State of Wisconsin Investment Board Lowers Stake in ProAssurance Corporation (PRA)

State of Wisconsin Investment Board cut its holdings in ProAssurance Corporation (NYSE:PRA) by 0.9% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 10,435 shares of the insurance provider’s stock after selling 90 shares during the quarter. State of Wisconsin Investment Board’s holdings in ProAssurance Corporation were worth $634,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the company. Teacher Retirement System of Texas grew its position in shares of ProAssurance Corporation by 0.7% in the second quarter. Teacher Retirement System of Texas now owns 4,243 shares of the insurance provider’s stock valued at $258,000 after purchasing an additional 30 shares during the last quarter. Arizona State Retirement System grew its position in shares of ProAssurance Corporation by 0.4% in the second quarter. Arizona State Retirement System now owns 27,800 shares of the insurance provider’s stock valued at $1,690,000 after purchasing an additional 100 shares during the last quarter. Schwab Charles Investment Management Inc. grew its position in shares of ProAssurance Corporation by 8.5% in the second quarter. Schwab Charles Investment Management Inc. now owns 264,328 shares of the insurance provider’s stock valued at $16,072,000 after purchasing an additional 20,747 shares during the last quarter. TD Asset Management Inc. grew its position in shares of ProAssurance Corporation by 9.2% in the second quarter. TD Asset Management Inc. now owns 69,000 shares of the insurance provider’s stock valued at $4,195,000 after purchasing an additional 5,800 shares during the last quarter. Finally, Sei Investments Co. grew its position in shares of ProAssurance Corporation by 15.7% in the second quarter. Sei Investments Co. now owns 272,738 shares of the insurance provider’s stock valued at $16,583,000 after purchasing an additional 36,956 shares during the last quarter. Institutional investors and hedge funds own 79.76% of the company’s stock.

Shares of ProAssurance Corporation (NYSE PRA) opened at 53.25 on Monday. The stock has a 50 day moving average of $56.01 and a 200 day moving average of $59.01. ProAssurance Corporation has a 52-week low of $50.50 and a 52-week high of $63.53. The firm has a market capitalization of $2.84 billion, a price-to-earnings ratio of 19.02 and a beta of 0.54.

ProAssurance Corporation (NYSE:PRA) last released its earnings results on Monday, August 7th. The insurance provider reported $0.40 EPS for the quarter, topping analysts’ consensus estimates of $0.39 by $0.01. ProAssurance Corporation had a net margin of 16.80% and a return on equity of 6.59%. The business had revenue of $205.58 million for the quarter, compared to the consensus estimate of $207.14 million. During the same period in the previous year, the firm earned $0.67 EPS. The business’s revenue for the quarter was down 4.3% on a year-over-year basis. On average, analysts predict that ProAssurance Corporation will post $2.14 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 10th. Investors of record on Friday, September 29th will be issued a $0.31 dividend. The ex-dividend date is Thursday, September 28th. This represents a $1.24 dividend on an annualized basis and a dividend yield of 2.33%. ProAssurance Corporation’s payout ratio is currently 44.60%.

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In other ProAssurance Corporation news, insider Neil Frank B. O bought 2,500 shares of the company’s stock in a transaction that occurred on Friday, August 18th. The shares were acquired at an average cost of $54.50 per share, for a total transaction of $136,250.00. Following the acquisition, the insider now directly owns 104,431 shares of the company’s stock, valued at $5,691,489.50. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Howard H. Friedman bought 2,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 9th. The stock was acquired at an average price of $55.00 per share, for a total transaction of $110,000.00. Following the completion of the acquisition, the insider now directly owns 259,573 shares in the company, valued at $14,276,515. The disclosure for this purchase can be found here. Over the last quarter, insiders purchased 7,000 shares of company stock worth $383,125 and sold 28,000 shares worth $1,703,438. 1.80% of the stock is owned by insiders.

Several research firms have recently commented on PRA. Zacks Investment Research lowered shares of ProAssurance Corporation from a “buy” rating to a “hold” rating in a research report on Monday, June 5th. BidaskClub lowered shares of ProAssurance Corporation from a “sell” rating to a “strong sell” rating in a research report on Monday, July 31st. Finally, Boenning Scattergood reiterated a “hold” rating on shares of ProAssurance Corporation in a research report on Tuesday, August 8th. Two research analysts have rated the stock with a sell rating and three have issued a hold rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $63.33.

ProAssurance Corporation Company Profile

ProAssurance Corporation (ProAssurance) is a holding company for property and casualty insurance companies. The Company provides professional liability insurance for healthcare professionals and facilities, professional liability insurance for attorneys, liability insurance for medical technology and life sciences risks, and workers’ compensation insurance.

Institutional Ownership by Quarter for ProAssurance Corporation (NYSE:PRA)

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