ProAssurance Corporation (PRA) Expected to Post Quarterly Sales of $213.43 Million
Equities analysts expect that ProAssurance Corporation (NYSE:PRA) will announce sales of $213.43 million for the current fiscal quarter, according to Zacks. Three analysts have provided estimates for ProAssurance Corporation’s earnings, with the lowest sales estimate coming in at $212.70 million and the highest estimate coming in at $214.80 million. ProAssurance Corporation posted sales of $211.96 million during the same quarter last year, which would indicate a positive year over year growth rate of 0.7%. The business is scheduled to issue its next earnings report after the market closes on Monday, November 6th.
According to Zacks, analysts expect that ProAssurance Corporation will report full-year sales of $213.43 million for the current fiscal year, with estimates ranging from $836.90 million to $842.50 million. For the next financial year, analysts forecast that the firm will post sales of $872.44 million per share, with estimates ranging from $849.66 million to $887.97 million. Zacks Investment Research’s sales averages are an average based on a survey of analysts that follow ProAssurance Corporation.
ProAssurance Corporation (NYSE:PRA) last announced its earnings results on Monday, August 7th. The insurance provider reported $0.40 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.39 by $0.01. The company had revenue of $205.58 million during 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% compared to the same quarter last year. During the same quarter last year, the firm posted $0.67 earnings per share.
Several analysts have commented on PRA shares. Buckingham Research started coverage on ProAssurance Corporation in a report on Monday, September 11th. They issued a “neutral” rating and a $54.00 price target for the company. BidaskClub cut ProAssurance Corporation from a “hold” rating to a “sell” rating in a report on Wednesday, July 19th. Keefe, Bruyette & Woods started coverage on ProAssurance Corporation in a report on Monday, July 17th. They issued a “market perform” rating and a $61.00 price target for the company. Zacks Investment Research upgraded ProAssurance Corporation from a “hold” rating to a “buy” rating and set a $69.00 price target for the company in a report on Wednesday, July 5th. Finally, Boenning Scattergood reiterated a “hold” rating on shares of ProAssurance Corporation in a report on Tuesday, August 1st. Two research analysts have rated the stock with a sell rating and four have issued a hold rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $60.75.
In other news, insider Howard H. Friedman bought 2,000 shares of the firm’s stock in a transaction dated Wednesday, August 9th. The stock was acquired at an average price of $55.00 per share, for a total transaction of $110,000.00. Following the acquisition, the insider now owns 259,573 shares of the company’s stock, valued at $14,276,515. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Neil Frank B. O bought 2,500 shares of the firm’s stock in a transaction dated Friday, August 18th. The shares were purchased at an average price of $54.50 per share, with a total value of $136,250.00. Following the acquisition, the insider now directly owns 104,431 shares in the company, valued at approximately $5,691,489.50. The disclosure for this purchase can be found here. Insiders have bought a total of 7,000 shares of company stock valued at $383,125 in the last quarter. Company insiders own 1.80% of the company’s stock.
Several large investors have recently modified their holdings of the company. Teacher Retirement System of Texas grew its holdings in shares of ProAssurance Corporation by 0.7% during the 2nd quarter. Teacher Retirement System of Texas now owns 4,243 shares of the insurance provider’s stock worth $258,000 after purchasing an additional 30 shares during the period. Arizona State Retirement System grew its holdings in shares of ProAssurance Corporation by 0.4% during the 2nd quarter. Arizona State Retirement System now owns 27,800 shares of the insurance provider’s stock worth $1,690,000 after purchasing an additional 100 shares during the period. Hartford Investment Management Co. grew its holdings in shares of ProAssurance Corporation by 3.6% during the 2nd quarter. Hartford Investment Management Co. now owns 3,728 shares of the insurance provider’s stock worth $227,000 after purchasing an additional 130 shares during the period. World Asset Management Inc grew its holdings in shares of ProAssurance Corporation by 4.0% during the 2nd quarter. World Asset Management Inc now owns 3,515 shares of the insurance provider’s stock worth $214,000 after purchasing an additional 134 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of ProAssurance Corporation by 8.4% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,067 shares of the insurance provider’s stock worth $126,000 after purchasing an additional 161 shares during the period. Institutional investors and hedge funds own 79.76% of the company’s stock.
ProAssurance Corporation (PRA) opened at 56.30 on Wednesday. The firm’s 50-day moving average is $54.64 and its 200 day moving average is $57.90. 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 $3.01 billion, a price-to-earnings ratio of 20.11 and a beta of 0.54.
The company also recently announced a quarterly dividend, which was paid on Tuesday, October 10th. Stockholders of record on Friday, September 29th were issued a dividend of $0.31 per share. This represents a $1.24 dividend on an annualized basis and a dividend yield of 2.20%. The ex-dividend date was Thursday, September 28th. ProAssurance Corporation’s payout ratio is currently 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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