CWM Advisors LLC purchased a new stake in ProAssurance Co. (NYSE:PRA) in the 1st quarter, according to its most recent filing with the SEC. The fund purchased 9,973 shares of the insurance provider’s stock, valued at approximately $249,000.
A number of other institutional investors and hedge funds have also modified their holdings of the business. BlackRock Inc. raised its holdings in ProAssurance by 0.4% in the 1st quarter. BlackRock Inc. now owns 7,805,042 shares of the insurance provider’s stock valued at $195,125,000 after acquiring an additional 30,340 shares during the last quarter. Royce & Associates LP grew its stake in shares of ProAssurance by 12.4% during the 4th quarter. Royce & Associates LP now owns 1,845,708 shares of the insurance provider’s stock valued at $66,704,000 after buying an additional 204,203 shares during the period. State Street Corp grew its stake in shares of ProAssurance by 0.7% during the 4th quarter. State Street Corp now owns 1,844,239 shares of the insurance provider’s stock valued at $67,226,000 after buying an additional 13,551 shares during the period. Diamond Hill Capital Management Inc. grew its stake in shares of ProAssurance by 50.3% during the 1st quarter. Diamond Hill Capital Management Inc. now owns 1,523,549 shares of the insurance provider’s stock valued at $38,089,000 after buying an additional 509,962 shares during the period. Finally, Norges Bank purchased a new stake in shares of ProAssurance during the 4th quarter valued at $29,844,000. Institutional investors own 84.58% of the company’s stock.
NYSE:PRA opened at $14.05 on Friday. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.45 and a quick ratio of 0.45. The firm has a 50-day moving average of $19.31 and a two-hundred day moving average of $29.79. ProAssurance Co. has a 1-year low of $12.67 and a 1-year high of $42.03.
ProAssurance (NYSE:PRA) last posted its quarterly earnings data on Thursday, May 7th. The insurance provider reported ($0.02) earnings per share for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.07). The firm had revenue of $196.70 million during the quarter, compared to analysts’ expectations of $235.50 million. ProAssurance had a negative net margin of 5.67% and a negative return on equity of 3.21%. The business’s quarterly revenue was down 26.8% on a year-over-year basis. During the same period in the previous year, the company earned $0.08 earnings per share. On average, research analysts expect that ProAssurance Co. will post -0.81 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 8th. Shareholders of record on Thursday, June 11th will be given a $0.05 dividend. The ex-dividend date of this dividend is Wednesday, June 10th. This represents a $0.20 dividend on an annualized basis and a yield of 1.42%. ProAssurance’s payout ratio is currently -153.09%.
Several brokerages have recently issued reports on PRA. JMP Securities lowered their price objective on shares of ProAssurance from $40.00 to $30.00 and set an “outperform” rating for the company in a research note on Thursday, May 14th. Piper Sandler lowered their price objective on shares of ProAssurance from $22.00 to $21.00 and set an “underweight” rating for the company in a research note on Monday, April 6th. SunTrust Banks lowered their price objective on shares of ProAssurance from $36.00 to $21.00 and set a “hold” rating for the company in a research note on Monday, May 11th. They noted that the move was a valuation call. Finally, Zacks Investment Research cut shares of ProAssurance from a “hold” rating to a “sell” rating and set a $22.00 price objective for the company. in a research note on Thursday, April 30th. Three research analysts have rated the stock with a sell rating, three have assigned a hold rating and one has issued a buy rating to the company. ProAssurance has a consensus rating of “Hold” and a consensus price target of $26.00.
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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