ABC Arbitrage SA Invests $5.57 Million in ProAssurance Corporation (NYSE:PRA)

ABC Arbitrage SA bought a new stake in ProAssurance Corporation (NYSE:PRA) during the 1st quarter, HoldingsChannel reports. The institutional investor bought 238,675 shares of the insurance provider’s stock, valued at approximately $5,573,000. ProAssurance comprises approximately 1.0% of ABC Arbitrage SA’s portfolio, making the stock its 19th biggest position.

Several other hedge funds also recently added to or reduced their stakes in PRA. Sterling Capital Management LLC increased its stake in ProAssurance by 859.4% in the fourth quarter. Sterling Capital Management LLC now owns 1,631 shares of the insurance provider’s stock valued at $26,000 after purchasing an additional 1,461 shares during the last quarter. GAMMA Investing LLC grew its position in shares of ProAssurance by 307.3% during the first quarter. GAMMA Investing LLC now owns 2,073 shares of the insurance provider’s stock worth $48,000 after acquiring an additional 1,564 shares during the last quarter. CWM LLC grew its position in shares of ProAssurance by 95.9% during the first quarter. CWM LLC now owns 2,204 shares of the insurance provider’s stock worth $51,000 after acquiring an additional 1,079 shares during the last quarter. Aquatic Capital Management LLC grew its position in shares of ProAssurance by 148.6% during the fourth quarter. Aquatic Capital Management LLC now owns 6,214 shares of the insurance provider’s stock worth $99,000 after acquiring an additional 3,714 shares during the last quarter. Finally, KLP Kapitalforvaltning AS purchased a new position in shares of ProAssurance during the fourth quarter worth approximately $150,000. 85.58% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

PRA has been the topic of a number of research reports. Raymond James Financial lowered shares of ProAssurance from a “market perform” rating to an “underperform” rating in a research report on Thursday, April 10th. Wall Street Zen initiated coverage on shares of ProAssurance in a research report on Monday, May 19th. They issued a “hold” rating on the stock. Finally, Piper Sandler lifted their price objective on shares of ProAssurance from $18.00 to $25.00 and gave the company a “neutral” rating in a research report on Thursday, May 8th. One investment analyst has rated the stock with a sell rating and five have given a hold rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $21.50.

ProAssurance Stock Up 0.5%

Shares of NYSE:PRA opened at $23.79 on Tuesday. The stock has a 50-day simple moving average of $23.34 and a 200-day simple moving average of $20.74. The stock has a market capitalization of $1.21 billion, a P/E ratio of 29.01 and a beta of 0.13. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.26 and a current ratio of 0.26. ProAssurance Corporation has a 1 year low of $11.27 and a 1 year high of $23.95.

ProAssurance (NYSE:PRA) last announced its earnings results on Tuesday, May 6th. The insurance provider reported $0.13 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.06). ProAssurance had a net margin of 3.72% and a return on equity of 4.51%. The business had revenue of $236.28 million during the quarter, compared to analyst estimates of $272.85 million. During the same period in the previous year, the company earned $0.08 earnings per share. The business’s revenue for the quarter was down 4.5% on a year-over-year basis. Equities analysts forecast that ProAssurance Corporation will post 0.8 earnings per share for the current year.

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.