First Midwest Bank Trust Division Increases Stake in ProAssurance Corp. (PRA)
First Midwest Bank Trust Division raised its stake in shares of ProAssurance Corp. (NYSE:PRA) by 45.0% during the second quarter, Holdings Channel reports. The fund owned 14,567 shares of the company’s stock after buying an additional 4,520 shares during the period. First Midwest Bank Trust Division’s holdings in ProAssurance Corp. were worth $780,000 as of its most recent SEC filing.
A number of other large investors have also modified their holdings of PRA. American Century Companies Inc. raised its stake in shares of ProAssurance Corp. by 19.7% in the second quarter. American Century Companies Inc. now owns 1,311,405 shares of the company’s stock valued at $70,226,000 after buying an additional 215,884 shares during the last quarter. Strs Ohio raised its stake in shares of ProAssurance Corp. by 5.0% in the second quarter. Strs Ohio now owns 148,000 shares of the company’s stock valued at $7,925,000 after buying an additional 7,000 shares during the last quarter. Rehmann Capital Advisory Group raised its stake in shares of ProAssurance Corp. by 9.0% in the second quarter. Rehmann Capital Advisory Group now owns 51,677 shares of the company’s stock valued at $2,767,000 after buying an additional 4,283 shares during the last quarter. Louisiana State Employees Retirement System raised its stake in shares of ProAssurance Corp. by 0.4% in the second quarter. Louisiana State Employees Retirement System now owns 23,600 shares of the company’s stock valued at $1,264,000 after buying an additional 100 shares during the last quarter. Finally, Bank of Montreal Can acquired a new stake in shares of ProAssurance Corp. during the second quarter valued at about $15,891,000. Hedge funds and other institutional investors own 80.78% of the company’s stock.
ProAssurance Corp. (NYSE:PRA) traded up 0.10% on Monday, hitting $52.53. 205,309 shares of the stock traded hands. The firm has a market capitalization of $2.79 billion, a PE ratio of 26.13 and a beta of 0.45. The stock has a 50 day moving average of $53.52 and a 200 day moving average of $51.51. ProAssurance Corp. has a 52 week low of $45.78 and a 52 week high of $55.43.
ProAssurance Corp. (NYSE:PRA) last issued its earnings results on Wednesday, August 3rd. The company reported $0.67 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.57 by $0.10. The business had revenue of $214.80 million for the quarter, compared to analyst estimates of $202.70 million. ProAssurance Corp. had a net margin of 16.40% and a return on equity of 7.65%. ProAssurance Corp.’s revenue was up 5.6% on a year-over-year basis. During the same period in the prior year, the firm earned $0.64 earnings per share. Equities research analysts anticipate that ProAssurance Corp. will post $2.40 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, October 7th. Investors of record on Wednesday, September 28th will be paid a dividend of $0.31 per share. This represents a $1.24 annualized dividend and a yield of 2.36%. The ex-dividend date is Monday, September 26th. ProAssurance Corp.’s dividend payout ratio is presently 61.69%.
Several brokerages have issued reports on PRA. Zacks Investment Research upgraded shares of ProAssurance Corp. from a “hold” rating to a “buy” rating and set a $61.00 price target on the stock in a research note on Tuesday, August 9th. JMP Securities boosted their price objective on shares of ProAssurance Corp. to $57.00 and gave the stock an “outperform” rating in a research note on Monday, June 13th.
About ProAssurance Corp.
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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