ProAssurance Corporation (PRA) Receives New Coverage from Analysts at Buckingham Research
Buckingham Research began coverage on shares of ProAssurance Corporation (NYSE:PRA) in a research report released on Monday morning. The brokerage issued a neutral rating and a $54.00 price objective on the insurance provider’s stock.
Several other equities research analysts also recently commented on PRA. Zacks Investment Research downgraded ProAssurance Corporation from a buy rating to a hold rating in a report on Monday, May 22nd. BidaskClub upgraded ProAssurance Corporation from a sell rating to a hold rating in a report on Friday, June 16th. 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 target price on the stock. Finally, Boenning Scattergood reiterated a hold rating on shares of ProAssurance Corporation in a report on Tuesday, August 1st. Two investment analysts have rated the stock with a sell rating and four have issued a hold rating to the company. The company currently has a consensus rating of Hold and a consensus target price of $61.00.
ProAssurance Corporation (PRA) opened at 53.80 on Monday. The firm has a market capitalization of $2.87 billion, a P/E ratio of 19.22 and a beta of 0.54. ProAssurance Corporation has a 12 month low of $50.50 and a 12 month high of $63.53. The stock’s 50 day moving average price is $55.88 and its 200-day moving average price is $59.01.
ProAssurance Corporation (NYSE:PRA) last announced its earnings results on Monday, August 7th. The insurance provider reported $0.40 EPS for the quarter, beating the consensus estimate of $0.39 by $0.01. The business had revenue of $205.58 million for the quarter, compared to the consensus estimate of $207.14 million. ProAssurance Corporation had a return on equity of 6.59% and a net margin of 16.80%. The company’s revenue was down 4.3% on a year-over-year basis. During the same period last year, the business posted $0.67 EPS. On average, analysts forecast that ProAssurance Corporation will post $2.14 earnings per share for the current year.
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The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 10th. Shareholders of record on Friday, September 29th will be issued a dividend of $0.31 per share. The ex-dividend date is Thursday, September 28th. This represents a $1.24 annualized dividend and a yield of 2.30%. ProAssurance Corporation’s dividend payout ratio is presently 44.60%.
In other ProAssurance Corporation news, insider Edward Lewis Rand, Jr. sold 13,845 shares of ProAssurance Corporation 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 directly owns 117,079 shares in the company, valued at approximately $7,072,742.39. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Edward Lewis Rand, Jr. sold 3,155 shares of ProAssurance Corporation stock in a transaction that occurred 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 sale, the insider now owns 120,014 shares in the company, valued at $7,214,041.54. The disclosure for this sale can be found here. Over the last 90 days, insiders have acquired 7,000 shares of company stock worth $383,125 and have sold 28,000 shares worth $1,703,438. 1.80% of the stock is owned by insiders.
A number of hedge funds have recently bought and sold shares of PRA. ProShare Advisors LLC increased its holdings in ProAssurance Corporation by 7.5% during the 1st quarter. ProShare Advisors LLC now owns 9,081 shares of the insurance provider’s stock worth $547,000 after purchasing an additional 634 shares during the last quarter. Great West Life Assurance Co. Can increased its holdings in ProAssurance Corporation by 6.2% during the 1st quarter. Great West Life Assurance Co. Can now owns 74,441 shares of the insurance provider’s stock worth $4,481,000 after purchasing an additional 4,358 shares during the last quarter. First Trust Advisors LP increased its holdings in ProAssurance Corporation by 54.2% during the 1st quarter. First Trust Advisors LP now owns 72,032 shares of the insurance provider’s stock worth $4,340,000 after purchasing an additional 25,332 shares during the last quarter. Advisors Asset Management Inc. increased its holdings in ProAssurance Corporation by 0.7% during the 1st quarter. Advisors Asset Management Inc. now owns 32,024 shares of the insurance provider’s stock worth $1,929,000 after purchasing an additional 222 shares during the last quarter. Finally, Capital Fund Management S.A. purchased a new stake in ProAssurance Corporation during the 1st quarter worth approximately $669,000. Institutional investors own 79.76% 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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