Equities Analysts Issue Forecasts for ProAssurance Corporation’s Q1 2018 Earnings (PRA)
ProAssurance Corporation (NYSE:PRA) – Investment analysts at Boenning Scattergood issued their Q1 2018 EPS estimates for shares of ProAssurance Corporation in a research note issued to investors on Tuesday. Boenning Scattergood analyst R. Farnam expects that the insurance provider will earn $0.48 per share for the quarter. Boenning Scattergood has a “Hold” rating on the stock. Boenning Scattergood also issued estimates for ProAssurance Corporation’s Q2 2018 earnings at $0.44 EPS, Q3 2018 earnings at $0.45 EPS and Q4 2018 earnings at $0.57 EPS.
Several other research analysts have also recently commented on PRA. BidaskClub cut ProAssurance Corporation from a “sell” rating to a “strong sell” rating in a research note on Monday. Zacks Investment Research cut ProAssurance Corporation from a “hold” rating to a “sell” rating in a research note on Wednesday. Finally, Keefe, Bruyette & Woods began coverage on ProAssurance Corporation in a research note on Monday, July 17th. They issued a “market perform” rating and a $61.00 price target on the stock. Two equities research analysts have rated the stock with a sell rating and three have assigned a hold rating to the company. ProAssurance Corporation currently has a consensus rating of “Hold” and an average target price of $63.33.
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Shares of ProAssurance Corporation (PRA) remained flat at $58.30 during midday trading on Thursday. The stock had a trading volume of 48,537 shares. ProAssurance Corporation has a 12-month low of $50.50 and a 12-month high of $63.53. The firm has a market capitalization of $3.11 billion, a P/E ratio of 18.00 and a beta of 0.51. The firm’s 50 day moving average is $60.73 and its 200 day moving average is $59.23.
ProAssurance Corporation (NYSE:PRA) last issued its earnings results on Thursday, May 4th. The insurance provider reported $0.62 earnings per share for the quarter, topping the consensus estimate of $0.54 by $0.08. ProAssurance Corporation had a return on equity of 7.19% and a net margin of 19.25%. The business had revenue of $223 million for the quarter, compared to analyst estimates of $211.53 million. During the same quarter last year, the company earned $0.46 EPS. The business’s quarterly revenue was up 15.3% on a year-over-year basis.
A number of hedge funds have recently made changes to their positions in PRA. Assetmark Inc. boosted its stake in shares of ProAssurance Corporation by 1.1% in the first quarter. Assetmark Inc. now owns 1,779 shares of the insurance provider’s stock valued at $107,000 after buying an additional 20 shares during the last quarter. First Quadrant L P CA boosted its stake in shares of ProAssurance Corporation by 124.1% in the second quarter. First Quadrant L P CA now owns 2,465 shares of the insurance provider’s stock valued at $150,000 after buying an additional 1,365 shares during the last quarter. World Asset Management Inc purchased a new stake in shares of ProAssurance Corporation during the first quarter valued at about $204,000. Everence Capital Management Inc. purchased a new stake in shares of ProAssurance Corporation during the first quarter valued at about $213,000. Finally, Miles Capital Inc. boosted its stake in shares of ProAssurance Corporation by 0.3% in the first quarter. Miles Capital Inc. now owns 3,681 shares of the insurance provider’s stock valued at $222,000 after buying an additional 10 shares during the last quarter. Hedge funds and other institutional investors own 81.74% of the company’s stock.
In other ProAssurance Corporation news, insider Edward Lewis Rand, Jr. sold 13,845 shares of the company’s stock in a transaction that occurred on Wednesday, June 28th. The stock was sold at an average price of $60.41, for a total transaction of $836,376.45. Following the sale, the insider now owns 117,079 shares in the company, valued at $7,072,742.39. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Edward Lewis Rand, Jr. sold 3,155 shares of the company’s stock in a transaction that occurred on Monday, June 26th. The shares were sold at an average price of $60.11, for a total value of $189,647.05. Following the sale, the insider now owns 120,014 shares in the company, valued at approximately $7,214,041.54. The disclosure for this sale can be found here. Insiders have sold 28,000 shares of company stock worth $1,703,438 in the last 90 days. 1.80% of the stock is currently owned by insiders.
The company also recently disclosed 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. This represents a $1.24 annualized dividend and a yield of 2.13%. The ex-dividend date of this dividend was Friday, June 23rd. ProAssurance Corporation’s payout ratio is currently 38.39%.
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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