ProAssurance’s (PRA) Market Outperform Rating Reiterated at JMP Securities

JMP Securities restated their market outperform rating on shares of ProAssurance (NYSE:PRA) in a research report released on Monday morning, Benzinga reports. The firm currently has a $22.00 price objective on the insurance provider’s stock.

Other research analysts also recently issued research reports about the stock. Truist Financial dropped their target price on shares of ProAssurance from $15.00 to $14.00 and set a hold rating on the stock in a research note on Thursday, February 29th. Piper Sandler dropped their target price on shares of ProAssurance from $16.00 to $15.00 and set an overweight rating on the stock in a research note on Monday, March 4th. Two research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of Moderate Buy and an average price target of $17.00.

ProAssurance Price Performance

Shares of PRA opened at $12.87 on Monday. The stock has a market cap of $655.98 million, a PE ratio of -17.39 and a beta of 0.24. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.27 and a current ratio of 0.27. ProAssurance has a fifty-two week low of $11.76 and a fifty-two week high of $19.38. The firm’s 50-day simple moving average is $12.76 and its two-hundred day simple moving average is $13.97.

ProAssurance (NYSE:PRA) last announced its quarterly earnings data on Tuesday, February 27th. The insurance provider reported ($0.05) earnings per share for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.09). The business had revenue of $296.96 million during the quarter, compared to analysts’ expectations of $252.74 million. ProAssurance had a negative return on equity of 0.53% and a negative net margin of 3.39%. ProAssurance’s revenue for the quarter was up .8% compared to the same quarter last year. During the same quarter last year, the company posted $0.06 EPS. Analysts anticipate that ProAssurance will post 0.26 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Point72 Middle East FZE bought a new position in ProAssurance during the fourth quarter valued at approximately $25,000. Lazard Asset Management LLC bought a new position in ProAssurance in the first quarter worth approximately $31,000. Tower Research Capital LLC TRC raised its position in ProAssurance by 23.3% in the fourth quarter. Tower Research Capital LLC TRC now owns 4,449 shares of the insurance provider’s stock worth $61,000 after acquiring an additional 842 shares during the period. FMR LLC raised its position in ProAssurance by 19.8% in the third quarter. FMR LLC now owns 4,923 shares of the insurance provider’s stock worth $93,000 after acquiring an additional 812 shares during the period. Finally, Royal Bank of Canada raised its position in ProAssurance by 40.9% in the second quarter. Royal Bank of Canada now owns 9,024 shares of the insurance provider’s stock worth $136,000 after acquiring an additional 2,620 shares during the period. Institutional investors own 85.58% of the company’s stock.

ProAssurance Company Profile

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.