GABELLI & Co INVESTMENT ADVISERS INC. Takes $1.57 Million Position in ProAssurance Corporation $PRA

GABELLI & Co INVESTMENT ADVISERS INC. bought a new stake in ProAssurance Corporation (NYSE:PRA) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 64,800 shares of the insurance provider’s stock, valued at approximately $1,566,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Gabelli Funds LLC purchased a new position in shares of ProAssurance in the fourth quarter valued at approximately $1,720,000. New York Life Investment Management LLC lifted its position in shares of ProAssurance by 3.9% in the fourth quarter. New York Life Investment Management LLC now owns 115,960 shares of the insurance provider’s stock valued at $2,802,000 after acquiring an additional 4,366 shares in the last quarter. Versor Investments LP lifted its position in shares of ProAssurance by 8.8% in the fourth quarter. Versor Investments LP now owns 94,218 shares of the insurance provider’s stock valued at $2,276,000 after acquiring an additional 7,658 shares in the last quarter. Credit Industriel ET Commercial lifted its position in shares of ProAssurance by 37.5% in the fourth quarter. Credit Industriel ET Commercial now owns 346,854 shares of the insurance provider’s stock valued at $8,380,000 after acquiring an additional 94,579 shares in the last quarter. Finally, Wolverine Asset Management LLC lifted its position in shares of ProAssurance by 10.3% in the fourth quarter. Wolverine Asset Management LLC now owns 93,490 shares of the insurance provider’s stock valued at $2,259,000 after acquiring an additional 8,700 shares in the last quarter. Hedge funds and other institutional investors own 85.58% of the company’s stock.

ProAssurance Stock Performance

Shares of ProAssurance stock opened at $24.52 on Monday. ProAssurance Corporation has a one year low of $22.72 and a one year high of $24.85. The company has a market cap of $1.27 billion, a price-to-earnings ratio of 19.61 and a beta of 0.04. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.27 and a current ratio of 0.27. The business’s 50 day moving average price is $24.60 and its 200 day moving average price is $24.33.

ProAssurance (NYSE:PRA) last announced its quarterly earnings data on Tuesday, May 5th. The insurance provider reported $0.25 EPS for the quarter, hitting analysts’ consensus estimates of $0.25. The firm had revenue of $262.63 million for the quarter, compared to the consensus estimate of $216.86 million. ProAssurance had a return on equity of 6.82% and a net margin of 5.99%.The firm’s revenue was down 3.5% compared to the same quarter last year. During the same quarter last year, the business posted $0.13 earnings per share. On average, research analysts predict that ProAssurance Corporation will post 1.09 EPS for the current year.

Wall Street Analyst Weigh In

PRA has been the topic of several research reports. Wall Street Zen downgraded ProAssurance from a “hold” rating to a “sell” rating in a research report on Sunday, May 10th. Weiss Ratings reiterated a “hold (c)” rating on shares of ProAssurance in a research report on Thursday, January 22nd. Finally, Zacks Research upgraded ProAssurance from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, February 24th. One research analyst has rated the stock with a Strong Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat, ProAssurance presently has a consensus rating of “Buy”.

ProAssurance Profile

ProAssurance Corporation is a specialty property and casualty insurance holding company headquartered in Birmingham, Alabama. The company focuses primarily on professional liability coverage for healthcare providers, including physicians, surgeons, dentists and allied health professionals. ProAssurance operates through a group of insurance subsidiaries that underwrite both occurrence- and claims-made policies tailored to the unique risks faced by the medical community.

In addition to professional liability insurance, ProAssurance offers a suite of complementary property and casualty products, such as general liability, workers’ compensation, property and inland marine, and umbrella coverage.