ProAssurance (NYSE:PRA) Receives Market Outperform Rating from JMP Securities

JMP Securities reissued their market outperform rating on shares of ProAssurance (NYSE:PRA) in a report released on Monday, Benzinga reports. JMP Securities currently has a $22.00 price target on the insurance provider’s stock.

A number of other research firms also recently commented on PRA. Piper Sandler cut their target price on shares of ProAssurance from $16.00 to $15.00 and set an overweight rating on the stock in a research report on Monday, March 4th. Truist Financial cut their target price on shares of ProAssurance from $15.00 to $14.00 and set a hold rating on the stock in a research report on Thursday, February 29th. Two investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, ProAssurance has a consensus rating of Moderate Buy and a consensus target price of $17.00.

ProAssurance Trading Up 0.4 %

Shares of PRA opened at $12.87 on Monday. ProAssurance has a 1-year low of $11.76 and a 1-year high of $19.38. The company has a 50-day moving average of $12.76 and a 200 day moving average of $13.97. The firm has a market capitalization of $655.98 million, a price-to-earnings ratio of -17.39 and a beta of 0.24. The company has a debt-to-equity ratio of 0.38, a current ratio of 0.27 and a quick ratio of 0.27.

ProAssurance (NYSE:PRA) last announced its quarterly earnings data on Tuesday, February 27th. The insurance provider reported ($0.05) earnings per share for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.09). The company had revenue of $296.96 million for the quarter, compared to the consensus estimate of $252.74 million. ProAssurance had a negative net margin of 3.39% and a negative return on equity of 0.53%. The company’s quarterly revenue was up .8% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.06 EPS. On average, research analysts expect that ProAssurance will post 0.26 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the company. Goldman Sachs Group Inc. grew its position in shares of ProAssurance by 62.9% in the 4th quarter. Goldman Sachs Group Inc. now owns 258,678 shares of the insurance provider’s stock worth $3,567,000 after buying an additional 99,872 shares during the last quarter. Price T Rowe Associates Inc. MD grew its position in shares of ProAssurance by 2.8% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 42,704 shares of the insurance provider’s stock worth $589,000 after buying an additional 1,182 shares during the last quarter. Barclays PLC grew its position in shares of ProAssurance by 193.4% in the 4th quarter. Barclays PLC now owns 82,693 shares of the insurance provider’s stock worth $1,141,000 after buying an additional 54,509 shares during the last quarter. Nuveen Asset Management LLC grew its position in shares of ProAssurance by 8.9% in the 4th quarter. Nuveen Asset Management LLC now owns 179,206 shares of the insurance provider’s stock worth $2,471,000 after buying an additional 14,690 shares during the last quarter. Finally, Public Sector Pension Investment Board grew its position in shares of ProAssurance by 64.4% in the 4th quarter. Public Sector Pension Investment Board now owns 105,766 shares of the insurance provider’s stock worth $1,459,000 after buying an additional 41,414 shares during the last quarter. Hedge funds and other institutional investors own 85.58% of the company’s stock.

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.