Municipal Employees Retirement System of Michigan Has $767,000 Stake in ProAssurance Corporation (PRA)
Municipal Employees Retirement System of Michigan increased its position in ProAssurance Corporation (NYSE:PRA) by 4.0% during the second quarter, Holdings Channel reports. The institutional investor owned 12,620 shares of the insurance provider’s stock after buying an additional 490 shares during the period. Municipal Employees Retirement System of Michigan’s holdings in ProAssurance Corporation were worth $767,000 as of its most recent SEC filing.
Other large investors also recently modified their holdings of the company. Assetmark Inc. increased its stake in shares of ProAssurance Corporation by 1.1% in the first quarter. Assetmark Inc. now owns 1,779 shares of the insurance provider’s stock worth $107,000 after buying an additional 20 shares in the last quarter. First Quadrant L P CA increased its stake in shares of ProAssurance Corporation by 124.1% in the second quarter. First Quadrant L P CA now owns 2,465 shares of the insurance provider’s stock worth $150,000 after buying an additional 1,365 shares in the last quarter. World Asset Management Inc bought a new stake in shares of ProAssurance Corporation during the first quarter worth about $204,000. Everence Capital Management Inc. bought a new stake in shares of ProAssurance Corporation during the first quarter worth about $213,000. Finally, Private Advisor Group LLC bought a new stake in shares of ProAssurance Corporation during the first quarter worth about $222,000. 81.42% of the stock is currently owned by institutional investors and hedge funds.
ProAssurance Corporation (NYSE PRA) opened at 55.50 on Tuesday. The company has a market capitalization of $2.96 billion, a PE ratio of 19.83 and a beta of 0.51. ProAssurance Corporation has a 52 week low of $50.50 and a 52 week high of $63.53. The stock has a 50 day moving average price of $59.72 and a 200-day moving average price of $59.29.
ProAssurance Corporation (NYSE:PRA) last released its quarterly earnings results on Monday, August 7th. The insurance provider reported $0.40 EPS for the quarter, beating analysts’ consensus estimates of $0.39 by $0.01. ProAssurance Corporation had a net margin of 16.80% and a return on equity of 6.59%. The firm had revenue of $205.58 million during the quarter, compared to analyst estimates of $207.14 million. During the same period in the previous year, the business earned $0.67 EPS. The business’s revenue for the quarter was down 4.3% on a year-over-year basis. On average, equities analysts predict that ProAssurance Corporation will post $2.14 earnings per share for the current fiscal year.
A number of brokerages have weighed in on PRA. Boenning Scattergood reaffirmed a “hold” rating on shares of ProAssurance Corporation in a report on Tuesday, August 1st. Zacks Investment Research downgraded ProAssurance Corporation from a “hold” rating to a “sell” rating in a report on Wednesday, August 2nd. BidaskClub downgraded ProAssurance Corporation from a “sell” rating to a “strong sell” rating in a report on Monday, July 31st. Finally, Keefe, Bruyette & Woods began coverage on ProAssurance Corporation in a report on Monday, July 17th. They issued a “market perform” rating and a $61.00 target price on the stock. Two equities research analysts have rated the stock with a sell rating and three have given a hold rating to the company. ProAssurance Corporation presently has a consensus rating of “Hold” and a consensus price target of $63.33.
In related news, insider Neil Frank B. O bought 2,500 shares of the business’s stock in a transaction that occurred on Friday, August 11th. The stock was bought at an average cost of $54.75 per share, for a total transaction of $136,875.00. Following the completion of the transaction, the insider now owns 101,931 shares of the company’s stock, valued at $5,580,722.25. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Edward Lewis Rand, Jr. sold 3,155 shares of the company’s stock in a transaction on Monday, June 26th. The stock was sold at an average price of $60.11, for a total transaction of $189,647.05. Following the completion of the transaction, the insider now owns 120,014 shares of the company’s stock, valued at $7,214,041.54. The disclosure for this sale can be found here. Insiders sold 28,000 shares of company stock valued at $1,703,438 over the last quarter. 1.80% of the stock is owned by company insiders.
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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