Bank of New York Mellon Corp increased its position in ProAssurance Co. (NYSE:PRA) by 7.5% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 669,796 shares of the insurance provider’s stock after acquiring an additional 46,762 shares during the period. Bank of New York Mellon Corp owned approximately 1.25% of ProAssurance worth $23,744,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in PRA. Adviser Investments LLC acquired a new stake in shares of ProAssurance in the 2nd quarter worth approximately $176,000. Koch Industries Inc. acquired a new stake in ProAssurance during the 1st quarter valued at $208,000. Cubist Systematic Strategies LLC grew its holdings in ProAssurance by 39.7% during the 1st quarter. Cubist Systematic Strategies LLC now owns 5,886 shares of the insurance provider’s stock valued at $286,000 after buying an additional 1,672 shares during the last quarter. Bridgeworth LLC acquired a new stake in ProAssurance during the 1st quarter valued at $304,000. Finally, Xact Kapitalforvaltning AB grew its holdings in ProAssurance by 22.5% during the 2nd quarter. Xact Kapitalforvaltning AB now owns 8,723 shares of the insurance provider’s stock valued at $309,000 after buying an additional 1,600 shares during the last quarter. Institutional investors and hedge funds own 85.80% of the company’s stock.
A number of equities research analysts have commented on the company. Zacks Investment Research upgraded ProAssurance from a “strong sell” rating to a “hold” rating in a report on Friday, August 10th. ValuEngine upgraded ProAssurance from a “sell” rating to a “hold” rating in a report on Wednesday, August 15th. Sandler O’Neill reiterated a “hold” rating and set a $44.00 target price on shares of ProAssurance in a report on Thursday, August 9th. Finally, Boenning Scattergood reiterated a “hold” rating on shares of ProAssurance in a report on Wednesday, August 8th. Six investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of $50.00.
Shares of NYSE:PRA opened at $48.55 on Friday. The firm has a market cap of $2.58 billion, a price-to-earnings ratio of 23.79 and a beta of 0.60. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.35 and a current ratio of 0.35. ProAssurance Co. has a one year low of $34.95 and a one year high of $63.45.
ProAssurance (NYSE:PRA) last announced its earnings results on Tuesday, August 7th. The insurance provider reported $0.48 EPS for the quarter, beating analysts’ consensus estimates of $0.39 by $0.09. ProAssurance had a return on equity of 6.14% and a net margin of 9.67%. The firm had revenue of $248.02 million for the quarter, compared to analysts’ expectations of $219.98 million. During the same quarter in the prior year, the firm earned $0.40 EPS. equities research analysts forecast that ProAssurance Co. will post 1.83 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 10th. Shareholders of record on Friday, September 28th will be paid a dividend of $0.31 per share. This represents a $1.24 dividend on an annualized basis and a dividend yield of 2.55%. The ex-dividend date of this dividend is Thursday, September 27th. ProAssurance’s dividend payout ratio is presently 61.39%.
ProAssurance Corporation, through its subsidiaries, provides property and casualty insurance, and reinsurance products in the United States. The company operates through Specialty Property and Casualty, Workers' Compensation, and Lloyd's Syndicate segments. It offers 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 for employers, groups, and associations.
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