DF Dent & Co. Inc. Increases Stake in ProAssurance Corporation (PRA)
DF Dent & Co. Inc. increased its position in shares of ProAssurance Corporation (NYSE:PRA) by 44.6% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 5,908 shares of the insurance provider’s stock after buying an additional 1,822 shares during the period. DF Dent & Co. Inc.’s holdings in ProAssurance were worth $323,000 at the end of the most recent quarter.
Other institutional investors have also recently made changes to their positions in the company. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in ProAssurance by 8.4% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,067 shares of the insurance provider’s stock valued at $126,000 after purchasing an additional 161 shares during the last quarter. Flinton Capital Management LLC grew its stake in ProAssurance by 55.3% in the second quarter. Flinton Capital Management LLC now owns 2,560 shares of the insurance provider’s stock valued at $156,000 after purchasing an additional 912 shares during the last quarter. Riverhead Capital Management LLC grew its stake in ProAssurance by 60.8% in the second quarter. Riverhead Capital Management LLC now owns 2,895 shares of the insurance provider’s stock valued at $176,000 after purchasing an additional 1,095 shares during the last quarter. Pacad Investment Ltd. grew its stake in ProAssurance by 47.6% in the second quarter. Pacad Investment Ltd. now owns 3,100 shares of the insurance provider’s stock valued at $188,000 after purchasing an additional 1,000 shares during the last quarter. Finally, Verition Fund Management LLC purchased a new position in ProAssurance in the second quarter valued at about $211,000. Hedge funds and other institutional investors own 80.23% of the company’s stock.
Shares of ProAssurance Corporation (NYSE PRA) traded up $0.20 during midday trading on Wednesday, reaching $61.25. The company’s stock had a trading volume of 174,400 shares, compared to its average volume of 152,358. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.40 and a current ratio of 0.40. The firm has a market capitalization of $3,261.00, a P/E ratio of 26.54 and a beta of 0.58. ProAssurance Corporation has a fifty-two week low of $50.70 and a fifty-two week high of $63.53.
ProAssurance (NYSE:PRA) last issued its quarterly earnings results on Monday, November 6th. The insurance provider reported $0.45 earnings per share for the quarter, topping the consensus estimate of $0.36 by $0.09. The business had revenue of $228.50 million during the quarter, compared to the consensus estimate of $215.12 million. ProAssurance had a return on equity of 6.75% and a net margin of 16.18%. The company’s quarterly revenue was up 1.9% on a year-over-year basis. During the same quarter last year, the company earned $0.46 earnings per share. analysts expect that ProAssurance Corporation will post 2.09 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 10th. Shareholders of record on Thursday, December 21st will be issued a $0.31 dividend. This represents a $1.24 annualized dividend and a yield of 2.02%. The ex-dividend date is Wednesday, December 20th. ProAssurance’s dividend payout ratio is presently 46.10%.
Several equities analysts have issued reports on PRA shares. Buckingham Research started coverage on ProAssurance in a research note on Monday, September 11th. They issued a “neutral” rating and a $54.00 target price on the stock. Keefe, Bruyette & Woods reiterated a “hold” rating and issued a $60.00 target price on shares of ProAssurance in a research note on Monday, October 16th. Zacks Investment Research upgraded ProAssurance from a “sell” rating to a “hold” rating in a research note on Wednesday, November 8th. Finally, Boenning Scattergood reiterated a “hold” rating on shares of ProAssurance in a research note on Tuesday, November 7th. One analyst has rated the stock with a sell rating, four have given a hold rating and one has issued a buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $60.75.
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ProAssurance Company Profile
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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