ProAssurance Corporation (PRA) Shares Bought by Renaissance Technologies LLC
Renaissance Technologies LLC raised its holdings in ProAssurance Corporation (NYSE:PRA) by 27.4% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 448,038 shares of the insurance provider’s stock after buying an additional 96,238 shares during the period. Renaissance Technologies LLC owned about 0.84% of ProAssurance Corporation worth $27,241,000 at the end of the most recent quarter.
Other large investors have also added to or reduced their stakes in the company. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in ProAssurance Corporation 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 buying an additional 161 shares during the period. First Quadrant L P CA raised its stake in 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 valued at $150,000 after buying an additional 1,365 shares during the period. Riverhead Capital Management LLC raised its stake in ProAssurance Corporation 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 buying an additional 1,095 shares during the period. Pacad Investment Ltd. raised its stake in ProAssurance Corporation 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 buying an additional 1,000 shares during the period. Finally, World Asset Management Inc bought a new stake in ProAssurance Corporation in the first quarter valued at approximately $204,000. Hedge funds and other institutional investors own 79.76% of the company’s stock.
In related news, insider Howard H. Friedman purchased 2,000 shares of the stock in a transaction that occurred on Wednesday, August 9th. The shares were bought at an average price of $55.00 per share, with a total value of $110,000.00. Following the acquisition, the insider now owns 259,573 shares of the company’s stock, valued at approximately $14,276,515. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Neil Frank B. O purchased 2,500 shares of the 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 acquisition, the insider now directly owns 101,931 shares in the company, valued at approximately $5,580,722.25. The disclosure for this purchase can be found here. In the last three months, insiders have acquired 7,000 shares of company stock worth $383,125. Insiders own 1.80% of the company’s stock.
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Shares of ProAssurance Corporation (PRA) opened at 55.45 on Friday. The firm has a 50-day moving average price of $53.91 and a 200 day moving average price of $58.26. ProAssurance Corporation has a 1-year low of $50.50 and a 1-year high of $63.53. The company has a market cap of $2.96 billion, a price-to-earnings ratio of 19.81 and a beta of 0.54.
ProAssurance Corporation (NYSE:PRA) last posted its earnings results on Monday, August 7th. The insurance provider reported $0.40 EPS for the quarter, topping the Thomson Reuters’ consensus estimate 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 for the quarter, compared to analysts’ expectations of $207.14 million. During the same quarter last year, the firm earned $0.67 EPS. The company’s quarterly revenue was down 4.3% compared to the same quarter last year. On average, analysts predict that ProAssurance Corporation will post $2.11 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 10th. Shareholders of record on Friday, September 29th will be given a dividend of $0.31 per share. The ex-dividend date is Thursday, September 28th. This represents a $1.24 annualized dividend and a dividend yield of 2.24%. ProAssurance Corporation’s dividend payout ratio is currently 44.60%.
Several analysts have issued reports on the company. Boenning Scattergood restated a “hold” rating on shares of ProAssurance Corporation in a research note on Tuesday, August 1st. BidaskClub lowered ProAssurance Corporation from a “sell” rating to a “strong sell” rating in a research note on Monday, July 31st. Zacks Investment Research upgraded ProAssurance Corporation from a “hold” rating to a “buy” rating and set a $69.00 price objective on the stock in a research note on Wednesday, July 5th. Keefe, Bruyette & Woods assumed coverage on ProAssurance Corporation in a research note on Monday, July 17th. They issued a “market perform” rating and a $61.00 price objective on the stock. Finally, Buckingham Research assumed coverage on ProAssurance Corporation in a research note on Monday, September 11th. They issued a “neutral” rating and a $54.00 price objective on the stock. Two research analysts have rated the stock with a sell rating and four have issued a hold rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $61.00.
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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