ProAssurance Corporation (PRA) Stock Rating Upgraded by Zacks Investment Research
Zacks Investment Research upgraded shares of ProAssurance Corporation (NYSE:PRA) from a sell rating to a hold rating in a research report released on Wednesday morning.
According to Zacks, “ProAssurance’s third-quarter 2017 earnings surpassed the Zacks Consensus Estimate but declined year over year. The company’s shares have outperformed the industry in last three months. Its core business has been witnessing substantial improvement over the past few quarters. The company has significantly achieved inorganic growth via successful acquisitions and integration of companies. Its top line has also remained strong consistently on the back of solid premium income. However, volatility in premium retention in its physician business has impacted its margins adversely. Growing expenses also continue to weigh on the bottom line. Its declining investment income has been affecting the top line.”
Several other research analysts have also recently commented on PRA. Keefe, Bruyette & Woods started coverage on shares of ProAssurance Corporation in a research report on Monday, July 17th. They issued a market perform rating and a $61.00 target price for the company. BidaskClub cut shares of ProAssurance Corporation from a hold rating to a sell rating in a research report on Wednesday, July 19th. Boenning Scattergood restated a hold rating on shares of ProAssurance Corporation in a research report on Tuesday, August 1st. Finally, Buckingham Research started coverage on shares of ProAssurance Corporation in a research report on Monday, September 11th. They issued a neutral rating and a $54.00 target price for the company. One analyst has rated the stock with a sell rating and five have assigned a hold rating to the stock. The company has an average rating of Hold and an average target price of $60.75.
Shares of ProAssurance Corporation (PRA) opened at $60.40 on Wednesday. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.37 and a current ratio of 0.40. ProAssurance Corporation has a 1 year low of $50.70 and a 1 year high of $63.53. The firm has a market cap of $3,226.27, a PE ratio of 26.26 and a beta of 0.54.
ProAssurance Corporation (NYSE:PRA) last posted its earnings results on Monday, November 6th. The insurance provider reported $0.45 EPS for the quarter, topping the consensus estimate of $0.36 by $0.09. ProAssurance Corporation had a net margin of 16.18% and a return on equity of 6.75%. The firm had revenue of $228.50 million during the quarter, compared to analysts’ expectations of $215.12 million. During the same quarter in the prior year, the firm earned $0.46 EPS. ProAssurance Corporation’s quarterly revenue was up 1.9% on a year-over-year basis. research analysts expect that ProAssurance Corporation will post 2.07 earnings per share for the current year.
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In related news, insider Neil Frank B. O purchased 2,500 shares of ProAssurance Corporation stock in a transaction dated Friday, August 18th. The stock was bought at an average cost of $54.50 per share, with a total value of $136,250.00. Following the purchase, the insider now owns 104,431 shares in the company, valued at approximately $5,691,489.50. The acquisition was disclosed in a document filed with the SEC, which is available through this link. Corporate insiders own 1.80% of the company’s stock.
Several large investors have recently modified their holdings of PRA. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of ProAssurance Corporation by 8.4% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,067 shares of the insurance provider’s stock worth $126,000 after acquiring an additional 161 shares during the period. First Quadrant L P CA lifted its stake in shares of ProAssurance Corporation by 124.1% in the 2nd quarter. First Quadrant L P CA now owns 2,465 shares of the insurance provider’s stock worth $150,000 after acquiring an additional 1,365 shares during the period. Flinton Capital Management LLC lifted its stake in shares of ProAssurance Corporation by 55.3% in the 2nd quarter. Flinton Capital Management LLC now owns 2,560 shares of the insurance provider’s stock worth $156,000 after acquiring an additional 912 shares during the period. Riverhead Capital Management LLC lifted its stake in shares of ProAssurance Corporation by 60.8% in the 2nd quarter. Riverhead Capital Management LLC now owns 2,895 shares of the insurance provider’s stock worth $176,000 after acquiring an additional 1,095 shares during the period. Finally, Pacad Investment Ltd. lifted its stake in shares of ProAssurance Corporation by 47.6% in the 2nd quarter. Pacad Investment Ltd. now owns 3,100 shares of the insurance provider’s stock worth $188,000 after acquiring an additional 1,000 shares during the period. 80.32% of the stock is owned by institutional investors.
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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