ProAssurance Corporation (PRA) Receives Consensus Rating of “Hold” from Analysts
ProAssurance Corporation (NYSE:PRA) has earned an average recommendation of “Hold” from the six analysts that are presently covering the stock, Marketbeat Ratings reports. Two equities research analysts have rated the stock with a sell rating and four have issued a hold rating on the company. The average twelve-month price target among analysts that have issued ratings on the stock in the last year is $58.33.
Several equities analysts recently commented on PRA shares. Zacks Investment Research upgraded ProAssurance Corporation from a “hold” rating to a “buy” rating and set a $69.00 target price for the company in a research note on Wednesday, July 5th. Boenning Scattergood reiterated a “hold” rating on shares of ProAssurance Corporation in a research note on Tuesday, August 1st. BidaskClub upgraded ProAssurance Corporation from a “sell” rating to a “hold” rating in a research note on Friday, June 16th. Keefe, Bruyette & Woods started coverage on ProAssurance Corporation in a research note on Monday, July 17th. They issued a “market perform” rating and a $61.00 target price for the company. Finally, Buckingham Research started coverage on ProAssurance Corporation in a research note on Monday, September 11th. They issued a “neutral” rating and a $54.00 target price for the company.
In other news, insider Neil Frank B. O purchased 2,500 shares of the company’s stock in a transaction on Friday, August 18th. The stock was bought at an average cost of $54.50 per share, for a total transaction of $136,250.00. Following the completion of the purchase, the insider now directly owns 104,431 shares of the company’s stock, valued at approximately $5,691,489.50. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Howard H. Friedman purchased 2,000 shares of the company’s stock in a transaction on Wednesday, August 9th. The shares were purchased at an average price of $55.00 per share, with a total value of $110,000.00. Following the completion of the purchase, the insider now directly owns 259,573 shares of the company’s stock, valued at $14,276,515. The disclosure for this purchase can be found here. Insiders have acquired 7,000 shares of company stock valued at $383,125 over the last 90 days. 1.80% of the stock is currently owned by insiders.
A number of large investors have recently made changes to their positions in the business. BlackRock Inc. grew its stake in shares of ProAssurance Corporation by 23,830.8% in the first quarter. BlackRock Inc. now owns 5,194,417 shares of the insurance provider’s stock valued at $312,963,000 after buying an additional 5,172,711 shares in the last quarter. FMR LLC grew its stake in shares of ProAssurance Corporation by 28.9% in the second quarter. FMR LLC now owns 2,684,274 shares of the insurance provider’s stock valued at $163,204,000 after buying an additional 602,115 shares in the last quarter. Vanguard Group Inc. grew its stake in shares of ProAssurance Corporation by 5.5% in the first quarter. Vanguard Group Inc. now owns 5,000,763 shares of the insurance provider’s stock valued at $301,296,000 after buying an additional 258,955 shares in the last quarter. Koch Industries Inc. acquired a new stake in shares of ProAssurance Corporation in the second quarter valued at about $230,000. Finally, Epoch Investment Partners Inc. grew its stake in shares of ProAssurance Corporation by 151.8% in the first quarter. Epoch Investment Partners Inc. now owns 298,849 shares of the insurance provider’s stock valued at $18,005,000 after buying an additional 180,151 shares in the last quarter. Institutional investors own 79.76% of the company’s stock.
Shares of ProAssurance Corporation (PRA) opened at 55.35 on Friday. ProAssurance Corporation has a 52 week low of $50.50 and a 52 week high of $63.53. The firm has a 50 day moving average price of $53.90 and a 200-day moving average price of $58.29. The firm has a market capitalization of $2.96 billion, a P/E ratio of 19.77 and a beta of 0.54.
ProAssurance Corporation (NYSE:PRA) last released its earnings results on Monday, August 7th. The insurance provider reported $0.40 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.39 by $0.01. The firm had revenue of $205.58 million during the quarter, compared to analyst estimates of $207.14 million. ProAssurance Corporation had a return on equity of 6.59% and a net margin of 16.80%. The business’s quarterly revenue was down 4.3% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.67 earnings per share. Equities research analysts predict that ProAssurance Corporation will post $2.11 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 10th. Shareholders of record on Friday, September 29th will be paid a dividend of $0.31 per share. The ex-dividend date of this dividend is Thursday, September 28th. This represents a $1.24 annualized dividend and a yield of 2.24%. ProAssurance Corporation’s dividend payout ratio is presently 44.60%.
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About ProAssurance Corporation
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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