ProAssurance (NYSE:PRA) Announces Earnings Results

ProAssurance (NYSE:PRA) posted its quarterly earnings data on Monday. The insurance provider reported $0.82 earnings per share for the quarter, topping the consensus estimate of $0.22 by $0.60, FiscalAI reports. The firm had revenue of $269.64 million during the quarter, compared to analyst estimates of $261.08 million. ProAssurance had a return on equity of 6.60% and a net margin of 4.64%.The business’s quarterly revenue was down 7.1% on a year-over-year basis. During the same period last year, the company posted $0.36 EPS.

ProAssurance Trading Up 0.4%

NYSE PRA opened at $24.50 on Wednesday. The company has a market cap of $1.26 billion, a price-to-earnings ratio of 25.00 and a beta of 0.09. ProAssurance has a 52 week low of $14.49 and a 52 week high of $24.66. The business has a 50 day moving average price of $24.24 and a 200-day moving average price of $24.06. The company has a quick ratio of 0.28, a current ratio of 0.28 and a debt-to-equity ratio of 0.32.

Institutional Trading of ProAssurance

Hedge funds have recently bought and sold shares of the business. Qube Research & Technologies Ltd raised its holdings in ProAssurance by 186.1% during the second quarter. Qube Research & Technologies Ltd now owns 1,491,060 shares of the insurance provider’s stock worth $34,041,000 after buying an additional 969,833 shares during the last quarter. Balyasny Asset Management L.P. increased its position in shares of ProAssurance by 360.0% during the fourth quarter. Balyasny Asset Management L.P. now owns 1,039,901 shares of the insurance provider’s stock worth $25,124,000 after acquiring an additional 813,814 shares in the last quarter. Alliancebernstein L.P. raised its holdings in shares of ProAssurance by 41.6% in the 3rd quarter. Alliancebernstein L.P. now owns 2,711,805 shares of the insurance provider’s stock worth $65,056,000 after acquiring an additional 796,132 shares during the last quarter. Man Group plc bought a new position in ProAssurance in the 3rd quarter valued at about $17,058,000. Finally, PSquared Asset Management AG bought a new position in ProAssurance in the 4th quarter valued at about $8,365,000. Institutional investors and hedge funds own 85.58% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently commented on PRA. Wall Street Zen raised ProAssurance to a “sell” rating in a research note on Saturday, November 22nd. Weiss Ratings reaffirmed a “hold (c)” rating on shares of ProAssurance in a research report on Thursday, January 22nd. Finally, Zacks Research lowered shares of ProAssurance from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, November 5th. Five research analysts have rated the stock with a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, ProAssurance currently has a consensus rating of “Reduce” and an average price target of $25.00.

About ProAssurance

ProAssurance Corporation is a specialty property and casualty insurance holding company headquartered in Birmingham, Alabama. The company focuses primarily on professional liability coverage for healthcare providers, including physicians, surgeons, dentists and allied health professionals. ProAssurance operates through a group of insurance subsidiaries that underwrite both occurrence- and claims-made policies tailored to the unique risks faced by the medical community.

In addition to professional liability insurance, ProAssurance offers a suite of complementary property and casualty products, such as general liability, workers’ compensation, property and inland marine, and umbrella coverage.