New York Life Investment Management LLC Makes New $2.39 Million Investment in ProAssurance Corporation $PRA

New York Life Investment Management LLC acquired a new stake in shares of ProAssurance Corporation (NYSE:PRA) in the 2nd quarter, Holdings Channel.com reports. The fund acquired 104,495 shares of the insurance provider’s stock, valued at approximately $2,386,000.

Several other hedge funds and other institutional investors have also made changes to their positions in PRA. Magnetar Financial LLC bought a new position in shares of ProAssurance during the 1st quarter valued at about $54,121,000. Alliancebernstein L.P. boosted its holdings in shares of ProAssurance by 2,035.6% during the 1st quarter. Alliancebernstein L.P. now owns 1,516,479 shares of the insurance provider’s stock valued at $35,410,000 after purchasing an additional 1,445,469 shares during the last quarter. TIG Advisors LLC bought a new position in shares of ProAssurance during the 1st quarter valued at about $15,039,000. Adage Capital Partners GP L.L.C. bought a new position in shares of ProAssurance during the 1st quarter valued at about $8,281,000. Finally, AQR Arbitrage LLC bought a new position in shares of ProAssurance during the 1st quarter valued at about $8,165,000. Institutional investors own 85.58% of the company’s stock.

ProAssurance Stock Up 0.0%

Shares of NYSE:PRA opened at $23.96 on Friday. The company has a current ratio of 0.26, a quick ratio of 0.26 and a debt-to-equity ratio of 0.33. ProAssurance Corporation has a 12 month low of $13.00 and a 12 month high of $24.22. The company has a 50-day moving average price of $23.92 and a 200 day moving average price of $23.55. The company has a market cap of $1.23 billion, a price-to-earnings ratio of 25.48 and a beta of 0.12.

ProAssurance (NYSE:PRA) last announced its quarterly earnings data on Friday, May 20th. The insurance provider reported $0.04 earnings per share (EPS) for the quarter. The business had revenue of $220.02 million during the quarter. ProAssurance had a net margin of 4.33% and a return on equity of 5.62%. As a group, equities research analysts predict that ProAssurance Corporation will post 0.8 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research analysts have commented on PRA shares. Zacks Research raised shares of ProAssurance from a “hold” rating to a “strong-buy” rating in a report on Monday, September 22nd. Weiss Ratings reiterated a “hold (c)” rating on shares of ProAssurance in a research report on Wednesday, October 8th. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $21.50.

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.