ProAssurance Co. (NYSE:PRA) Expected to Announce Quarterly Sales of $285.88 Million

Equities analysts expect that ProAssurance Co. (NYSE:PRA) will report $285.88 million in sales for the current quarter, according to Zacks. Three analysts have issued estimates for ProAssurance’s earnings, with estimates ranging from $259.67 million to $311.39 million. ProAssurance reported sales of $213.21 million in the same quarter last year, which would suggest a positive year over year growth rate of 34.1%. The business is scheduled to announce its next quarterly earnings results on Thursday, November 4th.

According to Zacks, analysts expect that ProAssurance will report full-year sales of $1.03 billion for the current fiscal year, with estimates ranging from $971.82 million to $1.08 billion. For the next financial year, analysts anticipate that the firm will report sales of $1.13 billion, with estimates ranging from $973.35 million to $1.28 billion. Zacks’ sales calculations are a mean average based on a survey of research analysts that cover ProAssurance.

ProAssurance (NYSE:PRA) last posted its quarterly earnings results on Thursday, August 5th. The insurance provider reported $0.49 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.06 by $0.43. The firm had revenue of $258.87 million during the quarter, compared to the consensus estimate of $239.89 million. ProAssurance had a positive return on equity of 2.55% and a negative net margin of 3.75%.

A number of research analysts have commented on the company. TheStreet upgraded ProAssurance from a “d+” rating to a “c-” rating in a research note on Tuesday, May 25th. Piper Sandler upgraded ProAssurance from a “neutral” rating to an “overweight” rating and boosted their price objective for the stock from $23.00 to $26.00 in a research note on Tuesday, August 10th. Two research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Buy” and an average target price of $26.50.

Shares of PRA traded down $0.73 during midday trading on Monday, reaching $22.90. 208,515 shares of the company were exchanged, compared to its average volume of 232,325. The stock has a 50-day moving average price of $23.15 and a 200-day moving average price of $24.58. The company has a market cap of $1.24 billion, a price-to-earnings ratio of -34.18 and a beta of 0.34. ProAssurance has a 1-year low of $13.56 and a 1-year high of $29.15. The company has a current ratio of 0.32, a quick ratio of 0.32 and a debt-to-equity ratio of 0.32.

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 8th. Investors of record on Friday, September 24th will be paid a $0.05 dividend. This represents a $0.20 annualized dividend and a dividend yield of 0.87%. The ex-dividend date of this dividend is Thursday, September 23rd. ProAssurance’s dividend payout ratio (DPR) is -38.46%.

Several large investors have recently added to or reduced their stakes in the stock. Marshall Wace North America L.P. bought a new stake in ProAssurance in the first quarter valued at about $42,000. First Mercantile Trust Co. bought a new stake in ProAssurance in the second quarter valued at about $62,000. Royal Bank of Canada increased its holdings in ProAssurance by 43.1% in the second quarter. Royal Bank of Canada now owns 6,083 shares of the insurance provider’s stock valued at $138,000 after buying an additional 1,833 shares during the last quarter. Mutual of America Capital Management LLC grew its holdings in shares of ProAssurance by 6.6% during the second quarter. Mutual of America Capital Management LLC now owns 7,670 shares of the insurance provider’s stock valued at $174,000 after purchasing an additional 473 shares during the last quarter. Finally, Jane Street Group LLC bought a new position in shares of ProAssurance during the first quarter valued at approximately $251,000. Institutional investors and hedge funds own 83.42% of the company’s stock.

About ProAssurance

ProAssurance Corp. is a holding company. It operates through the following segments: Specialty Property and Casualty, Workers’ Compensation Insurance, Lloyd’s Syndicate, Segregated Portfolio Cell Reinsurance and Corporate. The Specialty Property and Casualty segment includes professional liability business and medical technology and life sciences business.

Featured Article: What is the significance of the death cross?

Get a free copy of the Zacks research report on ProAssurance (PRA)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Earnings History and Estimates for ProAssurance (NYSE:PRA)

Receive News & Ratings for ProAssurance Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for ProAssurance and related companies with MarketBeat.com's FREE daily email newsletter.