ProAssurance (NYSE:PRA) Sets New 12-Month High – What’s Next?

ProAssurance Corporation (NYSE:PRA) shares hit a new 52-week high on Tuesday . The company traded as high as $24.80 and last traded at $24.7860, with a volume of 438204 shares changing hands. The stock had previously closed at $24.64.

Analyst Ratings Changes

A number of research firms have issued reports on PRA. Zacks Research upgraded shares of ProAssurance from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, February 24th. Weiss Ratings restated a “hold (c)” rating on shares of ProAssurance in a report on Thursday, January 22nd. Finally, Wall Street Zen raised shares of ProAssurance from a “sell” rating to a “hold” rating in a research note on Saturday, February 28th. One analyst has rated the stock with a Strong Buy rating, four have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, ProAssurance presently has an average rating of “Hold” and an average price target of $25.00.

ProAssurance Stock Performance

The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.27 and a current ratio of 0.27. The company has a market cap of $1.27 billion, a P/E ratio of 25.22 and a beta of 0.04. The firm has a 50 day moving average price of $24.42 and a 200-day moving average price of $24.15.

ProAssurance (NYSE:PRA) last issued its quarterly earnings data on Monday, February 23rd. The insurance provider reported $0.82 earnings per share for the quarter, beating analysts’ consensus estimates of $0.22 by $0.60. The business had revenue of $269.64 million for the quarter, compared to the consensus estimate of $261.08 million. ProAssurance had a return on equity of 6.50% and a net margin of 4.64%.The firm’s revenue was down 7.1% compared to the same quarter last year. During the same period last year, the business earned $0.36 EPS. On average, research analysts predict that ProAssurance Corporation will post 0.8 EPS for the current year.

Institutional Trading of ProAssurance

Institutional investors and hedge funds have recently modified their holdings of the company. AQR Capital Management LLC lifted its position in ProAssurance by 40.4% during the 1st quarter. AQR Capital Management LLC now owns 134,641 shares of the insurance provider’s stock worth $3,144,000 after acquiring an additional 38,756 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of ProAssurance by 4.5% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 30,293 shares of the insurance provider’s stock worth $707,000 after buying an additional 1,302 shares during the last quarter. Millennium Management LLC raised its position in shares of ProAssurance by 181.5% during the first quarter. Millennium Management LLC now owns 306,540 shares of the insurance provider’s stock valued at $7,158,000 after buying an additional 197,663 shares during the last quarter. Jones Financial Companies Lllp bought a new stake in ProAssurance in the 1st quarter valued at $600,000. Finally, Goldman Sachs Group Inc. raised its stake in shares of ProAssurance by 47.6% in the first quarter. Goldman Sachs Group Inc. now owns 511,759 shares of the insurance provider’s stock valued at $11,950,000 after acquiring an additional 165,024 shares during the last quarter. 85.58% of the stock is currently owned by institutional investors and hedge funds.

ProAssurance Company Profile

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.