Zacks Investment Research upgraded shares of ProAssurance (NYSE:PRA) from a hold rating to a buy rating in a report released on Wednesday. The firm currently has $68.00 target price on the insurance provider’s stock.
According to Zacks, “ProAssurance’s shares have outperformed the industry in last three months. Its core business has been witnessing substantial improvement over the past few quarters. The company has significantly achieved inorganic growth via successful acquisitions and integration of companies. Its top line has also remained strong consistently on the back of solid premium income. The stock has seen the Zacks Consensus Estimate for current-year earnings being revised 2.5% upward over the last 60 days. However, volatility in premium retention in its physician business has impacted its margins adversely. Growing expenses also continue to weigh on the bottom line. Its declining investment income has been affecting the top line.”
Other equities research analysts have also recently issued research reports about the company. Keefe, Bruyette & Woods reaffirmed a hold rating and set a $60.00 target price on shares of ProAssurance in a research report on Monday, October 16th. Buckingham Research assumed coverage on ProAssurance in a research report on Monday, September 11th. They set a neutral rating and a $54.00 target price for the company. Finally, Boenning Scattergood reaffirmed a hold rating on shares of ProAssurance in a research report on Tuesday, November 7th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the company’s stock. The stock has a consensus rating of Hold and a consensus price target of $60.75.
ProAssurance (NYSE PRA) traded down $0.15 during trading hours on Wednesday, reaching $61.10. The company had a trading volume of 157,000 shares, compared to its average volume of 152,377. ProAssurance has a 12-month low of $50.70 and a 12-month high of $63.53. The firm has a market capitalization of $3,271.68, a P/E ratio of 26.63 and a beta of 0.58. The company has a quick ratio of 0.40, a current ratio of 0.40 and a debt-to-equity ratio of 0.22.
ProAssurance (NYSE:PRA) last announced its earnings results on Monday, November 6th. The insurance provider reported $0.45 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.36 by $0.09. The firm had revenue of $228.50 million during the quarter, compared to analysts’ expectations of $215.12 million. ProAssurance had a return on equity of 6.75% and a net margin of 16.18%. The company’s revenue was up 1.9% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.46 earnings per share. equities analysts predict that ProAssurance will post 2.09 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 10th. Shareholders of record on Thursday, December 21st will be given a dividend of $0.31 per share. The ex-dividend date of this dividend is Wednesday, December 20th. This represents a $1.24 dividend on an annualized basis and a yield of 2.03%. ProAssurance’s payout ratio is currently 46.10%.
Institutional investors have recently made changes to their positions in the business. World Asset Management Inc boosted its position in shares of ProAssurance by 4.0% in the second quarter. World Asset Management Inc now owns 3,515 shares of the insurance provider’s stock valued at $214,000 after acquiring an additional 134 shares during the period. Legal & General Group Plc boosted its position in shares of ProAssurance by 8.5% in the second quarter. Legal & General Group Plc now owns 135,371 shares of the insurance provider’s stock valued at $8,231,000 after acquiring an additional 10,604 shares during the period. Sei Investments Co. boosted its position in shares of ProAssurance by 3.2% in the third quarter. Sei Investments Co. now owns 281,413 shares of the insurance provider’s stock valued at $15,379,000 after acquiring an additional 8,675 shares during the period. Schwab Charles Investment Management Inc. boosted its position in shares of ProAssurance by 8.5% in the second quarter. Schwab Charles Investment Management Inc. now owns 264,328 shares of the insurance provider’s stock valued at $16,072,000 after acquiring an additional 20,747 shares during the period. Finally, Vanguard Group Inc. boosted its position in shares of ProAssurance by 1.0% in the second quarter. Vanguard Group Inc. now owns 5,051,135 shares of the insurance provider’s stock valued at $307,108,000 after acquiring an additional 50,372 shares during the period. 80.23% of the stock is owned by hedge funds and other institutional investors.
ProAssurance Company Profile
ProAssurance Corporation (ProAssurance) is a holding company for property and casualty insurance companies. The Company provides professional liability insurance for healthcare professionals and facilities, professional liability insurance for attorneys, liability insurance for medical technology and life sciences risks, and workers’ compensation insurance.
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