ProAssurance’s (PRA) Market Outperform Rating Reaffirmed at JMP Securities

JMP Securities restated their market outperform rating on shares of ProAssurance (NYSE:PRA) in a report released on Monday, Benzinga reports. They currently have a $22.00 target price on the insurance provider’s stock.

A number of other research firms have also recently weighed in on PRA. Piper Sandler cut their price target on ProAssurance from $16.00 to $15.00 and set an overweight rating for the company in a report on Monday, March 4th. Truist Financial cut their price target on ProAssurance from $15.00 to $14.00 and set a hold rating for the company in a report on Thursday, February 29th. Two investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of Moderate Buy and an average target price of $17.00.

ProAssurance Stock Performance

Shares of PRA stock opened at $13.08 on Monday. The stock has a fifty day moving average price of $12.77 and a 200 day moving average price of $13.96. The stock has a market cap of $666.67 million, a PE ratio of -17.68 and a beta of 0.24. ProAssurance has a 1 year low of $11.76 and a 1 year high of $19.38. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.27 and a current ratio of 0.27.

ProAssurance (NYSE:PRA) last issued its quarterly earnings data on Tuesday, February 27th. The insurance provider reported ($0.05) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.04 by ($0.09). ProAssurance had a negative return on equity of 0.53% and a negative net margin of 3.39%. The firm had revenue of $296.96 million for the quarter, compared to analyst estimates of $252.74 million. During the same period in the prior year, the firm posted $0.06 earnings per share. The business’s revenue for the quarter was up .8% compared to the same quarter last year. Sell-side analysts forecast that ProAssurance will post 0.26 earnings per share for the current fiscal year.

Institutional Investors Weigh In On ProAssurance

A number of hedge funds and other institutional investors have recently made changes to their positions in PRA. Point72 Middle East FZE purchased a new stake in shares of ProAssurance in the fourth quarter valued at $25,000. Lazard Asset Management LLC purchased a new stake in shares of ProAssurance in the first quarter valued at $31,000. Tower Research Capital LLC TRC grew its position in shares of ProAssurance by 23.3% in the fourth quarter. Tower Research Capital LLC TRC now owns 4,449 shares of the insurance provider’s stock valued at $61,000 after purchasing an additional 842 shares during the period. FMR LLC grew its position in shares of ProAssurance by 19.8% in the third quarter. FMR LLC now owns 4,923 shares of the insurance provider’s stock valued at $93,000 after purchasing an additional 812 shares during the period. Finally, Royal Bank of Canada grew its position in shares of ProAssurance by 40.9% in the second quarter. Royal Bank of Canada now owns 9,024 shares of the insurance provider’s stock valued at $136,000 after purchasing an additional 2,620 shares during the period. Hedge funds and other institutional investors own 85.58% of the company’s stock.

About ProAssurance

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, and Segregated Portfolio Cell Reinsurance segments. It offers professional liability insurance to healthcare providers and institutions, and attorneys and their firms; medical technology liability insurance to medical technology and life sciences companies; and custom alternative risk solutions, including assumed reinsurance, loss portfolio transfers, and captive cell programs for healthcare professional liability insureds.