ProAssurance Corp. (PRA) Shares Gap Up to $51.50
ProAssurance Corp. (NYSE:PRA) shares gapped up before the market opened on Wednesday . The stock had previously closed at $51.43, but opened at $51.50. ProAssurance Corp. shares last traded at $51.88, with a volume of 100,698 shares changing hands.
A number of research analysts have recently weighed in on PRA shares. Zacks Investment Research upgraded shares of ProAssurance Corp. from a “hold” rating to a “buy” rating and set a $58.00 price target on the stock in a report on Monday, July 11th. TheStreet upgraded shares of ProAssurance Corp. from a “hold” rating to a “buy” rating in a report on Friday, June 3rd. Finally, JMP Securities raised their price target on shares of ProAssurance Corp. to $57.00 and gave the company an “outperform” rating in a report on Monday, June 13th.
The stock has a 50 day moving average of $51.84 and a 200-day moving average of $49.93. The company has a market cap of $2.75 billion and a P/E ratio of 28.83.
ProAssurance Corp. (NYSE:PRA) last announced its quarterly earnings data on Monday, May 9th. The company reported $0.46 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.60 by $0.14. The business had revenue of $193.40 million for the quarter, compared to analysts’ expectations of $224.14 million. During the same quarter last year, the firm earned $0.61 EPS. The firm’s quarterly revenue was down 6.9% on a year-over-year basis. Equities research analysts predict that ProAssurance Corp. will post $2.30 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, July 8th. Shareholders of record on Friday, June 24th were paid a dividend of $0.31 per share. The ex-dividend date was Wednesday, June 22nd. This represents a $1.24 dividend on an annualized basis and a yield of 2.40%.
A number of large investors have recently made changes to their positions in the company. California State Teachers Retirement System increased its stake in shares of ProAssurance Corp. by 1.6% in the fourth quarter. California State Teachers Retirement System now owns 105,180 shares of the company’s stock worth $5,104,000 after buying an additional 1,698 shares during the last quarter. Rhumbline Advisers increased its stake in shares of ProAssurance Corp. by 9.9% in the fourth quarter. Rhumbline Advisers now owns 66,075 shares of the company’s stock worth $3,207,000 after buying an additional 5,935 shares during the last quarter. TD Asset Management Inc. increased its stake in shares of ProAssurance Corp. by 6.4% in the fourth quarter. TD Asset Management Inc. now owns 94,700 shares of the company’s stock worth $4,596,000 after buying an additional 5,700 shares during the last quarter. New York State Common Retirement Fund increased its stake in shares of ProAssurance Corp. by 9.0% in the fourth quarter. New York State Common Retirement Fund now owns 181,856 shares of the company’s stock worth $8,825,000 after buying an additional 14,956 shares during the last quarter. Finally, Robeco Institutional Asset Management B.V. increased its stake in shares of ProAssurance Corp. by 381.7% in the fourth quarter. Robeco Institutional Asset Management B.V. now owns 229,831 shares of the company’s stock worth $11,155,000 after buying an additional 182,115 shares during the last quarter.
ProAssurance Corporation is a holding company for property and casualty insurance companies. The Company provides professional liability insurance for healthcare professionals and facilities, professional liability insurance for attorneys, liability insurance for medical technology and life sciences risks, and workers’ compensation insurance.
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