ProAssurance Corp. (PRA) Shares Gap Down to $51.66
ProAssurance Corp. (NYSE:PRA) shares gapped down before the market opened on Friday . The stock had previously closed at $51.48, but opened at $51.66. ProAssurance Corp. shares last traded at $52.28, with a volume of 48,750 shares trading hands.
A number of research analysts have recently commented on the company. Zacks Investment Research lowered ProAssurance Corp. from a “buy” rating to a “hold” rating in a report on Monday, May 2nd. TheStreet lowered ProAssurance Corp. from a “buy” rating to a “hold” rating in a report on Tuesday, May 10th. Finally, JMP Securities raised their price target on ProAssurance Corp. to $57.00 and gave the company an “outperform” rating in a report on Monday, June 13th.
The stock has a market cap of $2.78 billion and a PE ratio of 29.10. The stock has a 50-day moving average price of $51.81 and a 200-day moving average price of $49.98.
ProAssurance Corp. (NYSE:PRA) last released 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 firm earned $193.40 million during the quarter, compared to analyst estimates of $224.14 million. The company’s revenue for the quarter was down 6.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.61 EPS. On average, equities research analysts anticipate that ProAssurance Corp. will post $2.30 EPS for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, July 8th. Stockholders of record on Friday, June 24th were given a dividend of $0.31 per share. This represents a $1.24 dividend on an annualized basis and a dividend yield of 2.37%. The ex-dividend date of this dividend was Wednesday, June 22nd.
Several hedge funds have recently added to or reduced their stakes in the stock. US Bancorp DE boosted its stake in ProAssurance Corp. by 5.1% in the fourth quarter. US Bancorp DE now owns 24,692 shares of the company’s stock worth $1,198,000 after buying an additional 1,197 shares in the last quarter. Trexquant Investment LP purchased a new stake in ProAssurance Corp. during the fourth quarter worth about $1,281,000. State of Tennessee Treasury Department purchased a new stake in ProAssurance Corp. during the fourth quarter worth about $2,033,000. Rhumbline Advisers boosted its stake in 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 in the last quarter. Finally, TD Asset Management Inc. boosted its stake in 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 in 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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