ProAssurance (NYSE:PRA) Shares Pass Above Two Hundred Day Moving Average – Here’s What Happened

Shares of ProAssurance Corporation (NYSE:PRA) passed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $23.97 and traded as high as $24.13. ProAssurance shares last traded at $24.1250, with a volume of 239,856 shares traded.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the stock. Zacks Research downgraded shares of ProAssurance from a “strong-buy” rating to a “hold” rating in a report on Wednesday, November 5th. Wall Street Zen upgraded shares of ProAssurance to a “sell” rating in a research note on Saturday, November 22nd. Finally, Weiss Ratings restated a “hold (c)” rating on shares of ProAssurance in a research note on Thursday. Five investment analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of “Reduce” and an average target price of $25.00.

ProAssurance Trading Up 0.0%

The company has a debt-to-equity ratio of 0.32, a current ratio of 0.28 and a quick ratio of 0.28. The stock has a market cap of $1.24 billion, a P/E ratio of 37.12 and a beta of 0.09. The firm’s fifty day moving average price is $24.09 and its two-hundred day moving average price is $23.97.

ProAssurance (NYSE:PRA) last posted its earnings results on Tuesday, November 4th. The insurance provider reported $0.15 EPS for the quarter, missing the consensus estimate of $0.28 by ($0.13). ProAssurance had a return on equity of 4.78% and a net margin of 3.01%.The business had revenue of $279.55 million for the quarter, compared to analysts’ expectations of $268.71 million. During the same quarter in the previous year, the firm earned $0.34 earnings per share. ProAssurance’s quarterly revenue was down 2.0% compared to the same quarter last year. As a group, equities research analysts forecast that ProAssurance Corporation will post 0.8 EPS for the current year.

Hedge Funds Weigh In On ProAssurance

A number of institutional investors have recently made changes to their positions in PRA. Russell Investments Group Ltd. lifted its holdings in shares of ProAssurance by 356.2% during the 2nd quarter. Russell Investments Group Ltd. now owns 1,405 shares of the insurance provider’s stock worth $32,000 after acquiring an additional 1,097 shares during the last quarter. Cornerstone Planning Group LLC lifted its stake in ProAssurance by 12,152.2% during the third quarter. Cornerstone Planning Group LLC now owns 2,818 shares of the insurance provider’s stock worth $68,000 after purchasing an additional 2,795 shares during the last quarter. GAMMA Investing LLC boosted its holdings in shares of ProAssurance by 50.7% in the 2nd quarter. GAMMA Investing LLC now owns 3,123 shares of the insurance provider’s stock worth $71,000 after purchasing an additional 1,050 shares in the last quarter. Tower Research Capital LLC TRC increased its position in shares of ProAssurance by 271.2% during the 2nd quarter. Tower Research Capital LLC TRC now owns 5,576 shares of the insurance provider’s stock valued at $127,000 after purchasing an additional 4,074 shares during the last quarter. Finally, BNP Paribas Financial Markets raised its holdings in shares of ProAssurance by 22.8% during the 2nd quarter. BNP Paribas Financial Markets now owns 5,679 shares of the insurance provider’s stock valued at $130,000 after buying an additional 1,056 shares in the last quarter. Institutional investors own 85.58% of the company’s stock.

About ProAssurance

ProAssurance Corporation is a specialty property and casualty insurance holding company headquartered in Birmingham, Alabama. The company focuses primarily on professional liability coverage for healthcare providers, including physicians, surgeons, dentists and allied health professionals. ProAssurance operates through a group of insurance subsidiaries that underwrite both occurrence- and claims-made policies tailored to the unique risks faced by the medical community.

In addition to professional liability insurance, ProAssurance offers a suite of complementary property and casualty products, such as general liability, workers’ compensation, property and inland marine, and umbrella coverage.