Millennium Management LLC Sells 30,203 Shares of ProAssurance Co. (NYSE:PRA)

Millennium Management LLC trimmed its position in ProAssurance Co. (NYSE:PRA) by 21.7% in the 4th quarter, HoldingsChannel reports. The fund owned 108,877 shares of the insurance provider’s stock after selling 30,203 shares during the quarter. Millennium Management LLC’s holdings in ProAssurance were worth $1,732,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Sterling Capital Management LLC boosted its holdings in ProAssurance by 859.4% in the 4th quarter. Sterling Capital Management LLC now owns 1,631 shares of the insurance provider’s stock worth $26,000 after buying an additional 1,461 shares during the period. KBC Group NV raised its holdings in ProAssurance by 75.4% during the fourth quarter. KBC Group NV now owns 4,184 shares of the insurance provider’s stock valued at $67,000 after acquiring an additional 1,798 shares during the period. Aquatic Capital Management LLC lifted its position in shares of ProAssurance by 148.6% in the fourth quarter. Aquatic Capital Management LLC now owns 6,214 shares of the insurance provider’s stock valued at $99,000 after acquiring an additional 3,714 shares in the last quarter. KLP Kapitalforvaltning AS bought a new position in shares of ProAssurance in the fourth quarter worth about $150,000. Finally, Scotia Capital Inc. bought a new position in shares of ProAssurance in the fourth quarter worth about $173,000. Institutional investors own 85.58% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on PRA shares. Citizens Jmp cut shares of ProAssurance from an “outperform” rating to a “market perform” rating in a research report on Thursday, April 3rd. Wall Street Zen started coverage on shares of ProAssurance in a research note on Monday, May 19th. They set a “hold” rating for the company. Citigroup downgraded shares of ProAssurance to a “market perform” rating in a report on Thursday, April 3rd. Piper Sandler increased their price objective on shares of ProAssurance from $18.00 to $25.00 and gave the company a “neutral” rating in a report on Thursday, May 8th. Finally, Raymond James lowered ProAssurance from a “market perform” rating to an “underperform” rating in a research report on Thursday, April 10th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $21.00.

ProAssurance Price Performance

ProAssurance stock opened at $23.20 on Tuesday. ProAssurance Co. has a 52-week low of $10.76 and a 52-week high of $23.70. The company has a quick ratio of 0.28, a current ratio of 0.28 and a debt-to-equity ratio of 0.35. The firm’s fifty day moving average is $23.15 and its 200 day moving average is $18.50. The company has a market cap of $1.19 billion, a price-to-earnings ratio of 27.95 and a beta of 0.04.

ProAssurance (NYSE:PRA) last announced its quarterly earnings results on Tuesday, May 6th. The insurance provider reported $0.13 EPS for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.06). The business had revenue of $236.28 million during the quarter, compared to the consensus estimate of $272.85 million. ProAssurance had a net margin of 3.71% and a return on equity of 2.65%. The firm’s revenue was down 4.5% on a year-over-year basis. During the same period in the previous year, the business posted $0.08 EPS. Sell-side analysts forecast that ProAssurance Co. will post 0.8 EPS for the current fiscal year.

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.