ProAssurance Corporation (NYSE:PRA) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Wednesday.

According to Zacks, “Year to date, the ProAssurance stock has gained 6%, underperforming the industry’s increase of 8%. The company’s exposure to persistently low interest rate in the recent part has adversely affected its investment results. In addition, reduced retention rates also raise concern. Volatility in premium retention in its physician business have impacted its margin negatively. Over last 60 days, the Zacks Consensus Estimate has been revised downward for both the current quarter and the current year and also for the next year. However, the company’s robust inorganic growth and strong capital position impress. It has been able to boost investors’ return by undertaking share buybacks as well as paying quarterly dividends and special dividends. Prudent operating and financial leverage, responsible pricing, loss reserve practice and conservative investments in assets drive growth. It will release second quarter results on Aug 7, 2017.”

Other equities analysts also recently issued reports about the stock. Boenning Scattergood reaffirmed a “hold” rating on shares of ProAssurance Corporation in a research note on Tuesday. BidaskClub raised shares of ProAssurance Corporation from a “sell” rating to a “hold” rating in a research note on Friday, June 16th. Finally, Keefe, Bruyette & Woods started coverage on shares of ProAssurance Corporation in a research note on Monday, July 17th. They issued a “market perform” rating and a $61.00 target price for the company. Two equities research analysts have rated the stock with a sell rating and three have issued a hold rating to the company. ProAssurance Corporation presently has a consensus rating of “Hold” and an average price target of $63.33.

ProAssurance Corporation (NYSE:PRA) remained flat at $58.30 on Wednesday. 87,617 shares of the company traded hands. The firm has a market cap of $3.11 billion, a PE ratio of 18.00 and a beta of 0.51. ProAssurance Corporation has a 52 week low of $50.50 and a 52 week high of $63.53. The stock has a 50-day moving average price of $60.73 and a 200-day moving average price of $59.23.

ProAssurance Corporation (NYSE:PRA) last announced its earnings results on Thursday, May 4th. The insurance provider reported $0.62 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.54 by $0.08. ProAssurance Corporation had a net margin of 19.25% and a return on equity of 7.19%. The company had revenue of $223 million during the quarter, compared to the consensus estimate of $211.53 million. During the same period in the previous year, the firm posted $0.46 earnings per share. The company’s revenue was up 15.3% on a year-over-year basis. On average, equities analysts forecast that ProAssurance Corporation will post $2.22 earnings per share for the current fiscal year.

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In related news, insider Edward Lewis Rand, Jr. sold 13,845 shares of the business’s stock in a transaction that occurred on Wednesday, June 28th. The shares were sold at an average price of $60.41, for a total transaction of $836,376.45. Following the completion of the transaction, the insider now owns 117,079 shares in the company, valued at $7,072,742.39. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Edward Lewis Rand, Jr. sold 3,155 shares of the business’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 transaction of $189,647.05. Following the transaction, the insider now owns 120,014 shares of the company’s stock, valued at approximately $7,214,041.54. The disclosure for this sale can be found here. In the last quarter, insiders have sold 28,000 shares of company stock valued at $1,703,438. 1.80% of the stock is owned by corporate insiders.

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Karp Capital Management Corp purchased a new position in shares of ProAssurance Corporation during the first quarter worth about $6,052,000. Schwab Charles Investment Management Inc. boosted its position in ProAssurance Corporation by 4.0% in the first quarter. Schwab Charles Investment Management Inc. now owns 243,581 shares of the insurance provider’s stock valued at $14,676,000 after buying an additional 9,382 shares during the period. Prudential Financial Inc. boosted 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 during the period. Swiss National Bank boosted its position in ProAssurance Corporation by 0.8% in the first quarter. Swiss National Bank now owns 88,100 shares of the insurance provider’s stock valued at $5,308,000 after buying an additional 700 shares during the period. Finally, Thrivent Financial For Lutherans boosted its position in ProAssurance Corporation by 5.1% in the first quarter. Thrivent Financial For Lutherans now owns 30,000 shares of the insurance provider’s stock valued at $1,808,000 after buying an additional 1,460 shares during the period. Hedge funds and other institutional investors own 81.74% of the company’s stock.

About ProAssurance Corporation

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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