Pacad Investment Ltd. Has $188,000 Stake in ProAssurance Corporation (PRA)
Pacad Investment Ltd. grew its holdings in shares of ProAssurance Corporation (NYSE:PRA) by 47.6% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 3,100 shares of the insurance provider’s stock after purchasing an additional 1,000 shares during the period. Pacad Investment Ltd.’s holdings in ProAssurance Corporation were worth $188,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also modified their holdings of the company. Schwab Charles Investment Management Inc. lifted its holdings in shares of ProAssurance Corporation by 4.0% during the 1st quarter. Schwab Charles Investment Management Inc. now owns 243,581 shares of the insurance provider’s stock valued at $14,676,000 after purchasing an additional 9,382 shares during the last quarter. Prudential Financial Inc. lifted its holdings in shares of ProAssurance Corporation by 4.0% during the 1st quarter. Prudential Financial Inc. now owns 101,820 shares of the insurance provider’s stock valued at $6,135,000 after purchasing an additional 3,910 shares during the last quarter. Thrivent Financial For Lutherans raised its stake in ProAssurance Corporation by 5.1% in the 1st quarter. Thrivent Financial For Lutherans now owns 30,000 shares of the insurance provider’s stock worth $1,808,000 after acquiring an additional 1,460 shares during the last quarter. World Asset Management Inc raised its stake in ProAssurance Corporation by 4.0% in the 2nd quarter. World Asset Management Inc now owns 3,515 shares of the insurance provider’s stock worth $214,000 after acquiring an additional 134 shares during the last quarter. Finally, NN Investment Partners Holdings N.V. purchased a new position in ProAssurance Corporation in the 2nd quarter worth $232,000. Hedge funds and other institutional investors own 79.76% of the company’s stock.
A number of equities analysts recently issued reports on PRA shares. Zacks Investment Research upgraded ProAssurance Corporation from a “hold” rating to a “buy” rating and set a $66.00 target price for the company in a research note on Tuesday, May 30th. Boenning Scattergood restated a “hold” rating on shares of ProAssurance Corporation in a research note on Tuesday, August 1st. Keefe, Bruyette & Woods started coverage on ProAssurance Corporation in a research note on Monday, July 17th. They issued a “market perform” rating and a $61.00 target price for the company. Finally, BidaskClub lowered ProAssurance Corporation from a “sell” rating to a “strong sell” rating in a research note on Monday, July 31st. Two equities research analysts have rated the stock with a sell rating and four have given a hold rating to the stock. ProAssurance Corporation currently has a consensus rating of “Hold” and a consensus target price of $61.00.
In related news, insider Jeffrey Patton Lisenby sold 4,829 shares of the business’s stock in a transaction on Wednesday, July 5th. The shares were sold at an average price of $61.60, for a total value of $297,466.40. Following the completion of the sale, the insider now directly owns 50,836 shares of the company’s stock, valued at $3,131,497.60. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Edward Lewis Rand, Jr. sold 13,845 shares of the business’s stock in a transaction on Wednesday, June 28th. The shares were sold at an average price of $60.41, for a total transaction of $836,376.45. Following the completion of the sale, the insider now directly owns 117,079 shares of the company’s stock, valued at $7,072,742.39. The disclosure for this sale can be found here. Over the last three months, insiders purchased 7,000 shares of company stock valued at $383,125 and sold 28,000 shares valued at $1,703,438. 1.80% of the stock is owned by insiders.
ProAssurance Corporation (NYSE:PRA) opened at 54.15 on Thursday. The company has a 50-day moving average price of $55.60 and a 200-day moving average price of $58.93. The stock has a market cap of $2.89 billion, a price-to-earnings ratio of 19.35 and a beta of 0.54. ProAssurance Corporation has a 52 week low of $50.50 and a 52 week high of $63.53.
ProAssurance Corporation (NYSE:PRA) last issued its earnings results on Monday, August 7th. The insurance provider reported $0.40 EPS for the quarter, topping analysts’ consensus estimates of $0.39 by $0.01. The firm had revenue of $205.58 million during the quarter, compared to the consensus estimate of $207.14 million. ProAssurance Corporation had a net margin of 16.80% and a return on equity of 6.59%. The company’s revenue was down 4.3% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.67 earnings per share. Equities research analysts anticipate that ProAssurance Corporation will post $2.14 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 10th. Investors of record on Friday, September 29th will be given a $0.31 dividend. The ex-dividend date of this dividend is Thursday, September 28th. This represents a $1.24 dividend on an annualized basis and a yield of 2.29%. ProAssurance Corporation’s dividend payout ratio (DPR) is presently 44.60%.
ProAssurance Corporation Company Profile
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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