ProAssurance (PRA) Upgraded at Zacks Investment Research
Zacks Investment Research upgraded shares of ProAssurance (NYSE:PRA) from a hold rating to a buy rating in a report issued on Wednesday morning. They currently have $68.00 price objective on the insurance provider’s stock.
According to Zacks, “ProAssurance’s shares have outperformed the industry in last three months. Its core business has been witnessing substantial improvement over the past few quarters. The company has significantly achieved inorganic growth via successful acquisitions and integration of companies. Its top line has also remained strong consistently on the back of solid premium income. The stock has seen the Zacks Consensus Estimate for current-year earnings being revised 2.5% upward over the last 60 days. However, volatility in premium retention in its physician business has impacted its margins adversely. Growing expenses also continue to weigh on the bottom line. Its declining investment income has been affecting the top line.”
A number of other research analysts have also issued reports on PRA. Buckingham Research started coverage on shares of ProAssurance in a research note on Monday, September 11th. They set a neutral rating and a $54.00 price target on the stock. Keefe, Bruyette & Woods reiterated a hold rating and set a $60.00 price target on shares of ProAssurance in a research note on Monday, October 16th. Finally, Boenning Scattergood restated a hold rating on shares of ProAssurance in a research report on Tuesday, November 7th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the company’s stock. The stock presently has a consensus rating of Hold and an average price target of $60.75.
Shares of ProAssurance (NYSE:PRA) traded up $0.80 during trading on Wednesday, hitting $61.65. 399,264 shares of the stock were exchanged, compared to its average volume of 139,266. ProAssurance has a twelve month low of $50.70 and a twelve month high of $63.53. The company has a current ratio of 0.40, a quick ratio of 0.40 and a debt-to-equity ratio of 0.22. The firm has a market capitalization of $3,250.32, a price-to-earnings ratio of 26.46 and a beta of 0.58.
ProAssurance (NYSE:PRA) last issued its quarterly earnings results on Monday, November 6th. The insurance provider reported $0.45 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.36 by $0.09. ProAssurance had a net margin of 16.18% and a return on equity of 6.75%. The business had revenue of $228.50 million for the quarter, compared to analyst estimates of $215.12 million. During the same period in the previous year, the business posted $0.46 earnings per share. The business’s revenue was up 1.9% compared to the same quarter last year. equities analysts forecast that ProAssurance will post 2.09 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 10th. Shareholders of record on Thursday, December 21st will be given a dividend of $0.31 per share. The ex-dividend date of this dividend is Wednesday, December 20th. This represents a $1.24 annualized dividend and a yield of 2.01%. ProAssurance’s payout ratio is currently 46.10%.
Institutional investors and hedge funds have recently modified their holdings of the business. Zurcher Kantonalbank Zurich Cantonalbank grew its position in ProAssurance by 8.4% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,067 shares of the insurance provider’s stock worth $126,000 after buying an additional 161 shares during the period. Flinton Capital Management LLC grew its position in ProAssurance by 55.3% during the second quarter. Flinton Capital Management LLC now owns 2,560 shares of the insurance provider’s stock worth $156,000 after buying an additional 912 shares during the period. Riverhead Capital Management LLC grew its position in ProAssurance by 60.8% during the second quarter. Riverhead Capital Management LLC now owns 2,895 shares of the insurance provider’s stock worth $176,000 after buying an additional 1,095 shares during the period. Pacad Investment Ltd. grew its position in ProAssurance by 47.6% during the second quarter. Pacad Investment Ltd. now owns 3,100 shares of the insurance provider’s stock worth $188,000 after buying an additional 1,000 shares during the period. Finally, Verition Fund Management LLC acquired a new position in ProAssurance during the second quarter worth about $211,000. Institutional investors own 80.23% of the company’s stock.
ProAssurance 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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