Fmr LLC Purchases 602,115 Shares of ProAssurance Corporation (PRA)
Fmr LLC boosted its position in ProAssurance Corporation (NYSE:PRA) by 28.9% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 2,684,274 shares of the insurance provider’s stock after purchasing an additional 602,115 shares during the quarter. Fmr LLC owned about 5.03% of ProAssurance Corporation worth $163,204,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Vanguard Group Inc. raised its stake in ProAssurance Corporation by 1.0% in the 2nd quarter. Vanguard Group Inc. now owns 5,051,135 shares of the insurance provider’s stock valued at $307,108,000 after purchasing an additional 50,372 shares during the last quarter. Northern Trust Corp increased 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 acquiring an additional 109,999 shares during the last quarter. Pinebridge Investments L.P. increased 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 acquiring an additional 10,937 shares during the last quarter. UBS Asset Management Americas Inc. increased its stake in shares of ProAssurance Corporation by 7.1% in the 2nd quarter. UBS Asset Management Americas Inc. now owns 48,175 shares of the insurance provider’s stock worth $2,929,000 after acquiring an additional 3,180 shares during the last quarter. Finally, Thrivent Financial For Lutherans increased its stake in shares of ProAssurance Corporation by 7.4% in the 2nd quarter. Thrivent Financial For Lutherans now owns 32,210 shares of the insurance provider’s stock worth $1,958,000 after acquiring an additional 2,210 shares during the last quarter. 79.76% of the stock is owned by hedge funds and other institutional investors.
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Shares of ProAssurance Corporation (NYSE PRA) opened at 55.05 on Thursday. ProAssurance Corporation has a 52 week low of $50.50 and a 52 week high of $63.53. The firm has a market capitalization of $2.94 billion, a P/E ratio of 19.67 and a beta of 0.54. The firm has a 50 day moving average price of $53.89 and a 200-day moving average price of $58.31.
ProAssurance Corporation (NYSE:PRA) last issued its quarterly earnings data on Monday, August 7th. The insurance provider reported $0.40 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.39 by $0.01. ProAssurance Corporation had a return on equity of 6.59% and a net margin of 16.80%. The business had revenue of $205.58 million for the quarter, compared to the consensus estimate of $207.14 million. During the same period in the prior year, the business earned $0.67 earnings per share. The business’s revenue was down 4.3% on a year-over-year basis. Equities research analysts predict that ProAssurance Corporation will post $2.11 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 10th. Stockholders of record on Friday, September 29th will be given 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 2.25%. ProAssurance Corporation’s dividend payout ratio is currently 44.60%.
A number of analysts have issued reports on PRA shares. BidaskClub raised ProAssurance Corporation from a “sell” rating to a “hold” rating in a research note on Friday, June 16th. Zacks Investment Research raised ProAssurance Corporation from a “hold” rating to a “buy” rating and set a $69.00 target price for the company in a research note on Wednesday, July 5th. Keefe, Bruyette & Woods started coverage on 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. Boenning Scattergood reaffirmed a “hold” rating on shares of ProAssurance Corporation in a research note on Tuesday, August 1st. Finally, Buckingham Research started coverage on ProAssurance Corporation in a research note on Monday, September 11th. They issued a “neutral” rating and a $54.00 target price for the company. Two equities research analysts have rated the stock with a sell rating and four have given a hold rating to the company’s stock. The stock has an average rating of “Hold” and an average target price of $61.00.
In related news, insider Jeffrey Patton Lisenby sold 6,171 shares of the company’s stock in a transaction on Friday, July 7th. The stock was sold at an average price of $61.57, for a total value of $379,948.47. Following the completion of the transaction, the insider now directly owns 44,238 shares in the company, valued at $2,723,733.66. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Howard H. Friedman bought 2,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 9th. The stock was acquired at an average price of $55.00 per share, with a total value of $110,000.00. Following the completion of the purchase, the insider now directly owns 259,573 shares of the company’s stock, valued at approximately $14,276,515. The disclosure for this purchase can be found here. Insiders bought 7,000 shares of company stock worth $383,125 over the last 90 days. Company insiders own 1.80% of the company’s stock.
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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