ProAssurance (NYSE:PRA) Shares Gap Up After Better-Than-Expected Earnings

ProAssurance Co. (NYSE:PRA) shares gapped up prior to trading on Tuesday following a better than expected earnings announcement. The stock had previously closed at $13.82, but opened at $14.90. ProAssurance shares last traded at $15.60, with a volume of 34,006 shares changing hands.

The insurance provider reported $0.08 EPS for the quarter, topping analysts’ consensus estimates of $0.04 by $0.04. ProAssurance had a negative net margin of 3.39% and a negative return on equity of 0.53%. The firm had revenue of $284.97 million during the quarter, compared to the consensus estimate of $233.62 million. During the same quarter in the previous year, the firm posted ($0.15) earnings per share. The company’s revenue was up 4.5% compared to the same quarter last year.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on PRA. Piper Sandler reduced their target price on shares of ProAssurance from $16.00 to $15.00 and set an “overweight” rating for the company in a report on Monday, March 4th. Truist Financial cut their price target on shares of ProAssurance from $15.00 to $14.00 and set a “hold” rating for the company in a report on Thursday, February 29th. Finally, JMP Securities reissued a “market outperform” rating and set a $22.00 price target on shares of ProAssurance in a report on Monday, April 15th. Two analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $17.00.

Institutional Trading of ProAssurance

Several large investors have recently modified their holdings of the business. Aull & Monroe Investment Management Corp acquired a new stake in shares of ProAssurance in the first quarter valued at approximately $178,000. BNP Paribas Financial Markets raised its holdings in shares of ProAssurance by 14.5% in the 1st quarter. BNP Paribas Financial Markets now owns 38,649 shares of the insurance provider’s stock worth $497,000 after purchasing an additional 4,885 shares during the period. Assenagon Asset Management S.A. lifted its stake in shares of ProAssurance by 43.3% in the 1st quarter. Assenagon Asset Management S.A. now owns 247,587 shares of the insurance provider’s stock valued at $3,184,000 after purchasing an additional 74,755 shares in the last quarter. CenterBook Partners LP grew its holdings in shares of ProAssurance by 455.7% during the 4th quarter. CenterBook Partners LP now owns 80,021 shares of the insurance provider’s stock worth $1,103,000 after purchasing an additional 65,621 shares during the period. Finally, Aristides Capital LLC purchased a new position in ProAssurance in the fourth quarter valued at approximately $256,000. 85.58% of the stock is currently owned by institutional investors and hedge funds.

ProAssurance Trading Up 9.6 %

The company has a debt-to-equity ratio of 0.38, a current ratio of 0.27 and a quick ratio of 0.27. The business’s 50-day simple moving average is $12.85 and its two-hundred day simple moving average is $13.53. The stock has a market capitalization of $772.20 million, a price-to-earnings ratio of -20.95 and a beta of 0.21.

About ProAssurance

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, and Segregated Portfolio Cell Reinsurance segments. It offers professional liability insurance to healthcare providers and institutions, and attorneys and their firms; medical technology liability insurance to medical technology and life sciences companies; and custom alternative risk solutions, including assumed reinsurance, loss portfolio transfers, and captive cell programs for healthcare professional liability insureds.