ProAssurance (NYSE:PRA) Announces Earnings Results, Misses Expectations By $0.13 EPS

ProAssurance (NYSE:PRA) issued its earnings results on Tuesday. The insurance provider reported $0.15 EPS for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.13), Zacks reports. The firm had revenue of $233.40 million during the quarter, compared to analysts’ expectations of $268.71 million. ProAssurance had a net margin of 4.33% and a return on equity of 5.62%. ProAssurance’s quarterly revenue was down 2.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.34 EPS.

ProAssurance Stock Performance

NYSE:PRA traded down $0.02 during trading hours on Wednesday, reaching $24.01. The company had a trading volume of 157,228 shares, compared to its average volume of 585,773. ProAssurance has a 1-year low of $13.00 and a 1-year high of $24.22. The firm has a market cap of $1.23 billion, a PE ratio of 25.54 and a beta of 0.11. The business’s 50 day moving average price is $23.93 and its 200-day moving average price is $23.57. The company has a debt-to-equity ratio of 0.33, a current ratio of 0.26 and a quick ratio of 0.26.

Wall Street Analyst Weigh In

PRA has been the topic of a number of recent research reports. Zacks Research upgraded ProAssurance from a “hold” rating to a “strong-buy” rating in a research 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 investment analyst has rated the stock with a Strong Buy rating, five have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $21.50.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in PRA. Russell Investments Group Ltd. raised its stake in shares of ProAssurance by 356.2% during the 2nd quarter. Russell Investments Group Ltd. now owns 1,405 shares of the insurance provider’s stock worth $32,000 after buying an additional 1,097 shares during the period. Tower Research Capital LLC TRC raised its stake in shares of ProAssurance by 271.2% during the 2nd quarter. Tower Research Capital LLC TRC now owns 5,576 shares of the insurance provider’s stock worth $127,000 after buying an additional 4,074 shares during the period. BNP Paribas Financial Markets raised its stake in shares of ProAssurance by 22.8% during the 2nd quarter. BNP Paribas Financial Markets now owns 5,679 shares of the insurance provider’s stock worth $130,000 after buying an additional 1,056 shares during the period. Acadian Asset Management LLC acquired a new position in ProAssurance in the 1st quarter valued at $237,000. Finally, Caption Management LLC acquired a new position in ProAssurance in the 2nd quarter valued at $251,000. 85.58% of the stock is owned by institutional investors and hedge funds.

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.