorgan Chase & Co. increased its stake in ProAssurance Corporation by 14.6% in the third quarter. JPMorgan Chase & Co. now owns 2,098,944 shares of the company’s stock valued at $110,152,000 after buying an additional 268,203 shares during the last quarter. Finally, Victory Capital Management Inc. increased its stake in ProAssurance Corporation by 34.5% in the third quarter. Victory Capital Management Inc. now owns 975,097 shares of the company’s stock valued at $51,173,000 after buying an additional 250,262 shares during the last quarter. 80.55% of the stock is owned by institutional investors and hedge funds.
About ProAssurance Corporation
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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