ProAssurance (NYSE:PRA) PT Raised to $16.00

ProAssurance (NYSE:PRA) had its price target hoisted by equities research analysts at Truist Financial from $14.00 to $16.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The brokerage presently has a “hold” rating on the insurance provider’s stock. Truist Financial’s price target would indicate a potential upside of 6.67% from the stock’s previous close.

Several other analysts also recently issued reports on PRA. Piper Sandler decreased their price objective on shares of ProAssurance from $16.00 to $15.00 and set an “overweight” rating for the company in a research note on Monday, March 4th. JMP Securities reiterated a “market outperform” rating and issued a $22.00 target price on shares of ProAssurance in a research note on Monday, April 15th. Two analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, ProAssurance currently has a consensus rating of “Moderate Buy” and an average target price of $17.67.

ProAssurance Price Performance

ProAssurance stock traded down $0.16 during mid-day trading on Wednesday, reaching $15.00. 34,359 shares of the company’s stock traded hands, compared to its average volume of 273,572. The stock has a 50 day moving average of $12.89 and a two-hundred day moving average of $13.51. The company has a quick ratio of 0.27, a current ratio of 0.27 and a debt-to-equity ratio of 0.38. ProAssurance has a 12-month low of $11.76 and a 12-month high of $19.38. The company has a market cap of $764.54 million, a price-to-earnings ratio of -20.19 and a beta of 0.21.

ProAssurance (NYSE:PRA) last released its quarterly earnings results on Monday, May 6th. The insurance provider reported $0.08 earnings per share for the quarter, beating the consensus estimate of $0.04 by $0.04. ProAssurance had a negative return on equity of 0.53% and a negative net margin of 3.39%. The company had revenue of $284.97 million for the quarter, compared to analyst estimates of $233.62 million. During the same quarter in the prior year, the firm posted ($0.15) EPS. ProAssurance’s quarterly revenue was up 4.5% compared to the same quarter last year. Equities analysts forecast that ProAssurance will post 0.26 earnings per share for the current year.

Hedge Funds Weigh In On ProAssurance

A number of hedge funds and other institutional investors have recently made changes to their positions in PRA. Tower Research Capital LLC TRC boosted its position in ProAssurance by 23.3% during 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 in the last quarter. Victory Capital Management Inc. bought a new position in shares of ProAssurance during the 4th quarter worth approximately $141,000. Savant Capital LLC purchased a new stake in ProAssurance during the fourth quarter valued at approximately $146,000. Quest Partners LLC acquired a new position in shares of ProAssurance during the fourth quarter valued at about $149,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its stake in ProAssurance by 17.4% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 12,455 shares of the insurance provider’s stock valued at $235,000 after purchasing an additional 1,842 shares in the last quarter. Institutional investors own 85.58% of the company’s stock.

ProAssurance Company Profile

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.