Zacks Investment Research downgraded shares of ProAssurance (NYSE:PRA) from a buy rating to a hold rating in a research report sent to investors on Thursday, Zacks.com reports. The brokerage currently has $41.00 target price on the insurance provider’s stock.
According to Zacks, “ProAssurance’s third-quarter 2019 operating earnings per share of 30 cents beat the Zacks Consensus Estimate by 150%, primarily driven by higher revenues. However, the bottom line declined 28.6% year over year. It has been performing well on the back of growth across its operating segments. Moreover, the company significantly achieved inorganic growth via successful acquisitions and integration of companies. Its shares have underperformed its industry in a year's time. However, growing expenses weighs on its bottom line. Volatility in premium retention pertaining to the company’s physician business and exposure to cat loss are other concerns. Another major risk is associated with its investment portfolio, which primarily consists of fixed income securities.”
Separately, ValuEngine lowered ProAssurance from a buy rating to a hold rating in a research note on Tuesday, October 1st. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and one has given a buy rating to the company. The company has a consensus rating of Hold and a consensus price target of $41.00.
PRA stock traded down $0.54 on Thursday, reaching $37.83. The company had a trading volume of 215,128 shares, compared to its average volume of 213,883. ProAssurance has a 1 year low of $34.11 and a 1 year high of $45.45. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.39 and a current ratio of 0.39. The company’s fifty day moving average is $39.61 and its 200 day moving average is $38.67. The company has a market cap of $2.06 billion, a P/E ratio of 59.95 and a beta of 0.51.
ProAssurance (NYSE:PRA) last posted its earnings results on Tuesday, November 5th. The insurance provider reported $0.30 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.14 by $0.16. ProAssurance had a return on equity of 2.19% and a net margin of 3.86%. The firm had revenue of $2.42 billion for the quarter, compared to analyst estimates of $239.61 million. During the same quarter in the prior year, the company earned $0.42 EPS. ProAssurance’s revenue was up 870.3% on a year-over-year basis. On average, sell-side analysts predict that ProAssurance will post 0.63 earnings per share for the current year.
A number of institutional investors and hedge funds have recently modified their holdings of the business. Versant Capital Management Inc increased its holdings in shares of ProAssurance by 43.4% during the 2nd quarter. Versant Capital Management Inc now owns 879 shares of the insurance provider’s stock worth $31,000 after buying an additional 266 shares during the last quarter. Nomura Asset Management Co. Ltd. acquired a new stake in shares of ProAssurance during the 2nd quarter worth $33,000. Marshall Wace North America L.P. acquired a new stake in shares of ProAssurance during the 1st quarter worth $42,000. Strs Ohio acquired a new stake in shares of ProAssurance during the 3rd quarter worth $44,000. Finally, Point72 Asset Management L.P. acquired a new stake in ProAssurance in the 2nd quarter valued at $72,000. Institutional investors own 81.03% of the company’s stock.
ProAssurance Company Profile
ProAssurance Corporation, through its subsidiaries, provides property and casualty insurance, and reinsurance products in the United States. The company operates through Specialty Property and Casualty, Workers' Compensation Insurance, Segregated Portfolio Cell Reinsurance, and Lloyd's Syndicate segments.
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