ProAssurance (NYSE:PRA) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Wednesday. The brokerage presently has a $68.00 price objective on the insurance provider’s stock. Zacks Investment Research‘s price target would indicate a potential upside of 11.02% from the company’s current price.

According to Zacks, “ProAssurance’s shares have outperformed the industry in last three months. Its core business has been witnessing substantial improvement over the past few quarters. The company has significantly achieved inorganic growth via successful acquisitions and integration of companies. Its top line has also remained strong consistently on the back of solid premium income. The stock has seen the Zacks Consensus Estimate for current-year earnings being revised 2.5% upward over the last 60 days. However, volatility in premium retention in its physician business has impacted its margins adversely. Growing expenses also continue to weigh on the bottom line. Its declining investment income has been affecting the top line.”

A number of other equities research analysts have also issued reports on the stock. Buckingham Research assumed coverage on shares of ProAssurance in a report on Monday, September 11th. They set a “neutral” rating and a $54.00 price objective for the company. Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $60.00 price objective on shares of ProAssurance in a report on Monday, October 16th. Finally, Boenning Scattergood reiterated a “hold” rating on shares of ProAssurance in a research report on Tuesday, November 7th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $60.75.

ProAssurance (NYSE PRA) traded up $0.20 during trading on Wednesday, reaching $61.25. 174,400 shares of the company traded hands, compared to its average volume of 152,358. The stock has a market cap of $3,261.00, a price-to-earnings ratio of 26.54 and a beta of 0.58. ProAssurance has a one year low of $50.70 and a one year high of $63.53. The company has a quick ratio of 0.40, a current ratio of 0.40 and a debt-to-equity ratio of 0.22.

ProAssurance (NYSE:PRA) last released its earnings results on Monday, November 6th. The insurance provider reported $0.45 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.36 by $0.09. The company had revenue of $228.50 million during the quarter, compared to analyst estimates of $215.12 million. ProAssurance had a net margin of 16.18% and a return on equity of 6.75%. The firm’s quarterly revenue was up 1.9% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.46 EPS. analysts predict that ProAssurance will post 2.09 EPS for the current fiscal year.

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of ProAssurance 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. Flinton Capital Management LLC increased its stake in shares of ProAssurance by 55.3% during the second quarter. Flinton Capital Management LLC now owns 2,560 shares of the insurance provider’s stock valued at $156,000 after buying an additional 912 shares during the period. Riverhead Capital Management LLC increased its stake in shares of ProAssurance by 60.8% during the second quarter. Riverhead Capital Management LLC now owns 2,895 shares of the insurance provider’s stock valued at $176,000 after buying an additional 1,095 shares during the period. Pacad Investment Ltd. grew its stake in ProAssurance 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 purchasing an additional 1,000 shares during the last quarter. Finally, Verition Fund Management LLC purchased a new position in ProAssurance in the second quarter valued at about $211,000. Institutional investors own 80.23% of the company’s stock.

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About ProAssurance

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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