Analysts Set ProAssurance Corporation (NYSE:PRA) Target Price at $21.50

ProAssurance Corporation (NYSE:PRA) has been given an average recommendation of “Reduce” by the six ratings firms that are currently covering the company, Marketbeat Ratings reports. One analyst has rated the stock with a sell recommendation and five have issued a hold recommendation on the company. The average 12 month target price among brokerages that have covered the stock in the last year is $21.50.

PRA has been the subject of several research reports. Zacks Research upgraded shares of ProAssurance from a “strong sell” rating to a “hold” rating in a research note on Wednesday, August 20th. Wall Street Zen initiated coverage on shares of ProAssurance in a research note on Monday, May 19th. They issued a “hold” rating for the company.

ProAssurance Trading Down 0.0%

NYSE:PRA opened at $23.71 on Thursday. The company has a 50-day moving average price of $23.82 and a 200-day moving average price of $22.40. ProAssurance has a 12 month low of $12.43 and a 12 month high of $24.14. The company has a current ratio of 0.26, a quick ratio of 0.26 and a debt-to-equity ratio of 0.33. The stock has a market cap of $1.22 billion, a price-to-earnings ratio of 25.22 and a beta of 0.12.

ProAssurance (NYSE:PRA) last issued its quarterly earnings results on Tuesday, August 5th. The insurance provider reported $0.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.19 by $0.33. The company had revenue of $271.94 million during the quarter, compared to analyst estimates of $266.72 million. ProAssurance had a net margin of 4.33% and a return on equity of 5.62%. ProAssurance’s quarterly revenue was down 19.9% compared to the same quarter last year. During the same period last year, the business earned $0.23 EPS. Equities analysts predict that ProAssurance will post 0.8 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the business. Magnetar Financial LLC increased its stake in ProAssurance by 27.6% during the 2nd quarter. Magnetar Financial LLC now owns 2,956,808 shares of the insurance provider’s stock valued at $67,504,000 after purchasing an additional 638,992 shares in the last quarter. Alliancebernstein L.P. increased its stake in ProAssurance by 26.3% during the 2nd quarter. Alliancebernstein L.P. now owns 1,915,673 shares of the insurance provider’s stock valued at $43,735,000 after purchasing an additional 399,194 shares in the last quarter. 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. Hsbc Holdings PLC increased its stake in ProAssurance by 1,310.1% during the 2nd quarter. Hsbc Holdings PLC now owns 939,428 shares of the insurance provider’s stock valued at $21,433,000 after purchasing an additional 872,808 shares in the last quarter. Finally, LMR Partners LLP increased its stake in ProAssurance by 287.2% during the 2nd quarter. LMR Partners LLP now owns 806,471 shares of the insurance provider’s stock valued at $18,412,000 after purchasing an additional 598,169 shares in the last quarter. 85.58% of the stock is currently owned by institutional investors.

About ProAssurance

ProAssurance Corporation, through its subsidiaries, provides property and casualty insurance, and reinsurance products in the United States. The company operates through Specialty Property and Casualty, Workers’ Compensation Insurance, and Segregated Portfolio Cell Reinsurance segments. It offers professional liability insurance to healthcare providers and institutions, and attorneys and their firms; medical technology liability insurance to medical technology and life sciences companies; and custom alternative risk solutions, including assumed reinsurance, loss portfolio transfers, and captive cell programs for healthcare professional liability insureds.