ProAssurance Corporation (PRA) Earns “Hold” Rating from Keefe, Bruyette & Woods
ProAssurance Corporation (NYSE:PRA)‘s stock had its “hold” rating reaffirmed by analysts at Keefe, Bruyette & Woods in a report released on Monday. They presently have a $60.00 price objective on the insurance provider’s stock. Keefe, Bruyette & Woods’ target price would suggest a potential upside of 7.24% from the stock’s previous close.
Several other equities analysts have also issued reports on PRA. BidaskClub lowered shares of ProAssurance Corporation from a “hold” rating to a “sell” rating in a report on Saturday, June 24th. Zacks Investment Research raised shares of ProAssurance Corporation from a “hold” rating to a “buy” rating and set a $69.00 price objective on the stock in a report on Wednesday, July 5th. Boenning Scattergood reissued a “hold” rating on shares of ProAssurance Corporation in a report on Tuesday, August 1st. Finally, Buckingham Research initiated coverage on shares of ProAssurance Corporation in a report on Monday, September 11th. They set a “neutral” rating and a $54.00 price objective on the stock. Two investment analysts have rated the stock with a sell rating and four have issued a hold rating to the company’s stock. The stock has an average rating of “Hold” and an average price target of $60.75.
Shares of ProAssurance Corporation (NYSE PRA) traded up 0.63% during mid-day trading on Monday, hitting $55.95. The stock had a trading volume of 68,774 shares. ProAssurance Corporation has a 52-week low of $50.50 and a 52-week high of $63.53. The stock has a market cap of $2.99 billion, a P/E ratio of 23.31 and a beta of 0.54. The company’s 50 day moving average is $54.12 and its 200-day moving average is $58.10.
ProAssurance Corporation (NYSE:PRA) last issued its earnings results on Monday, August 7th. The insurance provider reported $0.40 EPS 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%. The company’s quarterly revenue was down 4.3% compared to the same quarter last year. During the same period last year, the company posted $0.67 earnings per share. On average, equities research analysts anticipate that ProAssurance Corporation will post $2.02 earnings per share for the current fiscal year.
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In other ProAssurance Corporation news, insider Neil Frank B. O acquired 2,500 shares of the business’s stock in a transaction that occurred on Friday, August 11th. The shares were bought at an average cost of $54.75 per share, with a total value of $136,875.00. Following the completion of the acquisition, the insider now directly owns 101,931 shares in the company, valued at approximately $5,580,722.25. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider Howard H. Friedman acquired 2,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 9th. The shares were acquired at an average cost of $55.00 per share, for a total transaction of $110,000.00. Following the completion of the acquisition, the insider now owns 259,573 shares of the company’s stock, valued at $14,276,515. The disclosure for this purchase can be found here. Over the last three months, insiders have purchased 7,000 shares of company stock worth $383,125. 1.80% of the stock is currently owned by corporate insiders.
Hedge funds have recently modified their holdings of the stock. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in ProAssurance Corporation by 8.4% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,067 shares of the insurance provider’s stock valued at $126,000 after buying an additional 161 shares during the period. First Quadrant L P CA increased its holdings in ProAssurance Corporation by 124.1% during the second quarter. First Quadrant L P CA now owns 2,465 shares of the insurance provider’s stock valued at $150,000 after buying an additional 1,365 shares during the period. Flinton Capital Management LLC boosted its stake in ProAssurance Corporation by 55.3% in the second quarter. Flinton Capital Management LLC now owns 2,560 shares of the insurance provider’s stock valued at $156,000 after acquiring an additional 912 shares in 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 valued at $176,000 after acquiring an additional 1,095 shares in 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 valued at $188,000 after acquiring an additional 1,000 shares in the last quarter. 79.76% of the stock is currently owned by institutional investors.
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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