ProAssurance Co. (NYSE:PRA – Get Free Report) shares rose before the market opened on Friday after reporting better-than-expected earnings results. The stock had previously closed at $11.54 but opened at $12.79. ProAssurance shares were last seen trading at $12.19 with volume of 42,511 shares changing hands.
The insurer reported earnings per share (EPS) of $0.23 for the quarter, beating the consensus estimate of $0.08 by $0.15. ProAssurance had a negative net margin of 2.42% and a positive return on equity of 0.59%. The company posted revenue of $290.30 million during the quarter, compared to analyst expectations of $235.61 million. In the same quarter last year, the company posted earnings per share of $0.16. The company’s revenue declined 0.5% year-over-year.
Wall Street analysts comment
Several research analysts have recently issued reports on PRA shares. JMP Securities decreased their price target on shares of ProAssurance from $22.00 to $20.00 and gave the stock a “market outperform” rating in a report on Wednesday, July 17. Truist Financial increased their price target on ProAssurance from $14.00 to $16.00 and gave the stock a “hold” rating in a research note on Wednesday, May 8. Two investment analysts have rated the stock with a “hold” rating and two have given a “buy” rating. The company currently has an average rating of “moderate buy” and an average price target of $17.00, according to MarketBeat.
Check out our latest report on ProAssurance
Hedge funds comment on ProAssurance
Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Tower Research Capital LLC TRC increased its holdings 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 in the last quarter. Innealta Capital LLC acquired a new stake in ProAssurance in the 2nd quarter valued at about $69,000. ProShare Advisors LLC acquired a new stake in shares of ProAssurance in the 1st quarter valued at about $132,000. Victory Capital Management Inc. acquired a new stake in shares of ProAssurance in the 4th quarter valued at about $141,000. Finally, Savant Capital LLC acquired a new stake in shares of ProAssurance in the 4th quarter valued at about $146,000. Hedge funds and other institutional investors own 85.58% of the company’s shares.
ProAssurance trading increases by 16.3%
The stock has a 50-day moving average of $12.29 and a 200-day moving average of $12.98. The company has a market cap of $684.58 million, a P/E ratio of -24.85 and a beta of 0.23. The company has a current ratio of 0.26, a quick ratio of 0.26 and a debt-to-equity ratio of 0.38.
About ProAssurance
(Get free report)
ProAssurance Corporation, through its subsidiaries, provides property and casualty insurance and reinsurance products in the United States. The company operates in the areas of specialty property and casualty insurance, workers’ compensation insurance and reinsurance with segregated portfolios. It offers professional liability insurance for healthcare providers and facilities and attorneys and their firms, medical device liability insurance for medical device and life sciences companies, and customized alternative risk solutions, including assumed reinsurance, loss portfolio transfers and captive cell programs for healthcare liability insureds.
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