ProAssurance (NYSE:PRA) Price Target Increased to $16.00 by Analysts at Truist Financial

ProAssurance (NYSE:PRA) had its price objective hoisted by research analysts at Truist Financial from $14.00 to $16.00 in a report issued on Wednesday, Benzinga reports. The firm currently has a “hold” rating on the insurance provider’s stock. Truist Financial’s price objective would suggest a potential upside of 10.04% from the company’s previous close.

Several other brokerages have also issued reports on PRA. JMP Securities reiterated a “market outperform” rating and issued a $22.00 price target on shares of ProAssurance in a research note on Monday, April 15th. Piper Sandler lowered their target price on ProAssurance from $16.00 to $15.00 and set an “overweight” rating for the company in a research note on Monday, March 4th. Two equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat, ProAssurance currently has an average rating of “Moderate Buy” and an average target price of $17.67.

ProAssurance Stock Performance

PRA traded down $0.16 during trading hours on Wednesday, reaching $14.54. The company’s stock had a trading volume of 5,958 shares, compared to its average volume of 273,624. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.27 and a current ratio of 0.27. The company’s 50-day moving average is $12.99 and its 200-day moving average is $13.53. ProAssurance has a 52 week low of $11.76 and a 52 week high of $19.38. The firm has a market cap of $741.09 million, a PE ratio of -19.81 and a beta of 0.21.

ProAssurance (NYSE:PRA) last posted its quarterly earnings data on Monday, May 6th. The insurance provider reported $0.08 earnings per share for the quarter, topping the consensus estimate of $0.04 by $0.04. The business had revenue of $284.97 million during the quarter, compared to analysts’ expectations of $233.62 million. ProAssurance had a negative net margin of 3.39% and a negative return on equity of 0.53%. ProAssurance’s revenue was up 4.5% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.15) earnings per share. On average, equities analysts forecast that ProAssurance will post 0.26 EPS for the current year.

Hedge Funds Weigh In On ProAssurance

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Assenagon Asset Management S.A. bought a new stake in shares of ProAssurance in the 4th quarter valued at about $2,383,000. Dimensional Fund Advisors LP lifted its position in ProAssurance by 6.3% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,838,938 shares of the insurance provider’s stock valued at $39,150,000 after acquiring an additional 168,634 shares in the last quarter. Brandywine Global Investment Management LLC acquired a new position in ProAssurance during the 3rd quarter valued at about $2,988,000. Jacobs Levy Equity Management Inc. increased its holdings in ProAssurance by 25.2% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 548,525 shares of the insurance provider’s stock worth $10,362,000 after purchasing an additional 110,562 shares in the last quarter. Finally, CenterBook Partners LP grew its holdings in ProAssurance by 455.7% during the fourth quarter. CenterBook Partners LP now owns 80,021 shares of the insurance provider’s stock worth $1,103,000 after buying an additional 65,621 shares in the last quarter. 85.58% of the stock is currently owned by institutional investors and hedge funds.

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.