OP Asset Management Ltd Takes $911,000 Position in ProAssurance Corporation $PRA

OP Asset Management Ltd purchased a new position in shares of ProAssurance Corporation (NYSE:PRA) in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 36,853 shares of the insurance provider’s stock, valued at approximately $911,000. OP Asset Management Ltd owned 0.07% of ProAssurance at the end of the most recent quarter.

Several other large investors have also made changes to their positions in the company. Hudson Bay Capital Management LP raised its holdings in shares of ProAssurance by 1,050.0% during the 3rd 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 in the last quarter. JPMorgan Chase & Co. boosted its stake in ProAssurance by 58.7% in the third quarter. JPMorgan Chase & Co. now owns 157,891 shares of the insurance provider’s stock valued at $3,788,000 after buying an additional 58,382 shares in the last quarter. Credit Industriel ET Commercial grew its position in ProAssurance by 37.5% in the fourth quarter. Credit Industriel ET Commercial now owns 346,854 shares of the insurance provider’s stock valued at $8,380,000 after acquiring an additional 94,579 shares during the last quarter. Magnetar Financial LLC grew its position in ProAssurance by 2.3% in the third quarter. Magnetar Financial LLC now owns 3,026,173 shares of the insurance provider’s stock valued at $72,598,000 after acquiring an additional 69,365 shares during the last quarter. Finally, Gabelli Funds LLC acquired a new position in ProAssurance during the fourth quarter worth about $1,720,000. Institutional investors and hedge funds own 85.58% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently commented on PRA. Wall Street Zen cut shares of ProAssurance from a “hold” rating to a “sell” rating in a report on Sunday, May 10th. Weiss Ratings upgraded shares of ProAssurance from a “hold (c)” rating to a “hold (c+)” rating in a research report on Friday, May 29th. One analyst has rated the stock with a Strong Buy rating and one has assigned a Hold rating to the company. According to MarketBeat, ProAssurance currently has an average rating of “Buy”.

ProAssurance Stock Performance

NYSE PRA opened at $25.00 on Tuesday. The company has a market cap of $1.29 billion, a price-to-earnings ratio of 20.00 and a beta of 0.02. ProAssurance Corporation has a twelve month low of $22.79 and a twelve month high of $25.01. The company has a quick ratio of 0.27, a current ratio of 0.27 and a debt-to-equity ratio of 0.31. The business’s fifty day moving average is $24.61 and its 200 day moving average is $24.45.

ProAssurance (NYSE:PRA) last issued its earnings results on Tuesday, May 5th. The insurance provider reported $0.25 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.25. The business had revenue of $262.63 million during the quarter, compared to analysts’ expectations of $216.86 million. ProAssurance had a return on equity of 6.82% and a net margin of 5.99%.The business’s revenue for the quarter was down 3.5% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.13 EPS. As a group, sell-side analysts expect that ProAssurance Corporation will post 1.25 EPS for the current fiscal year.

ProAssurance Company 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.