Cubist Systematic Strategies LLC acquired a new position in ProAssurance Corporation (NYSE:PRA) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 3,736 shares of the insurance provider’s stock, valued at approximately $227,000.

Several other hedge funds have also modified their holdings of the stock. Teacher Retirement System of Texas raised its position in shares of ProAssurance Corporation by 0.7% in the second quarter. Teacher Retirement System of Texas now owns 4,243 shares of the insurance provider’s stock worth $258,000 after buying an additional 30 shares in the last quarter. Arizona State Retirement System raised its position in shares of ProAssurance Corporation by 0.4% in the second quarter. Arizona State Retirement System now owns 27,800 shares of the insurance provider’s stock worth $1,690,000 after buying an additional 100 shares in the last quarter. Hartford Investment Management Co. raised its position in shares of ProAssurance Corporation by 3.6% in the second quarter. Hartford Investment Management Co. now owns 3,728 shares of the insurance provider’s stock worth $227,000 after buying an additional 130 shares in the last quarter. World Asset Management Inc raised its position in shares of ProAssurance Corporation by 4.0% in the second quarter. World Asset Management Inc now owns 3,515 shares of the insurance provider’s stock worth $214,000 after buying an additional 134 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of ProAssurance Corporation by 8.4% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,067 shares of the insurance provider’s stock worth $126,000 after buying an additional 161 shares in the last quarter. Institutional investors own 79.94% of the company’s stock.

ProAssurance Corporation (NYSE:PRA) last released its quarterly earnings data on Monday, August 7th. The insurance provider reported $0.40 EPS for the quarter, beating the consensus estimate of $0.39 by $0.01. ProAssurance Corporation had a net margin of 16.80% and a return on equity of 6.59%. The business had revenue of $205.58 million during the quarter, compared to the consensus estimate of $207.14 million. During the same quarter in the prior year, the firm earned $0.67 EPS. The business’s revenue was down 4.3% on a year-over-year basis.

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 10th. Shareholders of record on Friday, September 29th were issued a dividend of $0.31 per share. This represents a $1.24 annualized dividend and a dividend yield of 2.16%. The ex-dividend date of this dividend was Thursday, September 28th. ProAssurance Corporation’s dividend payout ratio (DPR) is presently 44.60%.

PRA has been the topic of a number of research reports. Keefe, Bruyette & Woods restated a “hold” rating and set a $60.00 price target on shares of ProAssurance Corporation in a research report on Monday, October 16th. Buckingham Research initiated coverage on ProAssurance Corporation in a research report on Monday, September 11th. They set a “neutral” rating and a $54.00 price target on the stock. Boenning Scattergood restated a “hold” rating on shares of ProAssurance Corporation in a research report on Tuesday, August 8th. Zacks Investment Research downgraded ProAssurance Corporation from a “hold” rating to a “sell” rating in a research report on Wednesday, August 2nd. Finally, BidaskClub downgraded ProAssurance Corporation from a “sell” rating to a “strong sell” rating in a research report on Monday, July 31st. Two analysts have rated the stock with a sell rating and four have given a hold rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $60.75.

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In related news, insider Howard H. Friedman acquired 2,000 shares of the company’s stock in a transaction on Wednesday, August 9th. The stock was acquired at an average price of $55.00 per share, with a total value of $110,000.00. Following the acquisition, the insider now directly owns 259,573 shares of the company’s stock, valued at $14,276,515. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Neil Frank B. O acquired 2,500 shares of the company’s stock in a transaction on Friday, August 11th. The shares were bought at an average cost of $54.75 per share, with a total value of $136,875.00. Following the acquisition, the insider now directly owns 101,931 shares in the company, valued at $5,580,722.25. The disclosure for this purchase can be found here. Insiders have acquired a total of 7,000 shares of company stock valued at $383,125 in the last three months. Insiders own 1.80% of the company’s stock.

About ProAssurance Corporation

ProAssurance Corporation (ProAssurance) 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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Institutional Ownership by Quarter for ProAssurance Corporation (NYSE:PRA)

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