ProAssurance (NYSE:PRA) Reaches New 12-Month High – Here’s Why

ProAssurance Corporation (NYSE:PRA)’s stock price hit a new 52-week high during trading on Wednesday . The company traded as high as $24.99 and last traded at $24.9950, with a volume of 75861 shares traded. The stock had previously closed at $24.65.

Analyst Upgrades and Downgrades

PRA has been the subject of a number of research analyst reports. Weiss Ratings raised shares of ProAssurance from a “hold (c)” rating to a “hold (c+)” rating in a research note on Friday, May 29th. Wall Street Zen cut shares of ProAssurance from a “hold” rating to a “sell” rating in a research note on Sunday, May 10th. One investment analyst has rated the stock with a Strong Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy”.

ProAssurance Stock Down 0.0%

The firm’s 50-day simple moving average is $24.60 and its 200 day simple moving average is $24.44. The company has a market cap of $1.29 billion, a P/E ratio of 20.00 and a beta of 0.02. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.27 and a current ratio of 0.27.

ProAssurance (NYSE:PRA) last posted its quarterly earnings results on Tuesday, May 5th. The insurance provider reported $0.25 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.25. ProAssurance had a return on equity of 6.82% and a net margin of 5.99%.The business had revenue of $262.63 million for the quarter, compared to analyst estimates of $216.86 million. During the same period last year, the company earned $0.13 EPS. The firm’s revenue was down 3.5% on a year-over-year basis. On average, research analysts forecast that ProAssurance Corporation will post 1.25 earnings per share for the current fiscal year.

Institutional Trading of ProAssurance

A number of hedge funds have recently modified their holdings of PRA. Russell Investments Group Ltd. boosted its stake in 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 acquiring an additional 1,097 shares during the last quarter. PNC Financial Services Group Inc. increased its stake in ProAssurance by 173.7% in the first quarter. PNC Financial Services Group Inc. now owns 1,897 shares of the insurance provider’s stock valued at $47,000 after purchasing an additional 1,204 shares in the last quarter. Tower Research Capital LLC TRC increased its stake in ProAssurance by 271.2% in the second quarter. Tower Research Capital LLC TRC now owns 5,576 shares of the insurance provider’s stock valued at $127,000 after purchasing an additional 4,074 shares in the last quarter. BNP Paribas Financial Markets raised its holdings in ProAssurance by 22.8% in the second quarter. BNP Paribas Financial Markets now owns 5,679 shares of the insurance provider’s stock worth $130,000 after purchasing an additional 1,056 shares during the period. Finally, Longfellow Investment Management Co. LLC raised its holdings in ProAssurance by 95.2% in the third quarter. Longfellow Investment Management Co. LLC now owns 6,253 shares of the insurance provider’s stock worth $150,000 after purchasing an additional 3,050 shares during the period. 85.58% of the stock is currently owned by institutional investors and hedge funds.

About ProAssurance

ProAssurance Corporation is a specialty property and casualty insurance holding company headquartered in Birmingham, Alabama. The company focuses primarily on professional liability coverage for healthcare providers, including physicians, surgeons, dentists and allied health professionals. ProAssurance operates through a group of insurance subsidiaries that underwrite both occurrence- and claims-made policies tailored to the unique risks faced by the medical community.

In addition to professional liability insurance, ProAssurance offers a suite of complementary property and casualty products, such as general liability, workers’ compensation, property and inland marine, and umbrella coverage.