ProAssurance (NYSE:PRA) Posts Earnings Results, Misses Estimates By $0.13 EPS

ProAssurance (NYSE:PRA) released its quarterly earnings results on Tuesday. The insurance provider reported $0.15 EPS for the quarter, missing the consensus estimate of $0.28 by ($0.13), Zacks reports. ProAssurance had a return on equity of 5.62% and a net margin of 4.33%.During the same period in the prior year, the business earned $0.34 earnings per share. The company’s revenue was down 2.0% on a year-over-year basis.

ProAssurance Price Performance

Shares of ProAssurance stock traded up $0.09 during trading hours on Tuesday, reaching $24.02. The stock had a trading volume of 344,843 shares, compared to its average volume of 587,897. The stock’s 50 day moving average is $23.93 and its 200 day moving average is $23.57. The company has a current ratio of 0.26, a quick ratio of 0.26 and a debt-to-equity ratio of 0.33. ProAssurance has a twelve month low of $13.00 and a twelve month high of $24.22. The firm has a market capitalization of $1.23 billion, a PE ratio of 25.55 and a beta of 0.12.

Hedge Funds Weigh In On ProAssurance

A number of large investors have recently bought and sold shares of the business. AQR Capital Management LLC lifted its holdings in ProAssurance by 40.4% during the first quarter. AQR Capital Management LLC now owns 134,641 shares of the insurance provider’s stock valued at $3,144,000 after purchasing an additional 38,756 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in ProAssurance by 4.5% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 30,293 shares of the insurance provider’s stock worth $707,000 after purchasing an additional 1,302 shares in the last quarter. Millennium Management LLC lifted its stake in ProAssurance by 181.5% in the 1st quarter. Millennium Management LLC now owns 306,540 shares of the insurance provider’s stock worth $7,158,000 after purchasing an additional 197,663 shares in the last quarter. Jones Financial Companies Lllp acquired a new position in ProAssurance during the first quarter worth $600,000. Finally, Goldman Sachs Group Inc. raised its holdings in shares of ProAssurance by 47.6% during the 1st quarter. Goldman Sachs Group Inc. now owns 511,759 shares of the insurance provider’s stock worth $11,950,000 after acquiring an additional 165,024 shares during the period. Institutional investors and hedge funds own 85.58% of the company’s stock.

Analyst Upgrades and Downgrades

PRA has been the topic of a number of analyst reports. Weiss Ratings reaffirmed a “hold (c)” rating on shares of ProAssurance in a research report on Wednesday, October 8th. Zacks Research raised ProAssurance from a “hold” rating to a “strong-buy” rating in a report on Monday, September 22nd. One analyst has rated the stock with a Strong Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, ProAssurance presently has a consensus rating of “Hold” and an average target price of $21.50.

About ProAssurance

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 Insurance, and Segregated Portfolio Cell Reinsurance segments. It offers professional liability insurance to healthcare providers and institutions, and attorneys and their firms; medical technology liability insurance to medical technology and life sciences companies; and custom alternative risk solutions, including assumed reinsurance, loss portfolio transfers, and captive cell programs for healthcare professional liability insureds.