ProAssurance (NYSE:PRA) Reaches New 52-Week High – Here’s Why

ProAssurance Corporation (NYSE:PRA)’s share price hit a new 52-week high during trading on Friday . The stock traded as high as $24.15 and last traded at $24.14, with a volume of 146344 shares changing hands. The stock had previously closed at $24.00.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on PRA. Zacks Research upgraded ProAssurance from a “hold” rating to a “strong-buy” rating in a research report on Monday, September 22nd. Weiss Ratings reaffirmed a “hold (c)” rating on shares of ProAssurance in a research note on Saturday, September 27th. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $21.50.

ProAssurance Stock Up 0.7%

The company has a current ratio of 0.26, a quick ratio of 0.26 and a debt-to-equity ratio of 0.33. The firm has a market cap of $1.24 billion, a PE ratio of 25.70 and a beta of 0.12. The business’s 50-day simple moving average is $23.86 and its 200 day simple moving average is $23.44.

ProAssurance (NYSE:PRA) last released its quarterly earnings data on Tuesday, August 5th. The insurance provider reported $0.52 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.19 by $0.33. The firm had revenue of $271.94 million for the quarter, compared to the consensus estimate of $266.72 million. ProAssurance had a net margin of 4.33% and a return on equity of 5.62%. The company’s quarterly revenue was down 19.9% on a year-over-year basis. During the same period last year, the firm earned $0.23 earnings per share. As a group, equities research analysts expect that ProAssurance Corporation will post 0.8 earnings per share for the current year.

Hedge Funds Weigh In On ProAssurance

A number of large investors have recently added to or reduced their stakes in the company. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of ProAssurance by 10.9% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 157,977 shares of the insurance provider’s stock worth $2,513,000 after purchasing an additional 15,542 shares in the last quarter. Alpine Associates Management Inc. acquired a new position in ProAssurance during the 1st quarter valued at approximately $5,167,000. GAMMA Investing LLC raised its holdings in shares of ProAssurance by 307.3% in the first quarter. GAMMA Investing LLC now owns 2,073 shares of the insurance provider’s stock worth $48,000 after buying an additional 1,564 shares during the last quarter. Victory Capital Management Inc. acquired a new stake in shares of ProAssurance during the first quarter worth $209,000. Finally, Hsbc Holdings PLC grew its holdings in shares of ProAssurance by 76.4% during the first quarter. Hsbc Holdings PLC now owns 66,620 shares of the insurance provider’s stock valued at $1,553,000 after buying an additional 28,861 shares during the last quarter. 85.58% of the stock is currently owned by 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.