ProAssurance Corporation (PRA) to Post Q3 2017 Earnings of $0.53 Per Share, SunTrust Banks Forecasts
ProAssurance Corporation (NYSE:PRA) – Equities research analysts at SunTrust Banks dropped their Q3 2017 earnings per share (EPS) estimates for ProAssurance Corporation in a research note issued on Tuesday. SunTrust Banks analyst M. Hughes now expects that the insurance provider will earn $0.53 per share for the quarter, down from their previous estimate of $0.63. SunTrust Banks also issued estimates for ProAssurance Corporation’s Q4 2017 earnings at $0.60 EPS, Q1 2018 earnings at $0.54 EPS and Q2 2018 earnings at $0.53 EPS.
Other equities research analysts have also issued reports about the company. BidaskClub lowered ProAssurance Corporation from a “hold” rating to a “sell” rating in a research report on Saturday, June 24th. Zacks Investment Research lowered ProAssurance Corporation from a “buy” rating to a “hold” rating in a research report on Monday, May 29th. Boenning Scattergood restated a “neutral” rating on shares of ProAssurance Corporation in a research report on Monday, April 17th. Finally, Keefe, Bruyette & Woods began coverage on ProAssurance Corporation in a research report on Monday, July 17th. They set a “market perform” rating and a $61.00 price target on the stock. Two research analysts have rated the stock with a sell rating and three have issued a hold rating to the company. The company has a consensus rating of “Hold” and an average target price of $63.33.
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ProAssurance Corporation (PRA) opened at 55.35 on Thursday. The firm has a market capitalization of $2.96 billion, a price-to-earnings ratio of 17.09 and a beta of 0.51. The stock’s 50 day moving average price is $60.14 and its 200-day moving average price is $59.26. ProAssurance Corporation has a 12 month low of $50.50 and a 12 month high of $63.53.
ProAssurance Corporation (NYSE:PRA) last issued its earnings results on Monday, August 7th. The insurance provider reported $0.40 earnings per share for the quarter, topping analysts’ consensus estimates 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 prior year, the firm earned $0.67 earnings per share. ProAssurance Corporation’s revenue for the quarter was down 4.3% on a year-over-year basis.
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 12th. Shareholders of record on Tuesday, June 27th were paid a dividend of $0.31 per share. This represents a $1.24 dividend on an annualized basis and a yield of 2.24%. The ex-dividend date of this dividend was Friday, June 23rd. ProAssurance Corporation’s payout ratio is 44.60%.
In related news, insider Howard H. Friedman acquired 2,000 shares of the stock in a transaction on Wednesday, August 9th. The stock was acquired at an average price of $55.00 per share, for a total transaction of $110,000.00. Following the completion of the purchase, the insider now owns 259,573 shares of the company’s stock, valued at $14,276,515. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Edward Lewis Rand, Jr. sold 13,845 shares of ProAssurance Corporation stock in a transaction on Wednesday, June 28th. The shares were sold at an average price of $60.41, for a total value of $836,376.45. Following the transaction, the insider now owns 117,079 shares of the company’s stock, valued at approximately $7,072,742.39. The disclosure for this sale can be found here. Insiders have sold 28,000 shares of company stock valued at $1,703,438 in the last quarter. 1.80% of the stock is owned by company insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Miles Capital Inc. boosted its position in shares of ProAssurance Corporation by 0.3% in the first quarter. Miles Capital Inc. now owns 3,681 shares of the insurance provider’s stock worth $222,000 after buying an additional 10 shares during the last quarter. Assetmark Inc. boosted its position 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 during the last quarter. Teacher Retirement System of Texas boosted its position in shares of ProAssurance Corporation by 0.7% in the second quarter. Teacher Retirement System of Texas now owns 4,243 shares of the insurance provider’s stock worth $258,000 after buying an additional 30 shares during the last quarter. M&T Bank Corp boosted its position in shares of ProAssurance Corporation by 0.5% in the first quarter. M&T Bank Corp now owns 8,760 shares of the insurance provider’s stock worth $528,000 after buying an additional 40 shares during the last quarter. Finally, Bridgeworth LLC boosted its position in shares of ProAssurance Corporation by 1.3% in the first quarter. Bridgeworth LLC now owns 5,978 shares of the insurance provider’s stock worth $359,000 after buying an additional 75 shares during the last quarter. Institutional investors and hedge funds own 81.67% of the company’s stock.
ProAssurance Corporation Company Profile
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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