Bank of New York Mellon Corp raised its holdings in ProAssurance Co. (NYSE:PRA) by 7.5% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 669,796 shares of the insurance provider’s stock after purchasing an additional 46,762 shares during the period. Bank of New York Mellon Corp owned about 1.25% of ProAssurance worth $23,744,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also modified their holdings of the business. Dimensional Fund Advisors LP boosted its stake in shares of ProAssurance by 11.5% in the second quarter. Dimensional Fund Advisors LP now owns 2,029,596 shares of the insurance provider’s stock worth $71,950,000 after acquiring an additional 209,147 shares during the last quarter. Tower Research Capital LLC TRC boosted its stake in shares of ProAssurance by 92.1% in the second quarter. Tower Research Capital LLC TRC now owns 8,131 shares of the insurance provider’s stock worth $288,000 after acquiring an additional 3,898 shares during the last quarter. Millennium Management LLC boosted its stake in shares of ProAssurance by 41.1% in the first quarter. Millennium Management LLC now owns 29,364 shares of the insurance provider’s stock worth $1,426,000 after acquiring an additional 8,558 shares during the last quarter. BlackRock Inc. boosted its stake in shares of ProAssurance by 31.3% in the second quarter. BlackRock Inc. now owns 7,461,935 shares of the insurance provider’s stock worth $264,525,000 after acquiring an additional 1,777,372 shares during the last quarter. Finally, Citadel Advisors LLC boosted its stake in shares of ProAssurance by 115.4% in the second quarter. Citadel Advisors LLC now owns 160,856 shares of the insurance provider’s stock worth $5,702,000 after acquiring an additional 86,194 shares during the last quarter. 86.22% of the stock is currently owned by institutional investors.
A number of brokerages recently commented on PRA. Boenning Scattergood reiterated a “hold” rating on shares of ProAssurance in a research report on Thursday, November 15th. Zacks Investment Research reiterated a “hold” rating on shares of ProAssurance in a research report on Wednesday, November 14th. JMP Securities lifted their price objective on ProAssurance from $50.00 to $52.00 and gave the stock a “market outperform” rating in a research report on Friday, September 21st. ValuEngine upgraded ProAssurance from a “sell” rating to a “hold” rating in a research report on Wednesday, August 15th. Finally, Sandler O’Neill reiterated a “hold” rating and set a $44.00 price objective on shares of ProAssurance in a research report on Thursday, August 9th. Seven investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. The company presently has an average rating of “Hold” and an average target price of $50.50.
Shares of ProAssurance stock opened at $43.03 on Friday. ProAssurance Co. has a one year low of $34.95 and a one year high of $63.45. The company has a market cap of $2.33 billion, a P/E ratio of 21.30 and a beta of 0.69. The company has a current ratio of 0.35, a quick ratio of 0.35 and a debt-to-equity ratio of 0.18.
ProAssurance (NYSE:PRA) last announced its quarterly earnings data on Tuesday, November 6th. The insurance provider reported $0.42 EPS for the quarter, topping the Zacks’ consensus estimate of $0.40 by $0.02. ProAssurance had a return on equity of 6.28% and a net margin of 9.70%. The firm had revenue of $249.33 million for the quarter, compared to the consensus estimate of $223.98 million. During the same quarter last year, the business posted $0.45 earnings per share. The firm’s revenue was up 9.1% compared to the same quarter last year. On average, research analysts predict that ProAssurance Co. will post 1.72 earnings per share for the current year.
The business also recently disclosed a special dividend, which will be paid on Wednesday, January 9th. Investors of record on Friday, December 21st will be given a dividend of $0.50 per share. The ex-dividend date of this dividend is Thursday, December 20th. This represents a yield of 2.88%. ProAssurance’s payout ratio is 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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