ProAssurance Co. (NYSE:PRA) Stake Lowered by Federated Hermes Inc.

Federated Hermes Inc. cut its holdings in ProAssurance Co. (NYSE:PRA) by 37.1% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 31,990 shares of the insurance provider’s stock after selling 18,881 shares during the period. Federated Hermes Inc. owned approximately 0.06% of ProAssurance worth $441,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of PRA. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of ProAssurance by 30.5% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 16,255 shares of the insurance provider’s stock valued at $224,000 after buying an additional 3,800 shares during the last quarter. Everence Capital Management Inc. grew its stake in shares of ProAssurance by 21.3% during the fourth quarter. Everence Capital Management Inc. now owns 17,110 shares of the insurance provider’s stock valued at $236,000 after purchasing an additional 3,000 shares during the last quarter. Louisiana State Employees Retirement System bought a new stake in shares of ProAssurance during the fourth quarter valued at approximately $352,000. Smith Graham & Co. Investment Advisors LP boosted its stake in ProAssurance by 6.6% in the fourth quarter. Smith Graham & Co. Investment Advisors LP now owns 356,919 shares of the insurance provider’s stock valued at $4,922,000 after acquiring an additional 22,121 shares during the last quarter. Finally, Assenagon Asset Management S.A. bought a new position in ProAssurance in the fourth quarter valued at approximately $2,383,000. 85.58% of the stock is currently owned by institutional investors.

ProAssurance Price Performance

PRA stock opened at $13.83 on Friday. The company has a 50 day simple moving average of $12.83 and a 200 day simple moving average of $13.63. The stock has a market cap of $704.92 million, a price-to-earnings ratio of -18.69 and a beta of 0.21. ProAssurance Co. has a 1 year low of $11.76 and a 1 year high of $19.38. The company has a debt-to-equity ratio of 0.38, a current ratio of 0.27 and a quick ratio of 0.27.

ProAssurance (NYSE:PRA) last posted its earnings results on Tuesday, February 27th. The insurance provider reported ($0.05) earnings per share for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.09). ProAssurance had a negative return on equity of 0.53% and a negative net margin of 3.39%. The business had revenue of $296.96 million for the quarter, compared to the consensus estimate of $252.74 million. During the same period in the previous year, the firm earned $0.06 earnings per share. The company’s revenue was up .8% compared to the same quarter last year. Research analysts anticipate that ProAssurance Co. will post 0.26 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the stock. Piper Sandler cut their target price on shares of ProAssurance from $16.00 to $15.00 and set an “overweight” rating on the stock in a report on Monday, March 4th. Truist Financial lowered their price target on shares of ProAssurance from $15.00 to $14.00 and set a “hold” rating on the stock in a research note on Thursday, February 29th. Finally, JMP Securities reiterated a “market outperform” rating and issued a $22.00 price target on shares of ProAssurance in a research note on Monday, April 15th. Two analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, ProAssurance presently has an average rating of “Moderate Buy” and a consensus target price of $17.00.

ProAssurance Profile

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 Insurance, and Segregated Portfolio Cell Reinsurance segments. It offers professional liability insurance to healthcare providers and institutions, and attorneys and their firms; medical technology liability insurance to medical technology and life sciences companies; and custom alternative risk solutions, including assumed reinsurance, loss portfolio transfers, and captive cell programs for healthcare professional liability insureds.