Prudential Financial Inc. Has $3.55 Million Stake in ProAssurance Co. (PRA)
Prudential Financial Inc. reduced its stake in shares of ProAssurance Co. (NYSE:PRA) by 2.6% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 87,500 shares of the insurance provider’s stock after selling 2,300 shares during the period. Prudential Financial Inc. owned 0.16% of ProAssurance worth $3,549,000 at the end of the most recent reporting period.
Several other hedge funds also recently bought and sold shares of the company. State of Alaska Department of Revenue increased its stake in ProAssurance by 1.5% in the 4th quarter. State of Alaska Department of Revenue now owns 17,915 shares of the insurance provider’s stock worth $726,000 after acquiring an additional 265 shares during the last quarter. Strs Ohio increased its stake in ProAssurance by 25.0% in the 4th quarter. Strs Ohio now owns 1,500 shares of the insurance provider’s stock worth $60,000 after acquiring an additional 300 shares during the last quarter. Piedmont Investment Advisors Inc. increased its stake in ProAssurance by 3.3% in the 4th quarter. Piedmont Investment Advisors Inc. now owns 12,754 shares of the insurance provider’s stock worth $517,000 after acquiring an additional 412 shares during the last quarter. Comerica Bank increased its stake in ProAssurance by 0.8% in the 4th quarter. Comerica Bank now owns 52,998 shares of the insurance provider’s stock worth $2,251,000 after acquiring an additional 440 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its stake in ProAssurance by 27.8% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,974 shares of the insurance provider’s stock worth $161,000 after acquiring an additional 865 shares during the last quarter. 83.03% of the stock is currently owned by hedge funds and other institutional investors.
PRA has been the topic of a number of research reports. Boenning Scattergood reaffirmed a “hold” rating on shares of ProAssurance in a research note on Thursday, November 15th. SunTrust Banks reduced their price objective on ProAssurance to $45.00 and set a “hold” rating on the stock in a research note on Friday, December 14th. They noted that the move was a valuation call. Finally, Zacks Investment Research raised ProAssurance from a “sell” rating to a “hold” rating in a research note on Wednesday, January 9th. Six research analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. ProAssurance presently has an average rating of “Hold” and a consensus target price of $49.40.
ProAssurance (NYSE:PRA) last released its earnings results on Thursday, February 21st. The insurance provider reported $0.18 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.18. The firm had revenue of $228.92 million for the quarter, compared to the consensus estimate of $230.73 million. ProAssurance had a return on equity of 5.09% and a net margin of 5.31%. On average, equities analysts expect that ProAssurance Co. will post 1.4 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Monday, April 22nd. Stockholders of record on Friday, March 29th will be given a dividend of $0.31 per share. This represents a $1.24 annualized dividend and a dividend yield of 3.30%. The ex-dividend date is Thursday, March 28th. ProAssurance’s dividend payout ratio is currently 83.78%.
ProAssurance Corporation, through its subsidiaries, provides property and casualty insurance, and reinsurance products in the United States. The company operates through Specialty Property and Casualty, Workers' Compensation Insurance, Segregated Portfolio Cell Reinsurance, and Lloyd's Syndicate segments.
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