Research Analysts Set Expectations for ProAssurance Corporation’s FY2017 Earnings (PRA)
ProAssurance Corporation (NYSE:PRA) – Equities researchers at SunTrust Banks issued their FY2017 earnings per share estimates for shares of ProAssurance Corporation in a research report issued on Tuesday. SunTrust Banks analyst M. Hughes forecasts that the insurance provider will earn $2.15 per share for the year. SunTrust Banks also issued estimates for ProAssurance Corporation’s Q3 2018 earnings at $0.52 EPS, Q4 2018 earnings at $0.61 EPS and FY2018 earnings at $2.20 EPS.
ProAssurance Corporation (NYSE:PRA) last posted its earnings results on Monday, August 7th. The insurance provider reported $0.40 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.39 by $0.01. The business had revenue of $205.58 million for the quarter, compared to analyst estimates of $207.14 million. ProAssurance Corporation had a net margin of 16.80% and a return on equity of 6.59%. ProAssurance Corporation’s revenue was down 4.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.67 EPS.
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A number of other research firms also recently issued reports on PRA. Zacks Investment Research raised shares of ProAssurance Corporation from a “sell” rating to a “hold” rating in a report on Monday, May 1st. BidaskClub downgraded shares of ProAssurance Corporation from a “sell” rating to a “strong sell” rating in a report on Monday, July 31st. Boenning Scattergood reissued a “hold” rating on shares of ProAssurance Corporation in a report on Tuesday, August 1st. Finally, Keefe, Bruyette & Woods assumed coverage on shares of ProAssurance Corporation in a report on Monday, July 17th. They issued a “market perform” rating and a $61.00 price objective on the stock. Two investment analysts have rated the stock with a sell rating and three have assigned a hold rating to the company’s stock. ProAssurance Corporation currently has a consensus rating of “Hold” and an average price target of $63.33.
ProAssurance Corporation (PRA) traded down 0.36% during mid-day trading on Friday, reaching $54.85. 37,586 shares of the company were exchanged. The stock has a 50 day moving average of $59.99 and a 200-day moving average of $59.22. The stock has a market capitalization of $2.93 billion, a price-to-earnings ratio of 19.60 and a beta of 0.51. ProAssurance Corporation has a one year low of $50.50 and a one year high of $63.53.
A number of large investors have recently added to or reduced their stakes in the company. Assetmark Inc. boosted its stake in 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. Zurcher Kantonalbank Zurich Cantonalbank boosted 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 worth $126,000 after buying an additional 161 shares during the last quarter. First Quadrant L P CA boosted 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 worth $150,000 after buying an additional 1,365 shares during the last quarter. Riverhead Capital Management LLC boosted 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 worth $176,000 after buying an additional 1,095 shares during the last quarter. Finally, Pacad Investment Ltd. boosted 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 worth $188,000 after buying an additional 1,000 shares during the last quarter. Institutional investors own 81.67% of the company’s stock.
In other ProAssurance Corporation news, insider Jeffrey Patton Lisenby sold 4,829 shares of the firm’s stock in a transaction that occurred on Wednesday, July 5th. The shares were sold at an average price of $61.60, for a total transaction of $297,466.40. Following the sale, the insider now owns 50,836 shares in the company, valued at approximately $3,131,497.60. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Howard H. Friedman bought 2,000 shares of the firm’s stock in a transaction on Wednesday, August 9th. The shares were purchased at an average price of $55.00 per share, for a total transaction of $110,000.00. Following the purchase, the insider now owns 259,573 shares in the company, valued at approximately $14,276,515. The disclosure for this purchase can be found here. In the last 90 days, insiders have sold 28,000 shares of company stock worth $1,703,438. 1.80% of the stock is owned by company insiders.
The company also recently announced 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 2.25%. The ex-dividend date of this dividend was Friday, June 23rd. ProAssurance Corporation’s payout ratio is 44.60%.
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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