ProAssurance (NYSE:PRA) Issues Quarterly Earnings Results

ProAssurance (NYSE:PRA) posted its earnings results on Tuesday. The insurance provider reported $0.15 EPS for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.13), Zacks reports. ProAssurance had a net margin of 4.33% and a return on equity of 5.62%. During the same period in the previous year, the company posted $0.34 earnings per share. The firm’s revenue was down 2.0% compared to the same quarter last year.

ProAssurance Stock Up 0.4%

Shares of PRA traded up $0.09 during mid-day trading on Tuesday, reaching $24.02. The company’s stock had a trading volume of 344,843 shares, compared to its average volume of 587,897. The company’s 50 day moving average is $23.93 and its 200 day moving average is $23.57. The stock has a market cap of $1.23 billion, a PE ratio of 25.55 and a beta of 0.12. ProAssurance has a 12-month low of $13.00 and a 12-month high of $24.22. The company has a debt-to-equity ratio of 0.33, a current ratio of 0.26 and a quick ratio of 0.26.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the company. Russell Investments Group Ltd. grew its position in shares of ProAssurance by 356.2% during the second quarter. Russell Investments Group Ltd. now owns 1,405 shares of the insurance provider’s stock worth $32,000 after acquiring an additional 1,097 shares during the last quarter. Tower Research Capital LLC TRC increased its holdings in shares of ProAssurance by 271.2% in the second quarter. Tower Research Capital LLC TRC now owns 5,576 shares of the insurance provider’s stock valued at $127,000 after purchasing an additional 4,074 shares during the period. BNP Paribas Financial Markets increased its stake in ProAssurance by 22.8% in the 2nd quarter. BNP Paribas Financial Markets now owns 5,679 shares of the insurance provider’s stock valued at $130,000 after buying an additional 1,056 shares during the period. Acadian Asset Management LLC acquired a new position in ProAssurance in the 1st quarter valued at $237,000. Finally, Caption Management LLC purchased a new position in shares of ProAssurance during the 2nd quarter worth approximately $251,000. Hedge funds and other institutional investors own 85.58% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the company. Weiss Ratings reissued a “hold (c)” rating on shares of ProAssurance in a research report on Wednesday, October 8th. Zacks Research upgraded ProAssurance from a “hold” rating to a “strong-buy” rating in a research note on Monday, September 22nd. One analyst has rated the stock with a Strong Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $21.50.

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.