Morgan Stanley Has $3.26 Million Position in ProAssurance Corporation (PRA)
Morgan Stanley raised its stake in shares of ProAssurance Corporation (NYSE:PRA) by 258.0% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 54,085 shares of the insurance provider’s stock after buying an additional 38,976 shares during the period. Morgan Stanley owned 0.10% of ProAssurance Corporation worth $3,259,000 as of its most recent SEC filing.
Several other institutional investors have also added to or reduced their stakes in PRA. Assetmark Inc. increased its position in 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. World Asset Management Inc purchased a new position in shares of ProAssurance Corporation during the first quarter worth $204,000. Everence Capital Management Inc. purchased a new position in shares of ProAssurance Corporation during the first quarter worth $213,000. Private Advisor Group LLC purchased a new position in shares of ProAssurance Corporation during the first quarter worth $222,000. Finally, Princeton Alpha Management LP purchased a new position in shares of ProAssurance Corporation during the first quarter worth $241,000. 81.42% of the stock is owned by hedge funds and other institutional investors.
Shares of ProAssurance Corporation (PRA) traded down 1.00% during trading on Friday, reaching $54.45. 174,110 shares of the company were exchanged. The stock has a 50-day moving average price of $59.09 and a 200-day moving average price of $59.23. The stock has a market capitalization of $2.91 billion, a PE ratio of 19.45 and a beta of 0.51. ProAssurance Corporation has a one year low of $50.50 and a one year high of $63.53.
ProAssurance Corporation (NYSE:PRA) last announced its quarterly earnings results on Monday, August 7th. The insurance provider reported $0.40 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.39 by $0.01. The business had revenue of $205.58 million during the quarter, compared to analysts’ expectations of $207.14 million. ProAssurance Corporation had a net margin of 16.80% and a return on equity of 6.59%. The firm’s revenue for the quarter was down 4.3% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.67 EPS. Analysts forecast that ProAssurance Corporation will post $2.14 EPS for the current year.
A number of equities analysts recently weighed in on the stock. Zacks Investment Research raised shares of ProAssurance Corporation from a “sell” rating to a “hold” rating in a research note on Monday, May 1st. BidaskClub downgraded shares of ProAssurance Corporation from a “sell” rating to a “strong sell” rating in a research note on Monday, July 31st. Boenning Scattergood reissued a “hold” rating on shares of ProAssurance Corporation in a research note on Tuesday, August 1st. Finally, Keefe, Bruyette & Woods assumed coverage on shares of ProAssurance Corporation in a research note on Monday, July 17th. They set a “market perform” rating and a $61.00 target price for the company. Two investment analysts have rated the stock with a sell rating and three have issued a hold rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $63.33.
In other ProAssurance Corporation news, insider Jeffrey Patton Lisenby sold 4,829 shares of the stock in a transaction on Wednesday, July 5th. The shares were sold at an average price of $61.60, for a total transaction of $297,466.40. Following the completion of the sale, the insider now owns 50,836 shares of the company’s stock, valued at approximately $3,131,497.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Edward Lewis Rand, Jr. sold 13,845 shares of the stock in a transaction 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 sale, the insider now directly owns 117,079 shares of the company’s stock, valued at approximately $7,072,742.39. The disclosure for this sale can be found here. Insiders have sold a total of 28,000 shares of company stock valued at $1,703,438 in the last three months. 1.80% of the stock is currently owned by corporate 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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