ProAssurance’s (PRA) Market Outperform Rating Reaffirmed at JMP Securities

JMP Securities reiterated their market outperform rating on shares of ProAssurance (NYSE:PRA) in a research report report published on Monday, Benzinga reports. They currently have a $22.00 price target on the insurance provider’s stock.

A number of other equities research analysts have also weighed in on the company. Truist Financial dropped their price target on ProAssurance from $15.00 to $14.00 and set a hold rating on the stock in a research note on Thursday, February 29th. Piper Sandler dropped their price target on ProAssurance from $16.00 to $15.00 and set an overweight rating on the stock in a research note on Monday, March 4th. Two investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to MarketBeat, ProAssurance currently has a consensus rating of Moderate Buy and a consensus target price of $17.00.

ProAssurance Price Performance

PRA opened at $13.08 on Monday. The business’s 50-day moving average is $12.77 and its two-hundred day moving average is $13.96. ProAssurance has a 1 year low of $11.76 and a 1 year high of $19.38. The company has a debt-to-equity ratio of 0.38, a current ratio of 0.27 and a quick ratio of 0.27. The firm has a market capitalization of $666.67 million, a PE ratio of -17.68 and a beta of 0.24.

ProAssurance (NYSE:PRA) last issued its quarterly earnings results on Tuesday, February 27th. The insurance provider reported ($0.05) earnings per share 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 business had revenue of $296.96 million for the quarter, compared to analysts’ expectations of $252.74 million. During the same quarter in the previous year, the firm posted $0.06 EPS. ProAssurance’s revenue was up .8% on a year-over-year basis. Research analysts anticipate that ProAssurance will post 0.26 earnings per share for the current fiscal year.

Institutional Investors Weigh In On ProAssurance

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

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, 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.