ProAssurance (NYSE:PRA) PT Raised to $16.00

ProAssurance (NYSE:PRA) had its target price hoisted by investment analysts at Truist Financial from $14.00 to $16.00 in a research note issued on Wednesday, Benzinga reports. The firm currently has a “hold” rating on the insurance provider’s stock. Truist Financial’s target price indicates a potential upside of 10.04% from the stock’s previous close.

Several other brokerages also recently commented on PRA. JMP Securities reaffirmed a “market outperform” rating and issued a $22.00 price objective on shares of ProAssurance in a research report on Monday, April 15th. Piper Sandler reduced their target price on ProAssurance from $16.00 to $15.00 and set an “overweight” rating on the stock in a research report on Monday, March 4th. Two research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat, ProAssurance currently has an average rating of “Moderate Buy” and an average target price of $17.67.

ProAssurance Price Performance

Shares of NYSE PRA traded down $0.16 during midday trading on Wednesday, hitting $14.54. 5,958 shares of the company’s stock were exchanged, compared to its average volume of 273,624. The company has a market cap of $741.09 million, a price-to-earnings ratio of -19.81 and a beta of 0.21. The company has a current ratio of 0.27, a quick ratio of 0.27 and a debt-to-equity ratio of 0.38. The business’s fifty day moving average price is $12.99 and its two-hundred day moving average price is $13.53. ProAssurance has a 12-month low of $11.76 and a 12-month high of $19.38.

ProAssurance (NYSE:PRA) last posted its earnings results on Monday, May 6th. The insurance provider reported $0.08 earnings per share for the quarter, beating analysts’ consensus estimates of $0.04 by $0.04. ProAssurance had a negative return on equity of 0.53% and a negative net margin of 3.39%. The company had revenue of $284.97 million for the quarter, compared to the consensus estimate of $233.62 million. During the same quarter in the prior year, the company earned ($0.15) earnings per share. ProAssurance’s revenue was up 4.5% on a year-over-year basis. As a group, research analysts forecast that ProAssurance will post 0.26 EPS for the current fiscal year.

Hedge Funds Weigh In On ProAssurance

Several institutional investors and hedge funds have recently modified their holdings of PRA. Dimensional Fund Advisors LP increased its position in ProAssurance by 6.3% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,838,938 shares of the insurance provider’s stock valued at $39,150,000 after acquiring an additional 168,634 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its position in shares of ProAssurance by 0.3% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 893,508 shares of the insurance provider’s stock worth $16,878,000 after acquiring an additional 2,971 shares in the last quarter. Jacobs Levy Equity Management Inc. boosted its stake in shares of ProAssurance by 25.2% during the third quarter. Jacobs Levy Equity Management Inc. now owns 548,525 shares of the insurance provider’s stock valued at $10,362,000 after purchasing an additional 110,562 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in ProAssurance by 1.3% during the 3rd quarter. Bank of New York Mellon Corp now owns 491,952 shares of the insurance provider’s stock worth $9,293,000 after buying an additional 6,280 shares during the period. Finally, Smith Graham & Co. Investment Advisors LP grew its stake in ProAssurance by 6.6% during the fourth quarter. Smith Graham & Co. Investment Advisors LP now owns 356,919 shares of the insurance provider’s stock worth $4,922,000 after purchasing an additional 22,121 shares during the period. 85.58% of the stock is currently owned by hedge funds and other institutional investors.

About ProAssurance

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.