ABC Arbitrage SA Sells 103,935 Shares of ProAssurance Corporation $PRA

ABC Arbitrage SA lessened its holdings in shares of ProAssurance Corporation (NYSE:PRA) by 38.0% in the first quarter, HoldingsChannel.com reports. The fund owned 169,272 shares of the insurance provider’s stock after selling 103,935 shares during the period. ABC Arbitrage SA’s holdings in ProAssurance were worth $4,184,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of PRA. Hudson Bay Capital Management LP lifted its stake 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 purchasing an additional 525,000 shares during the last quarter. JPMorgan Chase & Co. boosted its holdings in shares of ProAssurance by 58.7% in the 3rd quarter. JPMorgan Chase & Co. now owns 157,891 shares of the insurance provider’s stock worth $3,788,000 after purchasing an additional 58,382 shares in the last quarter. Credit Industriel ET Commercial increased its position in shares of ProAssurance by 37.5% during the 4th quarter. Credit Industriel ET Commercial now owns 346,854 shares of the insurance provider’s stock valued at $8,380,000 after purchasing an additional 94,579 shares during the last quarter. Gabelli Funds LLC bought a new position in shares of ProAssurance during the 4th quarter valued at about $1,720,000. Finally, OP Asset Management Ltd purchased a new position in shares of ProAssurance during the 1st quarter valued at about $911,000. Hedge funds and other institutional investors own 85.58% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have commented on PRA. Weiss Ratings upgraded shares of ProAssurance from a “hold (c)” rating to a “hold (c+)” rating in a research report on Friday, May 29th. Wall Street Zen lowered shares of 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 company’s stock. According to MarketBeat, the stock currently has an average rating of “Buy”.

ProAssurance Price Performance

Shares of NYSE PRA opened at $25.00 on Tuesday. The firm has a fifty day simple moving average of $24.67 and a two-hundred day simple moving average of $24.51. ProAssurance Corporation has a 12 month low of $22.79 and a 12 month high of $25.01. The company has a current ratio of 0.27, a quick ratio of 0.27 and a debt-to-equity ratio of 0.31. The firm has a market capitalization of $1.29 billion, a PE ratio of 20.00 and a beta of 0.02.

ProAssurance (NYSE:PRA) last announced its earnings results on Tuesday, May 5th. The insurance provider reported $0.25 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.25. ProAssurance had a net margin of 5.99% and a return on equity of 6.82%. The firm had revenue of $262.63 million for the quarter, compared to analyst estimates of $216.86 million. During the same quarter in the previous year, the firm posted $0.13 EPS. The company’s revenue for the quarter was down 3.5% compared to the same quarter last year. Equities analysts expect that ProAssurance Corporation will post 1.25 earnings per share for the current year.

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.