Mesirow Financial Investment Management Equity Management Cuts Stake in ProAssurance Corporation (NYSE:PRA)
Mesirow Financial Investment Management Equity Management cut its position in ProAssurance Corporation (NYSE:PRA) by 0.2% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 355,855 shares of the insurance provider’s stock after selling 835 shares during the period. ProAssurance Corporation makes up 1.5% of Mesirow Financial Investment Management Equity Management’s investment portfolio, making the stock its 17th largest position. Mesirow Financial Investment Management Equity Management owned about 0.67% of ProAssurance Corporation worth $21,638,000 at the end of the most recent quarter.
Several other institutional investors also recently bought and sold shares of PRA. Assetmark Inc. increased its position in ProAssurance Corporation by 1.1% in the first quarter. Assetmark Inc. now owns 1,779 shares of the insurance provider’s stock valued at $107,000 after buying an additional 20 shares during the last quarter. First Quadrant L P CA increased its position in ProAssurance Corporation by 124.1% in the second quarter. First Quadrant L P CA now owns 2,465 shares of the insurance provider’s stock valued at $150,000 after buying an additional 1,365 shares during the last quarter. World Asset Management Inc acquired a new position in ProAssurance Corporation during the first quarter valued at approximately $204,000. Everence Capital Management Inc. acquired a new position in ProAssurance Corporation during the first quarter valued at approximately $213,000. Finally, Private Advisor Group LLC acquired a new position in ProAssurance Corporation during the first quarter valued at approximately $222,000. 81.67% of the stock is currently owned by institutional investors and hedge funds.
ProAssurance Corporation (NYSE:PRA) opened at 58.05 on Tuesday. ProAssurance Corporation has a 52-week low of $50.50 and a 52-week high of $63.53. The firm’s 50-day moving average is $60.54 and its 200 day moving average is $59.29. The firm has a market capitalization of $3.10 billion, a P/E ratio of 17.92 and a beta of 0.51.
ProAssurance Corporation (NYSE:PRA) last issued its quarterly earnings results on Monday, August 7th. The insurance provider reported $0.40 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.39 by $0.01. ProAssurance Corporation had a net margin of 19.25% and a return on equity of 7.19%. The firm had revenue of $205.58 million for the quarter, compared to analyst estimates of $207.14 million. During the same period in the previous year, the business earned $0.67 EPS. The company’s revenue was down 4.3% compared to the same quarter last year. Equities analysts anticipate that ProAssurance Corporation will post $2.22 EPS for the current year.
The firm also recently declared a quarterly dividend, which was paid on Wednesday, July 12th. Shareholders of record on Tuesday, June 27th were paid a $0.31 dividend. The ex-dividend date was Friday, June 23rd. This represents a $1.24 annualized dividend and a yield of 2.14%. ProAssurance Corporation’s payout ratio is currently 38.39%.
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PRA has been the topic of several analyst reports. Zacks Investment Research raised shares of ProAssurance Corporation from a “hold” rating to a “buy” rating and set a $66.00 target price on the stock in a research report on Tuesday, May 30th. Boenning Scattergood reissued a “hold” rating on shares of ProAssurance Corporation in a research report on Tuesday, August 1st. Keefe, Bruyette & Woods initiated coverage on shares of ProAssurance Corporation in a research report on Monday, July 17th. They set a “market perform” rating and a $61.00 target price on the stock. Finally, BidaskClub raised shares of ProAssurance Corporation from a “sell” rating to a “hold” rating in a research report on Friday, June 16th. Two investment analysts have rated the stock with a sell rating and three have assigned a hold rating to the company. The stock has an average rating of “Hold” and a consensus target price of $63.33.
In other news, insider Edward Lewis Rand, Jr. sold 13,845 shares of the business’s stock in a transaction dated Wednesday, June 28th. The shares were sold at an average price of $60.41, for a total transaction of $836,376.45. Following the transaction, the insider now directly owns 117,079 shares in the company, valued at approximately $7,072,742.39. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Edward Lewis Rand, Jr. sold 3,155 shares of the business’s stock in a transaction dated Monday, June 26th. The stock was sold at an average price of $60.11, for a total transaction of $189,647.05. Following the transaction, the insider now owns 120,014 shares in the company, valued at $7,214,041.54. The disclosure for this sale can be found here. Insiders sold a total of 28,000 shares of company stock worth $1,703,438 over the last quarter. Company insiders own 1.80% of the company’s stock.
About ProAssurance Corporation
ProAssurance Corporation (ProAssurance) 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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