ProAssurance (NYSE:PRA) Stock Rating Reaffirmed by JMP Securities

ProAssurance (NYSE:PRA)‘s stock had its “market outperform” rating reissued by JMP Securities in a research report issued to clients and investors on Monday, Benzinga reports. They presently have a $22.00 target price on the insurance provider’s stock. JMP Securities’ target price would indicate a potential upside of 71.21% from the stock’s previous close.

A number of other brokerages also recently weighed in on PRA. Piper Sandler dropped their target price on shares of ProAssurance from $16.00 to $15.00 and set an “overweight” rating for the company in a research note on Monday, March 4th. Truist Financial dropped their target price on shares of ProAssurance from $15.00 to $14.00 and set a “hold” rating for the company in a research note on Thursday, February 29th. Two investment analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat.com, ProAssurance currently has an average rating of “Moderate Buy” and an average target price of $17.00.

ProAssurance Trading Down 1.2 %

Shares of PRA stock opened at $12.85 on Monday. ProAssurance has a 12-month low of $11.76 and a 12-month high of $19.38. The company has a market capitalization of $654.96 million, a P/E ratio of -17.36 and a beta of 0.24. The firm has a 50-day moving average price of $12.76 and a 200 day moving average price of $13.97. The company has a quick ratio of 0.27, a current ratio of 0.27 and a debt-to-equity ratio of 0.38.

ProAssurance (NYSE:PRA) last announced its quarterly earnings results on Tuesday, February 27th. The insurance provider reported ($0.05) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.04 by ($0.09). ProAssurance had a negative net margin of 3.39% and a negative return on equity of 0.53%. The firm had revenue of $296.96 million for the quarter, compared to the consensus estimate of $252.74 million. During the same period in the prior year, the business earned $0.06 earnings per share. The company’s revenue for the quarter was up .8% on a year-over-year basis. Research analysts forecast that ProAssurance will post 0.26 earnings per share for the current fiscal year.

Institutional Investors Weigh In On ProAssurance

Institutional investors have recently modified their holdings of the business. Point72 Middle East FZE acquired a new stake in shares of ProAssurance during the 4th quarter worth approximately $25,000. Lazard Asset Management LLC acquired a new stake in shares of ProAssurance during the 1st quarter worth approximately $31,000. Tower Research Capital LLC TRC grew its position in shares of ProAssurance by 23.3% during the 4th quarter. Tower Research Capital LLC TRC now owns 4,449 shares of the insurance provider’s stock worth $61,000 after buying an additional 842 shares during the period. FMR LLC grew its position in shares of ProAssurance by 19.8% during the 3rd quarter. FMR LLC now owns 4,923 shares of the insurance provider’s stock worth $93,000 after buying an additional 812 shares during the period. Finally, Royal Bank of Canada grew its holdings in ProAssurance by 40.9% during the second quarter. Royal Bank of Canada now owns 9,024 shares of the insurance provider’s stock valued at $136,000 after purchasing an additional 2,620 shares during the period. Institutional investors and hedge funds own 85.58% of the company’s stock.

About ProAssurance

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.