ProAssurance Co. (NYSE:PRA) Position Reduced by Wellington Management Group LLP

Wellington Management Group LLP cut its position in shares of ProAssurance Co. (NYSE:PRAFree Report) by 11.1% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 2,778,423 shares of the insurance provider’s stock after selling 345,657 shares during the quarter. Wellington Management Group LLP owned 5.45% of ProAssurance worth $52,484,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Comerica Bank purchased a new stake in ProAssurance during the second quarter valued at about $3,242,000. Brandywine Global Investment Management LLC purchased a new stake in ProAssurance during the third quarter valued at about $2,988,000. Swiss National Bank lifted its stake in ProAssurance by 2.0% during the third quarter. Swiss National Bank now owns 118,700 shares of the insurance provider’s stock valued at $2,242,000 after buying an additional 2,300 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in ProAssurance by 0.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 893,508 shares of the insurance provider’s stock valued at $16,878,000 after buying an additional 2,971 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. lifted its stake in ProAssurance by 25.2% during the third quarter. Jacobs Levy Equity Management Inc. now owns 548,525 shares of the insurance provider’s stock valued at $10,362,000 after buying an additional 110,562 shares in the last quarter. 85.14% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms have recently issued reports on PRA. JMP Securities reduced their price target on shares of ProAssurance from $24.00 to $22.00 and set a “market outperform” rating for the company in a research report on Thursday, February 29th. TheStreet lowered shares of ProAssurance from a “c-” rating to a “d+” rating in a research report on Wednesday, December 6th. Piper Sandler reduced their price target on shares of ProAssurance from $16.00 to $15.00 and set an “overweight” rating for the company in a research report on Monday, March 4th. Finally, Truist Financial reduced their price target on shares of ProAssurance from $15.00 to $14.00 and set a “hold” rating for the company in a research report on Thursday, February 29th. Two investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $17.00.

Check Out Our Latest Stock Analysis on ProAssurance

ProAssurance Trading Up 0.8 %

NYSE:PRA opened at $11.95 on Wednesday. The stock’s 50 day moving average price is $12.90 and its 200 day moving average price is $14.76. ProAssurance Co. has a 52 week low of $11.76 and a 52 week high of $19.38. The company has a market capitalization of $609.08 million, a P/E ratio of -16.15 and a beta of 0.23. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.27 and a current ratio of 0.27.

ProAssurance (NYSE:PRAGet Free Report) last released its quarterly earnings data on Tuesday, February 27th. The insurance provider reported ($0.05) EPS for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.09). ProAssurance had a negative return on equity of 0.53% and a negative net margin of 3.39%. The firm had revenue of $296.96 million during the quarter, compared to analyst estimates of $252.74 million. During the same quarter in the prior year, the company posted $0.06 EPS. The company’s quarterly revenue was up .8% on a year-over-year basis. On average, research analysts forecast that ProAssurance Co. will post 0.27 EPS for the current fiscal year.

About ProAssurance

(Free Report)

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.

Further Reading

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Institutional Ownership by Quarter for ProAssurance (NYSE:PRA)

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