ProAssurance (NYSE:PRA) Shares Gap Up on Strong Earnings

ProAssurance Co. (NYSE:PRA)’s share price gapped up prior to trading on Tuesday following a better than expected earnings announcement. The stock had previously closed at $13.82, but opened at $14.90. ProAssurance shares last traded at $15.60, with a volume of 34,006 shares.

The insurance provider reported $0.08 earnings per share for the quarter, topping the consensus estimate of $0.04 by $0.04. ProAssurance had a negative net margin of 3.39% and a negative return on equity of 0.53%. The business had revenue of $284.97 million for the quarter, compared to analyst estimates of $233.62 million. During the same quarter last year, the firm earned ($0.15) EPS. ProAssurance’s quarterly revenue was up 4.5% compared to the same quarter last year.

Wall Street Analysts Forecast Growth

PRA has been the topic of several research analyst reports. JMP Securities reaffirmed a “market outperform” rating and set a $22.00 price objective on shares of ProAssurance in a research note on Monday, April 15th. Truist Financial decreased their price objective on ProAssurance from $15.00 to $14.00 and set a “hold” rating for the company in a research report on Thursday, February 29th. Finally, Piper Sandler dropped their target price on shares of ProAssurance from $16.00 to $15.00 and set an “overweight” rating on the stock in a report on Monday, March 4th. Two analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, ProAssurance presently has an average rating of “Moderate Buy” and a consensus target price of $17.00.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the company. Bank of New York Mellon Corp grew its stake in shares of ProAssurance by 1.3% during the 3rd quarter. Bank of New York Mellon Corp now owns 491,952 shares of the insurance provider’s stock worth $9,293,000 after acquiring an additional 6,280 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in ProAssurance by 17.4% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 12,455 shares of the insurance provider’s stock valued at $235,000 after buying an additional 1,842 shares during the last quarter. Private Advisor Group LLC bought a new stake in ProAssurance during the 3rd quarter worth about $281,000. Illinois Municipal Retirement Fund acquired a new position in shares of ProAssurance during the 3rd quarter worth about $583,000. Finally, Swiss National Bank grew its holdings 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 valued at $2,242,000 after acquiring an additional 2,300 shares in the last quarter. 85.58% of the stock is currently owned by institutional investors.

ProAssurance Trading Up 9.8 %

The business has a 50-day moving average of $12.89 and a 200-day moving average of $13.51. 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 cap of $773.20 million, a price-to-earnings ratio of -20.50 and a beta of 0.21.

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.