ProAssurance Corporation (NYSE:PRA) Releases Earnings Results, Beats Expectations By $0.01 EPS
ProAssurance Corporation (NYSE:PRA) released its earnings results on Monday. The insurance provider reported $0.40 EPS for the quarter, topping analysts’ consensus estimates of $0.39 by $0.01, Bloomberg Earnings reports. The business had revenue of $205.58 million during the quarter, compared to analysts’ expectations of $207.14 million. ProAssurance Corporation had a net margin of 19.25% and a return on equity of 7.19%. The company’s quarterly revenue was down 4.3% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.67 earnings per share.
ProAssurance Corporation (PRA) traded down 0.43% during trading on Monday, reaching $58.05. 81,560 shares of the company’s stock traded hands. The firm has a 50 day moving average of $60.73 and a 200 day moving average of $59.23. ProAssurance Corporation has a 1-year low of $50.50 and a 1-year high of $63.53. The firm has a market capitalization of $3.10 billion, a PE ratio of 17.92 and a beta of 0.51.
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, July 12th. Investors of record on Tuesday, June 27th were paid a dividend of $0.31 per share. The ex-dividend date was Friday, June 23rd. This represents a $1.24 annualized dividend and a yield of 2.14%. ProAssurance Corporation’s dividend payout ratio is presently 38.39%.
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A number of analysts have recently commented on PRA shares. Keefe, Bruyette & Woods started coverage on shares of ProAssurance Corporation in a research note on Monday, July 17th. They set a “market perform” rating and a $61.00 target price for the company. Boenning Scattergood reaffirmed a “hold” rating on shares of ProAssurance Corporation in a research note on Tuesday, August 1st. Zacks Investment Research raised shares of ProAssurance Corporation from a “hold” rating to a “buy” rating and set a $66.00 price objective for the company in a research note on Tuesday, May 23rd. Finally, BidaskClub cut shares of ProAssurance Corporation from a “hold” rating to a “sell” rating in a research note on Wednesday, July 19th. Two analysts have rated the stock with a sell rating and three have assigned a hold rating to the company. The stock has an average rating of “Hold” and an average target price of $63.33.
In other news, insider Edward Lewis Rand, Jr. sold 13,845 shares of ProAssurance Corporation stock in a transaction dated Wednesday, June 28th. The shares were sold at an average price of $60.41, for a total transaction of $836,376.45. Following the completion of the sale, the insider now directly owns 117,079 shares in the company, valued at $7,072,742.39. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Jeffrey Patton Lisenby sold 4,829 shares of ProAssurance Corporation stock in a transaction dated Wednesday, July 5th. The stock was 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 of the company’s stock, valued at $3,131,497.60. The disclosure for this sale can be found here. Insiders have sold a total of 28,000 shares of company stock valued at $1,703,438 over the last 90 days. 1.80% of the stock is currently owned by insiders.
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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