ProAssurance (NYSE:PRA) Releases Earnings Results, Beats Expectations By $0.04 EPS

ProAssurance (NYSE:PRA) announced its quarterly earnings data on Monday. The insurance provider reported $0.08 earnings per share for the quarter, beating the consensus estimate of $0.04 by $0.04, Briefing.com reports. The business had revenue of $284.97 million for the quarter, compared to analyst estimates of $233.62 million. ProAssurance had a negative net margin of 3.39% and a negative return on equity of 0.53%. ProAssurance’s revenue was up 4.5% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.15) earnings per share.

ProAssurance Stock Up 11.4 %

ProAssurance stock opened at $15.40 on Tuesday. The company has a 50 day moving average of $12.85 and a 200-day moving average of $13.53. 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 has a twelve month low of $11.76 and a twelve month high of $19.38. The stock has a market capitalization of $784.94 million, a PE ratio of -21.00 and a beta of 0.21.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on PRA. Truist Financial cut their target price on ProAssurance from $15.00 to $14.00 and set a “hold” rating on the stock in a research note on Thursday, February 29th. JMP Securities reissued a “market outperform” rating and set a $22.00 price objective on shares of ProAssurance in a research note on Monday, April 15th. Finally, Piper Sandler lowered 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. Two equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $17.00.

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.