ProAssurance (NYSE:PRA) Cut to Neutral at Piper Sandler

Piper Sandler cut shares of ProAssurance (NYSE:PRA) from an overweight rating to a neutral rating in a research report released on Monday morning, Marketbeat reports. The brokerage currently has $18.00 price target on the insurance provider’s stock.

Several other equities research analysts also recently weighed in on PRA. JMP Securities decreased their target price on ProAssurance from $22.00 to $20.00 and set a “market outperform” rating for the company in a research report on Wednesday, July 17th. Truist Financial lowered their price objective on shares of ProAssurance from $16.00 to $14.00 and set a “hold” rating for the company in a research report on Monday, August 12th. Two equities 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.com, ProAssurance has a consensus rating of “Moderate Buy” and an average target price of $18.67.

ProAssurance Stock Performance

NYSE:PRA opened at $17.17 on Monday. ProAssurance has a twelve month low of $10.76 and a twelve month high of $17.79. The firm has a market capitalization of $878.42 million, a price-to-earnings ratio of 20.69 and a beta of 0.24. The company has a current ratio of 0.28, a quick ratio of 0.28 and a debt-to-equity ratio of 0.35. The firm’s fifty day simple moving average is $14.67 and its 200 day simple moving average is $13.63.

Hedge Funds Weigh In On ProAssurance

Institutional investors have recently made changes to their positions in the business. Allspring Global Investments Holdings LLC raised its holdings in ProAssurance by 1.4% in the third quarter. Allspring Global Investments Holdings LLC now owns 1,311,435 shares of the insurance provider’s stock valued at $19,724,000 after acquiring an additional 18,718 shares in the last quarter. Assenagon Asset Management S.A. raised its stake in shares of ProAssurance by 91.4% in the 3rd quarter. Assenagon Asset Management S.A. now owns 485,501 shares of the insurance provider’s stock valued at $7,302,000 after purchasing an additional 231,852 shares in the last quarter. Dana Investment Advisors Inc. lifted its position in shares of ProAssurance by 33.6% during the second quarter. Dana Investment Advisors Inc. now owns 434,850 shares of the insurance provider’s stock worth $5,314,000 after purchasing an additional 109,253 shares during the last quarter. Bank of New York Mellon Corp grew its stake in ProAssurance by 2.1% in the second quarter. Bank of New York Mellon Corp now owns 417,150 shares of the insurance provider’s stock worth $5,098,000 after purchasing an additional 8,549 shares in the last quarter. Finally, American Century Companies Inc. increased its holdings in ProAssurance by 4.7% in the second quarter. American Century Companies Inc. now owns 305,698 shares of the insurance provider’s stock valued at $3,736,000 after buying an additional 13,650 shares during the last quarter. 85.58% of the stock is owned by institutional investors and hedge funds.

About ProAssurance

ProAssurance Corporation, through its subsidiaries, provides property and casualty insurance, and reinsurance products in the United States. The company operates through Specialty Property and Casualty, Workers’ Compensation Insurance, and Segregated Portfolio Cell Reinsurance segments. It offers professional liability insurance to healthcare providers and institutions, and attorneys and their firms; medical technology liability insurance to medical technology and life sciences companies; and custom alternative risk solutions, including assumed reinsurance, loss portfolio transfers, and captive cell programs for healthcare professional liability insureds.