ProAssurance (NYSE:PRA) Given New $16.00 Price Target at Piper Sandler

ProAssurance (NYSE:PRA) had its price target cut by Piper Sandler from $19.00 to $16.00 in a research note published on Monday morning, Benzinga reports. They currently have an overweight rating on the insurance provider’s stock.

PRA has been the topic of a number of other research reports. StockNews.com initiated coverage on shares of ProAssurance in a research note on Thursday, October 5th. They issued a hold rating on the stock. Truist Financial lowered their target price on shares of ProAssurance from $20.00 to $15.00 and set a hold rating on the stock in a research note on Friday, November 10th.

ProAssurance Stock Performance

NYSE PRA opened at $12.77 on Monday. The stock has a market cap of $650.63 million, a P/E ratio of -21.27 and a beta of 0.39. The company’s 50-day simple moving average is $17.33 and its 200 day simple moving average is $16.27. ProAssurance has a twelve month low of $11.87 and a twelve month high of $20.27. The company has a quick ratio of 0.28, a current ratio of 0.28 and a debt-to-equity ratio of 0.42.

ProAssurance (NYSE:PRA) last posted its earnings results on Wednesday, November 8th. The insurance provider reported ($0.07) earnings per share for the quarter, missing analysts’ consensus estimates of $0.15 by ($0.22). The business had revenue of $275.75 million during the quarter, compared to the consensus estimate of $241.12 million. ProAssurance had a negative net margin of 2.73% and a positive return on equity of 0.02%. The business’s revenue was up 1.0% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.06) EPS. As a group, research analysts forecast that ProAssurance will post 0.13 earnings per share for the current fiscal year.

Hedge Funds Weigh In On ProAssurance

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PRA. Point72 Middle East FZE acquired a new position in ProAssurance in the fourth quarter valued at about $25,000. Lazard Asset Management LLC acquired a new position in shares of ProAssurance during the first quarter worth approximately $31,000. Intrepid Capital Management Inc. bought a new stake in shares of ProAssurance during the second quarter valued at approximately $32,000. Tower Research Capital LLC TRC increased its holdings in shares of ProAssurance by 85.1% in the first quarter. Tower Research Capital LLC TRC now owns 4,541 shares of the insurance provider’s stock valued at $84,000 after purchasing an additional 2,088 shares in the last quarter. Finally, FMR LLC raised its position in ProAssurance by 19.8% in the 3rd 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 last quarter. 85.14% of the stock is currently owned by institutional investors and hedge funds.

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, Segregated Portfolio Cell Reinsurance, and Lloyd's Syndicates segments.