Amalgamated Bank Increases Position in ProAssurance Corporation (NYSE:PRA)
Amalgamated Bank increased its stake in shares of ProAssurance Corporation (NYSE:PRA) by 3.0% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 8,062 shares of the insurance provider’s stock after buying an additional 232 shares during the period. Amalgamated Bank’s holdings in ProAssurance Corporation were worth $486,000 at the end of the most recent quarter.
Other institutional investors also recently added to or reduced their stakes in the company. Russell Investments Group Ltd. bought a new position in ProAssurance Corporation during the fourth quarter valued at $4,139,000. Karp Capital Management Corp bought a new position in ProAssurance Corporation during the first quarter valued at $6,052,000. Two Sigma Investments LP increased its position in ProAssurance Corporation by 169.2% in the fourth quarter. Two Sigma Investments LP now owns 24,551 shares of the insurance provider’s stock valued at $1,380,000 after buying an additional 15,431 shares in the last quarter. Norges Bank bought a new position in ProAssurance Corporation during the fourth quarter valued at $32,640,000. Finally, Prudential Financial Inc. increased its position in ProAssurance Corporation by 4.0% in the first quarter. Prudential Financial Inc. now owns 101,820 shares of the insurance provider’s stock valued at $6,135,000 after buying an additional 3,910 shares in the last quarter. 81.74% of the stock is currently owned by hedge funds and other institutional investors.
ProAssurance Corporation (NYSE PRA) remained flat at $58.30 during trading on Friday. 87,617 shares of the company’s stock were exchanged. ProAssurance Corporation has a 12-month low of $50.50 and a 12-month high of $63.53. The stock has a market capitalization of $3.11 billion, a price-to-earnings ratio of 18.00 and a beta of 0.51. The stock’s 50 day moving average is $60.73 and its 200-day moving average is $59.23.
ProAssurance Corporation (NYSE:PRA) last posted its earnings results on Thursday, May 4th. The insurance provider reported $0.62 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.54 by $0.08. The company had revenue of $223 million during the quarter, compared to analysts’ expectations of $211.53 million. ProAssurance Corporation had a return on equity of 7.19% and a net margin of 19.25%. The firm’s quarterly revenue was up 15.3% compared to the same quarter last year. During the same quarter last year, the firm earned $0.46 earnings per share. Equities analysts anticipate that ProAssurance Corporation will post $2.22 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Wednesday, July 12th. Shareholders of record on Tuesday, June 27th were paid a dividend of $0.31 per share. The ex-dividend date of this dividend was Friday, June 23rd. This represents a $1.24 annualized dividend and a yield of 2.13%. ProAssurance Corporation’s dividend payout ratio (DPR) is 38.39%.
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PRA has been the subject of a number of recent analyst reports. Zacks Investment Research upgraded ProAssurance Corporation from a “hold” rating to a “buy” rating and set a $66.00 price objective for the company in a report on Tuesday, May 30th. Boenning Scattergood restated a “hold” rating on shares of ProAssurance Corporation in a report on Tuesday. Keefe, Bruyette & Woods initiated coverage on ProAssurance Corporation in a report on Monday, July 17th. They set a “market perform” rating and a $61.00 price objective for the company. Finally, BidaskClub upgraded ProAssurance Corporation from a “sell” rating to a “hold” rating in a report on Friday, June 16th. Two analysts have rated the stock with a sell rating and three have assigned a hold rating to the company. ProAssurance Corporation has a consensus rating of “Hold” and a consensus target price of $63.33.
In other news, insider Edward Lewis Rand, Jr. sold 3,155 shares of ProAssurance Corporation stock in a transaction on Monday, June 26th. The stock was sold at an average price of $60.11, for a total value of $189,647.05. Following the completion of the sale, the insider now directly owns 120,014 shares of the company’s stock, valued at $7,214,041.54. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Jeffrey Patton Lisenby sold 6,171 shares of ProAssurance Corporation stock in a transaction on Friday, July 7th. The shares were sold at an average price of $61.57, for a total value of $379,948.47. Following the completion of the sale, the insider now directly owns 44,238 shares of the company’s stock, valued at $2,723,733.66. The disclosure for this sale can be found here. In the last three months, insiders have sold 28,000 shares of company stock valued at $1,703,438. 1.80% of the stock is owned by insiders.
ProAssurance Corporation 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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