Hsbc Holdings PLC Boosts Stake in ProAssurance Corporation $PRA

Hsbc Holdings PLC increased its stake in shares of ProAssurance Corporation (NYSE:PRA) by 7.7% in the fourth quarter, HoldingsChannel reports. The firm owned 1,047,160 shares of the insurance provider’s stock after buying an additional 74,870 shares during the quarter. Hsbc Holdings PLC’s holdings in ProAssurance were worth $25,289,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Hudson Bay Capital Management LP increased its position in 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 purchasing an additional 525,000 shares in the last quarter. JPMorgan Chase & Co. lifted its position in ProAssurance by 58.7% during 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 stake in ProAssurance by 37.5% during the fourth quarter. Credit Industriel ET Commercial now owns 346,854 shares of the insurance provider’s stock worth $8,380,000 after buying an additional 94,579 shares during the period. Magnetar Financial LLC grew its stake in ProAssurance by 2.3% during the third quarter. Magnetar Financial LLC now owns 3,026,173 shares of the insurance provider’s stock worth $72,598,000 after buying an additional 69,365 shares during the period. Finally, Gabelli Funds LLC acquired a new stake in shares of ProAssurance in the fourth quarter worth $1,720,000. 85.58% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

PRA has been the topic of a number of research reports. Wall Street Zen downgraded shares of ProAssurance from a “hold” rating to a “sell” rating in a research note on Sunday, May 10th. Weiss Ratings upgraded ProAssurance from a “hold (c)” rating to a “hold (c+)” rating in a report on Friday, May 29th. One equities research analyst has rated the stock with a Strong Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat.com, ProAssurance has an average rating of “Buy”.

ProAssurance Stock Performance

ProAssurance stock opened at $25.00 on Tuesday. The firm has a market capitalization of $1.29 billion, a PE ratio of 20.00 and a beta of 0.02. ProAssurance Corporation has a one year low of $22.79 and a one year high of $25.01. The stock’s 50 day moving average price is $24.64 and its 200 day moving average price is $24.48. 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 (NYSE:PRA) last issued its quarterly earnings data on Tuesday, May 5th. The insurance provider reported $0.25 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.25. The company had revenue of $262.63 million during the quarter, compared to the consensus estimate of $216.86 million. ProAssurance had a net margin of 5.99% and a return on equity of 6.82%. ProAssurance’s revenue for the quarter was down 3.5% on a year-over-year basis. During the same quarter last year, the company earned $0.13 earnings per share. As a group, sell-side analysts expect that ProAssurance Corporation will post 1.25 EPS for the current fiscal 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.