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

ProAssurance Corporation (NYSE:PRA)’s stock price passed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $23.84 and traded as high as $24.17. ProAssurance shares last traded at $24.1050, with a volume of 262,603 shares changing hands.

Analysts Set New Price Targets

PRA has been the topic of a number of recent research reports. Zacks Research downgraded ProAssurance from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, November 5th. Wall Street Zen upgraded ProAssurance to a “sell” rating in a report on Saturday, November 22nd. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of ProAssurance in a research note on Wednesday, October 8th. Five research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, ProAssurance presently has an average rating of “Reduce” and a consensus price target of $25.00.

ProAssurance Stock Up 0.4%

The company has a current ratio of 0.28, a quick ratio of 0.28 and a debt-to-equity ratio of 0.32. The company has a 50-day simple moving average of $24.05 and a 200 day simple moving average of $23.84. The company has a market cap of $1.24 billion, a P/E ratio of 37.20 and a beta of 0.11.

ProAssurance (NYSE:PRA) last issued its earnings results on Friday, May 20th. The insurance provider reported $0.04 earnings per share (EPS) for the quarter. The firm had revenue of $220.02 million during the quarter. ProAssurance had a net margin of 3.01% and a return on equity of 4.78%. On average, equities analysts anticipate that ProAssurance Corporation will post 0.8 EPS for the current year.

Institutional Trading of ProAssurance

Institutional investors and hedge funds have recently modified their holdings of the stock. JPMorgan Chase & Co. grew its stake in ProAssurance by 58.7% in the third quarter. JPMorgan Chase & Co. now owns 157,891 shares of the insurance provider’s stock worth $3,788,000 after purchasing an additional 58,382 shares in the last quarter. Hudson Bay Capital Management LP lifted its holdings in shares of ProAssurance by 1,050.0% in the 3rd quarter. Hudson Bay Capital Management LP now owns 575,000 shares of the insurance provider’s stock worth $13,794,000 after buying an additional 525,000 shares during the period. Cantor Fitzgerald L. P. bought a new position in shares of ProAssurance during the 3rd quarter worth $921,000. Morningstar Investment Management LLC purchased a new position in shares of ProAssurance during the third quarter valued at $1,586,000. Finally, Dark Forest Capital Management LP raised its holdings in shares of ProAssurance by 75.7% in the third quarter. Dark Forest Capital Management LP now owns 26,966 shares of the insurance provider’s stock valued at $647,000 after acquiring an additional 11,616 shares in the last quarter. Institutional investors own 85.58% of the company’s stock.

ProAssurance Company Profile

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.