Hsbc Holdings PLC Raises Position in ProAssurance Corporation $PRA

Hsbc Holdings PLC lifted its holdings in ProAssurance Corporation (NYSE:PRA) by 50.3% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,573,422 shares of the insurance provider’s stock after purchasing an additional 526,262 shares during the quarter. Hsbc Holdings PLC owned about 3.05% of ProAssurance worth $38,879,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. JPMorgan Chase & Co. grew its stake in ProAssurance by 58.7% during the 3rd quarter. JPMorgan Chase & Co. now owns 157,891 shares of the insurance provider’s stock valued at $3,788,000 after purchasing an additional 58,382 shares during the last quarter. Credit Industriel ET Commercial raised its stake in shares of ProAssurance by 37.5% in the fourth quarter. Credit Industriel ET Commercial now owns 346,854 shares of the insurance provider’s stock worth $8,380,000 after purchasing an additional 94,579 shares during the last quarter. Gabelli Funds LLC purchased a new position in shares of ProAssurance in the fourth quarter worth about $1,720,000. Magnetar Financial LLC raised its stake in shares of ProAssurance by 15.1% in the fourth quarter. Magnetar Financial LLC now owns 3,484,563 shares of the insurance provider’s stock worth $84,187,000 after purchasing an additional 458,390 shares during the last quarter. Finally, OP Asset Management Ltd acquired a new stake in shares of ProAssurance during the first quarter worth about $911,000. 85.58% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on PRA shares. Weiss Ratings upgraded ProAssurance from a “hold (c)” rating to a “hold (c+)” rating in a research report on Friday, May 29th. Wall Street Zen lowered shares of ProAssurance from a “hold” rating to a “sell” rating in a research report on Sunday, May 10th. One research analyst has rated the stock with a Strong Buy rating and one has given a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of “Buy”.

ProAssurance Stock Performance

Shares of PRA stock opened at $25.00 on Tuesday. ProAssurance Corporation has a 52-week low of $22.79 and a 52-week high of $25.01. The company has a quick ratio of 0.27, a current ratio of 0.27 and a debt-to-equity ratio of 0.31. The stock has a market cap of $1.29 billion, a PE ratio of 20.00 and a beta of 0.02. The business has a 50-day simple moving average of $24.71 and a 200-day simple moving average of $24.55.

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

ProAssurance Profile

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.