ProAssurance (NYSE:PRA) Hits New 12-Month High – Here’s Why

Shares of ProAssurance Corporation (NYSE:PRA) reached a new 52-week high during mid-day trading on Thursday . The stock traded as high as $24.63 and last traded at $24.6150, with a volume of 304830 shares trading hands. The stock had previously closed at $24.34.

Analysts Set New Price Targets

A number of analysts recently weighed in on the company. Wall Street Zen upgraded ProAssurance to a “sell” rating in a report on Saturday, November 22nd. Zacks Research lowered ProAssurance from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, November 5th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of ProAssurance in a report on Thursday, January 22nd. Five investment analysts have rated the stock with a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Reduce” and a consensus price target of $25.00.

ProAssurance Stock Up 0.8%

The company has a market cap of $1.26 billion, a P/E ratio of 37.75 and a beta of 0.09. The firm’s 50 day moving average price is $24.17 and its two-hundred day moving average price is $24.02. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.28 and a current ratio of 0.28.

Institutional Investors Weigh In On ProAssurance

Hedge funds have recently added to or reduced their stakes in the company. Magnetar Financial LLC raised its position in shares of ProAssurance by 2.3% during the third quarter. Magnetar Financial LLC now owns 3,026,173 shares of the insurance provider’s stock worth $72,598,000 after purchasing an additional 69,365 shares during the period. Alliancebernstein L.P. lifted its holdings in shares of ProAssurance by 41.6% in the third quarter. Alliancebernstein L.P. now owns 2,711,805 shares of the insurance provider’s stock valued at $65,056,000 after purchasing an additional 796,132 shares in the last quarter. Qube Research & Technologies Ltd grew its holdings in ProAssurance by 186.1% during the second quarter. Qube Research & Technologies Ltd now owns 1,491,060 shares of the insurance provider’s stock worth $34,041,000 after buying an additional 969,833 shares in the last quarter. Geode Capital Management LLC raised its position in ProAssurance by 0.4% in the 4th quarter. Geode Capital Management LLC now owns 1,199,244 shares of the insurance provider’s stock valued at $28,978,000 after buying an additional 4,607 shares during the last quarter. Finally, Alpine Associates Management Inc. lifted its stake in ProAssurance by 73.6% during the 3rd quarter. Alpine Associates Management Inc. now owns 952,547 shares of the insurance provider’s stock valued at $22,852,000 after acquiring an additional 403,807 shares in the last quarter. Institutional investors and hedge funds own 85.58% of the company’s stock.

About ProAssurance

ProAssurance Corporation is a specialty property and casualty insurance holding company headquartered in Birmingham, Alabama. The company focuses primarily on professional liability coverage for healthcare providers, including physicians, surgeons, dentists and allied health professionals. ProAssurance operates through a group of insurance subsidiaries that underwrite both occurrence- and claims-made policies tailored to the unique risks faced by the medical community.

In addition to professional liability insurance, ProAssurance offers a suite of complementary property and casualty products, such as general liability, workers’ compensation, property and inland marine, and umbrella coverage.