Renaissance Technologies LLC Has $23.85 Million Position in ProAssurance Corporation $PRA

Renaissance Technologies LLC grew its holdings in shares of ProAssurance Corporation (NYSE:PRA) by 641.1% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 964,900 shares of the insurance provider’s stock after buying an additional 834,700 shares during the quarter. Renaissance Technologies LLC owned approximately 1.87% of ProAssurance worth $23,852,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Qube Research & Technologies Ltd increased its position in shares of ProAssurance by 186.1% in the second quarter. Qube Research & Technologies Ltd now owns 1,491,060 shares of the insurance provider’s stock valued at $34,041,000 after acquiring an additional 969,833 shares during the last quarter. Balyasny Asset Management L.P. grew its stake in ProAssurance by 360.0% in the fourth quarter. Balyasny Asset Management L.P. now owns 1,039,901 shares of the insurance provider’s stock valued at $25,124,000 after purchasing an additional 813,814 shares in the last quarter. Alliancebernstein L.P. grew its stake in ProAssurance by 41.6% in the third quarter. Alliancebernstein L.P. now owns 2,711,805 shares of the insurance provider’s stock valued at $65,056,000 after purchasing an additional 796,132 shares in the last quarter. Man Group plc acquired a new position in shares of ProAssurance during the 3rd quarter worth approximately $17,058,000. Finally, Hsbc Holdings PLC increased its position in shares of ProAssurance by 50.3% during the 1st quarter. Hsbc Holdings PLC now owns 1,573,422 shares of the insurance provider’s stock worth $38,879,000 after purchasing an additional 526,262 shares during the last quarter. 85.58% of the stock is currently owned by institutional investors and hedge funds.

ProAssurance Stock Performance

Shares of ProAssurance stock opened at $25.00 on Thursday. The business has a fifty day simple moving average of $24.76 and a two-hundred day simple moving average of $24.59. ProAssurance Corporation has a 1 year low of $22.79 and a 1 year high of $25.01. The company has a market capitalization of $1.29 billion, a price-to-earnings ratio of 20.00 and a beta of 0.02. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.27 and a quick ratio of 0.27.

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

Analyst Ratings Changes

Several equities research analysts have recently commented on the company. Weiss Ratings raised ProAssurance from a “hold (c)” rating to a “hold (c+)” rating in a 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 investment analyst has rated the stock with a Strong Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of “Buy”.

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.