ProAssurance (NYSE:PRA) Shares Gap Down on Analyst Downgrade

ProAssurance Co. (NYSE:PRA)’s stock price gapped down prior to trading on Monday after Piper Sandler lowered their price target on the stock from $19.00 to $16.00. The stock had previously closed at $13.24, but opened at $12.97. Piper Sandler currently has an overweight rating on the stock. ProAssurance shares last traded at $12.96, with a volume of 17,629 shares changing hands.

A number of other brokerages have also weighed in on PRA. Truist Financial lowered their price target on shares of ProAssurance from $20.00 to $15.00 and set a “hold” rating for the company in a report on Friday, November 10th. StockNews.com initiated coverage on ProAssurance in a report on Thursday, October 5th. They set a “hold” rating for the company.

Institutional Investors Weigh In On ProAssurance

Several large investors have recently bought and sold shares of the company. MetLife Investment Management LLC increased its position in shares of ProAssurance by 53.6% in the 1st quarter. MetLife Investment Management LLC now owns 29,342 shares of the insurance provider’s stock valued at $789,000 after buying an additional 10,245 shares in the last quarter. Panagora Asset Management Inc. lifted its holdings in shares of ProAssurance by 19.3% during the 1st quarter. Panagora Asset Management Inc. now owns 47,292 shares of the insurance provider’s stock valued at $1,271,000 after purchasing an additional 7,653 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its stake in ProAssurance by 14.1% during the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 46,539 shares of the insurance provider’s stock worth $1,251,000 after purchasing an additional 5,738 shares in the last quarter. Great West Life Assurance Co. Can raised its holdings in ProAssurance by 1.3% during the 1st quarter. Great West Life Assurance Co. Can now owns 46,823 shares of the insurance provider’s stock worth $1,291,000 after buying an additional 591 shares during the period. Finally, Dimensional Fund Advisors LP lifted its stake in ProAssurance by 7.6% in the first quarter. Dimensional Fund Advisors LP now owns 1,582,436 shares of the insurance provider’s stock valued at $42,535,000 after buying an additional 111,196 shares in the last quarter. Institutional investors own 85.14% of the company’s stock.

ProAssurance Price Performance

The company has a market cap of $663.63 million, a P/E ratio of -21.63 and a beta of 0.39. The company’s 50-day moving average price is $17.43 and its 200-day moving average price is $16.31. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.28 and a quick ratio of 0.28.

ProAssurance (NYSE:PRA) last posted its quarterly earnings data on Wednesday, November 8th. The insurance provider reported ($0.07) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.15 by ($0.22). ProAssurance had a negative net margin of 2.73% and a positive return on equity of 0.02%. The business had revenue of $275.75 million during the quarter, compared to analyst estimates of $241.12 million. During the same quarter last year, the business earned ($0.06) earnings per share. ProAssurance’s revenue for the quarter was up 1.0% on a year-over-year basis. As a group, sell-side analysts predict that ProAssurance Co. will post 0.13 earnings per share for the current fiscal year.

ProAssurance Company Profile

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, Segregated Portfolio Cell Reinsurance, and Lloyd's Syndicates segments.