California Public Employees Retirement System Cuts Stake in ProAssurance Corporation (PRA)

California Public Employees Retirement System decreased its holdings in ProAssurance Corporation (NYSE:PRA) by 3.6% in the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 133,178 shares of the insurance provider’s stock after selling 5,000 shares during the period. California Public Employees Retirement System owned approximately 0.25% of ProAssurance Corporation worth $8,097,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of ProAssurance Corporation by 8.4% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,067 shares of the insurance provider’s stock valued at $126,000 after purchasing an additional 161 shares in the last quarter. First Quadrant L P CA boosted its stake in shares of ProAssurance Corporation by 124.1% in the 2nd quarter. First Quadrant L P CA now owns 2,465 shares of the insurance provider’s stock valued at $150,000 after purchasing an additional 1,365 shares in the last quarter. Riverhead Capital Management LLC boosted its stake in shares of ProAssurance Corporation by 60.8% in the 2nd quarter. Riverhead Capital Management LLC now owns 2,895 shares of the insurance provider’s stock valued at $176,000 after purchasing an additional 1,095 shares in the last quarter. Pacad Investment Ltd. boosted its stake in shares of ProAssurance Corporation by 47.6% in the 2nd quarter. Pacad Investment Ltd. now owns 3,100 shares of the insurance provider’s stock valued at $188,000 after purchasing an additional 1,000 shares in the last quarter. Finally, World Asset Management Inc boosted its stake in shares of ProAssurance Corporation by 4.0% in the 2nd quarter. World Asset Management Inc now owns 3,515 shares of the insurance provider’s stock valued at $214,000 after purchasing an additional 134 shares in the last quarter. 79.76% of the stock is owned by institutional investors.

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A number of brokerages have recently issued reports on PRA. Zacks Investment Research raised shares of ProAssurance Corporation from a “hold” rating to a “buy” rating and set a $69.00 price objective for the company in a research note on Wednesday, July 5th. BidaskClub cut shares of ProAssurance Corporation from a “sell” rating to a “strong sell” rating in a research note on Monday, July 31st. Boenning Scattergood reaffirmed a “hold” rating on shares of ProAssurance Corporation in a research note on Tuesday, August 8th. Buckingham Research began coverage on shares of ProAssurance Corporation in a research note on Monday, September 11th. They issued a “neutral” rating and a $54.00 price objective for the company. Finally, Keefe, Bruyette & Woods began coverage on shares of ProAssurance Corporation in a research note on Monday, July 17th. They issued a “market perform” rating and a $61.00 price objective for the company. Two equities research analysts have rated the stock with a sell rating and four have issued a hold rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $61.00.

In related news, insider Neil Frank B. O bought 2,500 shares of the stock in a transaction dated Friday, August 11th. The stock was purchased at an average cost of $54.75 per share, with a total value of $136,875.00. Following the completion of the purchase, the insider now owns 101,931 shares of the company’s stock, valued at $5,580,722.25. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Howard H. Friedman bought 2,000 shares of the stock in a transaction dated Wednesday, August 9th. The shares were bought at an average cost of $55.00 per share, with a total value of $110,000.00. Following the completion of the purchase, the insider now directly owns 259,573 shares of the company’s stock, valued at approximately $14,276,515. The disclosure for this purchase can be found here. Insiders have acquired 7,000 shares of company stock valued at $383,125 over the last ninety days. 1.80% of the stock is owned by insiders.

Shares of ProAssurance Corporation (PRA) opened at 55.30 on Thursday. ProAssurance Corporation has a 12 month low of $50.50 and a 12 month high of $63.53. The stock has a market cap of $2.95 billion, a PE ratio of 19.76 and a beta of 0.54. The firm’s 50-day moving average is $54.01 and its 200 day moving average is $58.17.

ProAssurance Corporation (NYSE:PRA) last posted its quarterly earnings data on Monday, August 7th. The insurance provider reported $0.40 EPS for the quarter, topping the consensus estimate of $0.39 by $0.01. The company had revenue of $205.58 million during the quarter, compared to analyst estimates of $207.14 million. ProAssurance Corporation had a net margin of 16.80% and a return on equity of 6.59%. ProAssurance Corporation’s quarterly revenue was down 4.3% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.67 earnings per share. On average, equities analysts predict that ProAssurance Corporation will post $2.10 EPS for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 10th. Shareholders of record on Friday, September 29th were paid a dividend of $0.31 per share. This represents a $1.24 annualized dividend and a yield of 2.24%. The ex-dividend date of this dividend was Thursday, September 28th. ProAssurance Corporation’s payout ratio is 44.60%.

About ProAssurance Corporation

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.

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

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