Gabelli Funds LLC Makes New Investment in ProAssurance Corporation $PRA

Gabelli Funds LLC bought a new position in shares of ProAssurance Corporation (NYSE:PRA) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 71,187 shares of the insurance provider’s stock, valued at approximately $1,720,000. Gabelli Funds LLC owned 0.14% of ProAssurance as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Hudson Bay Capital Management LP lifted its holdings in ProAssurance by 1,050.0% during the third quarter. Hudson Bay Capital Management LP now owns 575,000 shares of the insurance provider’s stock worth $13,794,000 after buying an additional 525,000 shares during the period. Alpine Associates Management Inc. lifted its holdings in shares of ProAssurance by 73.6% during the 3rd quarter. Alpine Associates Management Inc. now owns 952,547 shares of the insurance provider’s stock valued at $22,852,000 after purchasing an additional 403,807 shares during the last quarter. Gardner Lewis Asset Management L P purchased a new stake in shares of ProAssurance during the 3rd quarter valued at $7,007,000. JPMorgan Chase & Co. lifted its holdings in shares of ProAssurance by 58.7% during the 3rd quarter. JPMorgan Chase & Co. now owns 157,891 shares of the insurance provider’s stock valued at $3,788,000 after purchasing an additional 58,382 shares during the last quarter. Finally, Magnetar Financial LLC lifted its holdings in shares of ProAssurance by 2.3% during the 3rd quarter. Magnetar Financial LLC now owns 3,026,173 shares of the insurance provider’s stock valued at $72,598,000 after purchasing an additional 69,365 shares during the last quarter. Hedge funds and other institutional investors own 85.58% of the company’s stock.

ProAssurance Price Performance

Shares of PRA opened at $24.62 on Friday. The business’s 50-day moving average is $24.60 and its two-hundred day moving average is $24.35. The company has a market capitalization of $1.27 billion, a P/E ratio of 19.69 and a beta of 0.04. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.27 and a current ratio of 0.27. ProAssurance Corporation has a fifty-two week low of $22.72 and a fifty-two week high of $24.85.

ProAssurance (NYSE:PRA) last announced its quarterly earnings results on Tuesday, May 5th. The insurance provider reported $0.25 earnings per share for the quarter, hitting the consensus estimate of $0.25. The company had revenue of $262.63 million for the quarter, compared to the consensus estimate of $216.86 million. ProAssurance had a return on equity of 6.82% and a net margin of 5.99%.The firm’s revenue for the quarter was down 3.5% compared to the same quarter last year. During the same period last year, the firm earned $0.13 EPS. Research analysts predict that ProAssurance Corporation will post 1.09 earnings per share for the current year.

Analyst Ratings Changes

Several analysts have recently commented on the company. Zacks Research upgraded ProAssurance from a “hold” rating to a “strong-buy” rating in a report on Tuesday, February 24th. Wall Street Zen lowered ProAssurance from a “hold” rating to a “sell” rating in a report on Sunday, May 10th. One analyst has rated the stock with a Strong Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy”.

ProAssurance Profile

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.