ProAssurance Corporation (NYSE:PRA) Shares Bought by Texas Permanent School Fund
Texas Permanent School Fund raised its position in ProAssurance Corporation (NYSE:PRA) by 1.2% during the second quarter, Holdings Channel reports. The fund owned 38,985 shares of the insurance provider’s stock after buying an additional 465 shares during the period. Texas Permanent School Fund’s holdings in ProAssurance Corporation were worth $2,370,000 at the end of the most recent reporting period.
Several other institutional investors have also bought and sold shares of the company. BlackRock Inc. boosted its position in ProAssurance Corporation by 23,830.8% in the first quarter. BlackRock Inc. now owns 5,194,417 shares of the insurance provider’s stock worth $312,963,000 after buying an additional 5,172,711 shares during the last quarter. Vanguard Group Inc. boosted its position in ProAssurance Corporation by 5.5% in the first quarter. Vanguard Group Inc. now owns 5,000,763 shares of the insurance provider’s stock worth $301,296,000 after buying an additional 258,955 shares during the last quarter. FMR LLC boosted its position in ProAssurance Corporation by 17.7% in the first quarter. FMR LLC now owns 2,082,159 shares of the insurance provider’s stock worth $125,450,000 after buying an additional 313,514 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in ProAssurance Corporation by 3.4% in the first quarter. Dimensional Fund Advisors LP now owns 1,700,841 shares of the insurance provider’s stock worth $102,476,000 after buying an additional 55,591 shares during the last quarter. Finally, State Street Corp boosted its position in ProAssurance Corporation by 15.6% in the first quarter. State Street Corp now owns 1,232,824 shares of the insurance provider’s stock worth $74,274,000 after buying an additional 166,133 shares during the last quarter. Hedge funds and other institutional investors own 81.67% of the company’s stock.
ProAssurance Corporation (PRA) opened at 55.35 on Thursday. The company has a market capitalization of $2.96 billion, a PE ratio of 17.09 and a beta of 0.51. ProAssurance Corporation has a one year low of $50.50 and a one year high of $63.53. The company has a 50 day moving average price of $60.14 and a 200-day moving average price of $59.26.
ProAssurance Corporation (NYSE:PRA) last released its quarterly earnings results on Monday, August 7th. The insurance provider reported $0.40 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.39 by $0.01. ProAssurance Corporation had a return on equity of 6.59% and a net margin of 16.80%. The company had revenue of $205.58 million for the quarter, compared to analyst estimates of $207.14 million. During the same period in the previous year, the company posted $0.67 earnings per share. The firm’s revenue was down 4.3% on a year-over-year basis. Analysts expect that ProAssurance Corporation will post $2.17 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Wednesday, July 12th. Investors of record on Tuesday, June 27th were given a dividend of $0.31 per share. The ex-dividend date was Friday, June 23rd. This represents a $1.24 annualized dividend and a dividend yield of 2.24%. ProAssurance Corporation’s dividend payout ratio is presently 44.60%.
A number of equities analysts have issued reports on PRA shares. Keefe, Bruyette & Woods started coverage on ProAssurance Corporation in a report on Monday, July 17th. They set a “market perform” rating and a $61.00 price target on the stock. Boenning Scattergood restated a “hold” rating on shares of ProAssurance Corporation in a report on Tuesday, August 1st. Zacks Investment Research upgraded ProAssurance Corporation from a “hold” rating to a “buy” rating and set a $66.00 price target on the stock in a report on Tuesday, May 23rd. Finally, BidaskClub cut ProAssurance Corporation from a “hold” rating to a “sell” rating in a report on Wednesday, July 19th. Two research analysts have rated the stock with a sell rating and three have issued a hold rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $63.33.
In related news, insider Jeffrey Patton Lisenby sold 4,829 shares of ProAssurance Corporation stock in a transaction that occurred on Wednesday, July 5th. The stock was sold at an average price of $61.60, for a total transaction of $297,466.40. Following the sale, the insider now directly owns 50,836 shares in the company, valued at $3,131,497.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Howard H. Friedman purchased 2,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 9th. The shares were purchased at an average price of $55.00 per share, for a total transaction of $110,000.00. Following the completion of the transaction, the insider now directly owns 259,573 shares of the company’s stock, valued at $14,276,515. The disclosure for this purchase can be found here. Insiders have sold 28,000 shares of company stock worth $1,703,438 over the last 90 days. 1.80% of the stock is currently owned by corporate 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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