MetLife Investment Advisors LLC Invests $868,000 in ProAssurance Co. (PRA)
MetLife Investment Advisors LLC acquired a new position in shares of ProAssurance Co. (NYSE:PRA) in the second quarter, HoldingsChannel reports. The fund acquired 24,492 shares of the insurance provider’s stock, valued at approximately $868,000.
Other hedge funds have also recently added to or reduced their stakes in the company. Bank of New York Mellon Corp increased its holdings in shares of ProAssurance by 7.5% during the 2nd quarter. Bank of New York Mellon Corp now owns 669,796 shares of the insurance provider’s stock worth $23,744,000 after buying an additional 46,762 shares during the last quarter. Millennium Management LLC increased its holdings in shares of ProAssurance by 41.1% during the 1st quarter. Millennium Management LLC now owns 29,364 shares of the insurance provider’s stock worth $1,426,000 after buying an additional 8,558 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of ProAssurance by 11.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,029,596 shares of the insurance provider’s stock worth $71,950,000 after buying an additional 209,147 shares during the last quarter. Unigestion Holding SA acquired a new stake in shares of ProAssurance during the 2nd quarter worth $1,067,000. Finally, Smith Graham & Co. Investment Advisors LP increased its holdings in shares of ProAssurance by 145.8% during the 2nd quarter. Smith Graham & Co. Investment Advisors LP now owns 189,370 shares of the insurance provider’s stock worth $6,713,000 after buying an additional 112,330 shares during the last quarter. Institutional investors and hedge funds own 85.70% of the company’s stock.
Shares of ProAssurance stock opened at $46.60 on Friday. The company has a debt-to-equity ratio of 0.18, a current ratio of 0.35 and a quick ratio of 0.35. ProAssurance Co. has a twelve month low of $34.95 and a twelve month high of $63.45. The firm has a market cap of $2.54 billion, a P/E ratio of 23.07 and a beta of 0.60.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 10th. Investors of record on Friday, September 28th will be given a dividend of $0.31 per share. The ex-dividend date of this dividend is Thursday, September 27th. This represents a $1.24 dividend on an annualized basis and a yield of 2.66%. ProAssurance’s dividend payout ratio (DPR) is 61.39%.
PRA has been the subject of a number of research analyst reports. ValuEngine upgraded ProAssurance from a “sell” rating to a “hold” rating in a report on Wednesday, August 15th. Sandler O’Neill restated a “hold” rating and set a $44.00 price objective on shares of ProAssurance in a report on Thursday, August 9th. Zacks Investment Research upgraded ProAssurance from a “strong sell” rating to a “hold” rating in a report on Friday, August 10th. Boenning Scattergood reaffirmed a “hold” rating on shares of ProAssurance in a research report on Wednesday, August 8th. Finally, JMP Securities upped their price target on shares of ProAssurance from $50.00 to $52.00 and gave the stock a “market outperform” rating in a research report on Friday, September 21st. Six investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $50.50.
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, and Lloyd's Syndicate segments. It offers 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 for employers, groups, and associations.
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