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.
PRA has been the subject of several research analyst reports. Zacks Investment Research raised shares of ProAssurance Corp. from a “hold” rating to a “buy” rating and set a $58.00 price target for the company in a research note on Monday, July 11th. TheStreet raised shares of ProAssurance Corp. from a “hold” rating to a “buy” rating in a research note on Friday, June 3rd. Finally, JMP Securities lifted their price target on shares of ProAssurance Corp. to $57.00 and gave the company an “outperform” rating in a research note on Monday, June 13th.
The firm’s 50 day moving average is $51.81 and its 200-day moving average is $49.98. The company has a market capitalization of $2.78 billion and a PE ratio of 29.10.
ProAssurance Corp. (NYSE:PRA) last released its quarterly earnings data on Monday, May 9th. The company reported $0.46 EPS for the quarter, missing the Zacks’ consensus estimate of $0.60 by $0.14. The business had revenue of $193.40 million for the quarter, compared to the consensus estimate of $224.14 million. The company’s revenue was down 6.9% compared to the same quarter last year. During the same period last year, the firm posted $0.61 EPS. On average, analysts expect that ProAssurance Corp. will post $2.30 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 8th. Shareholders of record on Friday, June 24th were issued a $0.31 dividend. The ex-dividend date of this dividend was Wednesday, June 22nd. This represents a $1.24 dividend on an annualized basis and a yield of 2.37%.
Other hedge funds have added to or reduced their stakes in the company. US Bancorp DE increased 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 during the last quarter. Trexquant Investment LP acquired a new stake in ProAssurance Corp. during the fourth quarter worth approximately $1,281,000. State of Tennessee Treasury Department acquired a new stake in ProAssurance Corp. during the fourth quarter worth approximately $2,033,000. Rhumbline Advisers increased 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 during the last quarter. Finally, TD Asset Management Inc. increased 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 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.
Get Analysts' Upgrades and Downgrades Daily - Enter your email address below to receive a concise daily summary of analysts' upgrades, downgrades and new coverage with MarketBeat.com's FREE daily email newsletter.