Suntrust Banks Inc. Sells 882 Shares of ProAssurance Corporation (PRA)
Suntrust Banks Inc. decreased its holdings in shares of ProAssurance Corporation (NYSE:PRA) by 3.0% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 28,888 shares of the insurance provider’s stock after selling 882 shares during the quarter. Suntrust Banks Inc. owned about 0.05% of ProAssurance Corporation worth $1,755,000 as of its most recent SEC filing.
Other institutional investors have also added to or reduced their stakes in the company. M&T Bank Corp lifted its position in ProAssurance Corporation by 5.7% during the second quarter. M&T Bank Corp now owns 9,261 shares of the insurance provider’s stock valued at $563,000 after purchasing an additional 501 shares during the last quarter. FMR LLC grew its stake in shares of ProAssurance Corporation by 28.9% in the 2nd quarter. FMR LLC now owns 2,684,274 shares of the insurance provider’s stock worth $163,204,000 after buying an additional 602,115 shares in the last quarter. Vanguard Group Inc. grew its stake in shares of ProAssurance Corporation by 1.0% in the 2nd quarter. Vanguard Group Inc. now owns 5,051,135 shares of the insurance provider’s stock worth $307,108,000 after buying an additional 50,372 shares in the last quarter. Northern Trust Corp grew its stake in shares of ProAssurance Corporation by 25.0% in the 2nd quarter. Northern Trust Corp now owns 550,333 shares of the insurance provider’s stock worth $33,462,000 after buying an additional 109,999 shares in the last quarter. Finally, Pinebridge Investments L.P. grew its stake in shares of ProAssurance Corporation by 34.6% in the 2nd quarter. Pinebridge Investments L.P. now owns 42,558 shares of the insurance provider’s stock worth $2,588,000 after buying an additional 10,937 shares in the last quarter. 79.76% of the stock is currently owned by institutional investors.
A number of analysts have recently weighed in on the stock. Zacks Investment Research downgraded shares of ProAssurance Corporation from a “buy” rating to a “hold” rating in a report on Monday, June 5th. BidaskClub raised shares of ProAssurance Corporation from a “sell” rating to a “hold” rating in a report on Friday, June 16th. Keefe, Bruyette & Woods started coverage on shares of ProAssurance Corporation in a report on Monday, July 17th. They issued a “market perform” rating and a $61.00 price target for the company. Boenning Scattergood reiterated a “hold” rating on shares of ProAssurance Corporation in a research report on Tuesday, August 1st. Finally, Buckingham Research began coverage on ProAssurance Corporation in a research report on Monday, September 11th. They issued a “neutral” rating and a $54.00 price target for the company. Two investment analysts have rated the stock with a sell rating and four have assigned a hold rating to the stock. The company has an average rating of “Hold” and a consensus price target of $61.00.
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Shares of ProAssurance Corporation (PRA) opened at 54.65 on Monday. ProAssurance Corporation has a 12-month low of $50.50 and a 12-month high of $63.53. The stock has a market cap of $2.92 billion, a price-to-earnings ratio of 19.52 and a beta of 0.54. The company’s 50-day moving average price is $54.54 and its 200 day moving average price is $58.71.
ProAssurance Corporation (NYSE:PRA) last issued its earnings results on Monday, August 7th. The insurance provider reported $0.40 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.39 by $0.01. The business had revenue of $205.58 million for the quarter, compared to analysts’ expectations of $207.14 million. ProAssurance Corporation had a return on equity of 6.59% and a net margin of 16.80%. The business’s revenue for the quarter was down 4.3% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.67 EPS. On average, equities analysts predict that ProAssurance Corporation will post $2.13 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 10th. Investors of record on Friday, September 29th will be issued a $0.31 dividend. The ex-dividend date of this dividend is Thursday, September 28th. This represents a $1.24 annualized dividend and a dividend yield of 2.27%. ProAssurance Corporation’s dividend payout ratio is presently 44.60%.
In other ProAssurance Corporation news, insider Jeffrey Patton Lisenby sold 4,829 shares of the business’s stock in a transaction on Wednesday, July 5th. The stock was sold at an average price of $61.60, for a total transaction of $297,466.40. Following the transaction, the insider now owns 50,836 shares of the company’s stock, valued at $3,131,497.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Neil Frank B. O acquired 2,500 shares of the stock in a transaction on Friday, August 11th. The shares were bought at an average cost of $54.75 per share, for a total transaction of $136,875.00. Following the purchase, the insider now directly owns 101,931 shares of the company’s stock, valued at approximately $5,580,722.25. The disclosure for this purchase can be found here. In the last ninety days, insiders purchased 7,000 shares of company stock valued at $383,125. Insiders own 1.80% of the company’s stock.
ProAssurance Corporation 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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