ProAssurance (NYSE:PRA) Price Target Raised to $16.00

ProAssurance (NYSE:PRA) had its target price raised by equities researchers at Truist Financial from $14.00 to $16.00 in a research report issued on Wednesday, Benzinga reports. The brokerage currently has a “hold” rating on the insurance provider’s stock. Truist Financial’s price target would suggest a potential upside of 6.67% from the company’s current price.

Several other equities research analysts also recently weighed in on the company. Piper Sandler cut their price target on ProAssurance from $16.00 to $15.00 and set an “overweight” rating on the stock in a report on Monday, March 4th. JMP Securities reissued a “market outperform” rating and issued a $22.00 price objective on shares of ProAssurance in a research report on Monday, April 15th. Two investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $17.67.

ProAssurance Price Performance

NYSE:PRA traded down $0.16 during trading hours on Wednesday, hitting $15.00. 34,359 shares of the stock were exchanged, compared to its average volume of 273,572. The company has a market cap of $764.54 million, a P/E ratio of -20.19 and a beta of 0.21. The firm’s fifty day moving average price is $12.89 and its 200 day moving average price is $13.51. ProAssurance has a 52-week low of $11.76 and a 52-week high of $19.38. The company has a current ratio of 0.27, a quick ratio of 0.27 and a debt-to-equity ratio of 0.38.

ProAssurance (NYSE:PRA) last posted its quarterly earnings results on Monday, May 6th. The insurance provider reported $0.08 EPS for the quarter, topping the consensus estimate of $0.04 by $0.04. ProAssurance had a negative return on equity of 0.53% and a negative net margin of 3.39%. The business had revenue of $284.97 million for the quarter, compared to analyst estimates of $233.62 million. During the same quarter in the previous year, the firm earned ($0.15) EPS. The company’s quarterly revenue was up 4.5% compared to the same quarter last year. As a group, equities research analysts anticipate that ProAssurance will post 0.26 EPS for the current fiscal year.

Institutional Trading of ProAssurance

Several large investors have recently bought and sold shares of PRA. Tower Research Capital LLC TRC grew its stake in ProAssurance by 23.3% in the 4th quarter. Tower Research Capital LLC TRC now owns 4,449 shares of the insurance provider’s stock worth $61,000 after acquiring an additional 842 shares during the period. Quadrature Capital Ltd lifted its holdings in ProAssurance by 4.2% in the 3rd quarter. Quadrature Capital Ltd now owns 22,982 shares of the insurance provider’s stock worth $435,000 after buying an additional 924 shares in the last quarter. New York State Common Retirement Fund lifted its stake in shares of ProAssurance by 5.6% in the fourth quarter. New York State Common Retirement Fund now owns 23,600 shares of the insurance provider’s stock worth $325,000 after acquiring an additional 1,261 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in ProAssurance by 17.4% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 12,455 shares of the insurance provider’s stock valued at $235,000 after acquiring an additional 1,842 shares during the last quarter. Finally, Swiss National Bank grew its position in shares of ProAssurance by 2.0% in the 3rd quarter. Swiss National Bank now owns 118,700 shares of the insurance provider’s stock worth $2,242,000 after acquiring an additional 2,300 shares in the last quarter. 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.