ProAssurance (NYSE:PRA) Share Price Crosses Above 200-Day Moving Average – Here’s Why

ProAssurance Corporation (NYSE:PRA) passed above its two hundred day moving average during trading on Friday . The stock has a two hundred day moving average of $24.37 and traded as high as $24.72. ProAssurance shares last traded at $24.7070, with a volume of 891,625 shares trading hands.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the company. Weiss Ratings upgraded ProAssurance from a “hold (c)” rating to a “hold (c+)” rating in a research report on Friday, May 29th. Wall Street Zen cut ProAssurance from a “hold” rating to a “sell” rating in a research report on Sunday, May 10th. Finally, Zacks Research upgraded ProAssurance from a “hold” rating to a “strong-buy” rating in a report on Tuesday, February 24th. One equities research analyst has rated the stock with a Strong Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Buy”.

ProAssurance Stock Up 0.7%

The firm has a 50 day simple moving average of $24.55 and a two-hundred day simple moving average of $24.37. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.27 and a quick ratio of 0.27. The stock has a market cap of $1.28 billion, a price-to-earnings ratio of 19.77 and a beta of 0.02.

ProAssurance (NYSE:PRA) last released its earnings results on Tuesday, May 5th. The insurance provider reported $0.25 earnings per share for the quarter, meeting the consensus estimate of $0.25. The firm had revenue of $262.63 million for the quarter, compared to analyst estimates of $216.86 million. ProAssurance had a return on equity of 6.82% and a net margin of 5.99%.The company’s quarterly revenue was down 3.5% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.13 earnings per share. As a group, sell-side analysts expect that ProAssurance Corporation will post 1.25 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the company. Qube Research & Technologies Ltd grew its stake in ProAssurance by 186.1% in the second quarter. Qube Research & Technologies Ltd now owns 1,491,060 shares of the insurance provider’s stock valued at $34,041,000 after purchasing an additional 969,833 shares in the last quarter. Renaissance Technologies LLC increased its position in ProAssurance by 641.1% during the 1st quarter. Renaissance Technologies LLC now owns 964,900 shares of the insurance provider’s stock worth $23,852,000 after buying an additional 834,700 shares during the period. Balyasny Asset Management L.P. raised its holdings in ProAssurance by 360.0% in the 4th quarter. Balyasny Asset Management L.P. now owns 1,039,901 shares of the insurance provider’s stock valued at $25,124,000 after acquiring an additional 813,814 shares in the last quarter. Alliancebernstein L.P. raised its holdings in ProAssurance by 41.6% in the 3rd quarter. Alliancebernstein L.P. now owns 2,711,805 shares of the insurance provider’s stock valued at $65,056,000 after acquiring an additional 796,132 shares in the last quarter. Finally, Man Group plc acquired a new position in ProAssurance in the 3rd quarter valued at $17,058,000. 85.58% of the stock is currently owned by institutional investors.

About ProAssurance

ProAssurance Corporation is a specialty property and casualty insurance holding company headquartered in Birmingham, Alabama. The company focuses primarily on professional liability coverage for healthcare providers, including physicians, surgeons, dentists and allied health professionals. ProAssurance operates through a group of insurance subsidiaries that underwrite both occurrence- and claims-made policies tailored to the unique risks faced by the medical community.

In addition to professional liability insurance, ProAssurance offers a suite of complementary property and casualty products, such as general liability, workers’ compensation, property and inland marine, and umbrella coverage.