Metropolitan Life Insurance Co. NY lifted its stake in shares of ProAssurance Co. (NYSE:PRA) by 1,039.5% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 17,297 shares of the insurance provider’s stock after buying an additional 15,779 shares during the quarter. Metropolitan Life Insurance Co. NY’s holdings in ProAssurance were worth $613,000 at the end of the most recent reporting period.

Other institutional investors also recently made changes to their positions in the company. Itau Unibanco Holding S.A. acquired a new position in shares of ProAssurance during the second quarter worth about $137,000. Koch Industries Inc. acquired a new position in shares of ProAssurance during the first quarter worth about $208,000. Adviser Investments LLC acquired a new position in shares of ProAssurance during the second quarter worth about $176,000. Cubist Systematic Strategies LLC grew its position in shares of ProAssurance by 39.7% during the first quarter. Cubist Systematic Strategies LLC now owns 5,886 shares of the insurance provider’s stock worth $286,000 after buying an additional 1,672 shares in the last quarter. Finally, Laurion Capital Management LP acquired a new position in shares of ProAssurance during the second quarter worth about $248,000. 85.70% of the stock is owned by institutional investors and hedge funds.

Shares of PRA opened at $47.45 on Wednesday. The company has a debt-to-equity ratio of 0.18, a current ratio of 0.35 and a quick ratio of 0.35. The company has a market capitalization of $2.57 billion, a P/E ratio of 23.49 and a beta of 0.60. ProAssurance Co. has a 52-week low of $34.95 and a 52-week high of $63.45.

ProAssurance (NYSE:PRA) last announced its quarterly earnings results on Tuesday, August 7th. The insurance provider reported $0.48 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.39 by $0.09. The firm had revenue of $248.02 million during the quarter, compared to the consensus estimate of $219.98 million. ProAssurance had a return on equity of 6.14% and a net margin of 9.67%. During the same period in the prior year, the company posted $0.40 earnings per share. sell-side analysts predict that ProAssurance Co. will post 1.83 EPS for the current fiscal year.

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 issued a $0.31 dividend. This represents a $1.24 dividend on an annualized basis and a yield of 2.61%. The ex-dividend date is Thursday, September 27th. ProAssurance’s dividend payout ratio (DPR) is 61.39%.

A number of equities analysts have recently commented on the company. JMP Securities boosted their price objective on ProAssurance from $50.00 to $52.00 and gave the stock a “market outperform” rating in a research report on Friday, September 21st. Zacks Investment Research raised ProAssurance from a “hold” rating to a “buy” rating and set a $54.00 price objective for the company in a research report on Tuesday, September 11th. ValuEngine raised ProAssurance from a “sell” rating to a “hold” rating in a research report on Wednesday, August 15th. Sandler O’Neill reissued a “hold” rating and set a $44.00 price objective on shares of ProAssurance in a research report on Thursday, August 9th. Finally, Boenning Scattergood reissued a “hold” rating on shares of ProAssurance in a research report on Wednesday, August 8th. Six research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. ProAssurance has an average rating of “Hold” and an average target price of $50.50.

ProAssurance Profile

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.

Read More: Fundamental Analysis and Choosing Stocks

Institutional Ownership by Quarter for ProAssurance (NYSE:PRA)

Receive News & Ratings for ProAssurance Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for ProAssurance and related companies with MarketBeat.com's FREE daily email newsletter.