Comerica Bank Sells 944 Shares of ProAssurance Co. (NYSE:PRA)

Comerica Bank lessened its holdings in ProAssurance Co. (NYSE:PRA) by 5.1% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 17,683 shares of the insurance provider’s stock after selling 944 shares during the quarter. Comerica Bank’s holdings in ProAssurance were worth $281,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Arrowstreet Capital Limited Partnership lifted its holdings in shares of ProAssurance by 92.1% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 690,871 shares of the insurance provider’s stock worth $10,992,000 after purchasing an additional 331,224 shares during the period. Tudor Investment Corp ET AL purchased a new stake in ProAssurance in the 4th quarter valued at $2,466,000. Dimensional Fund Advisors LP grew its holdings in shares of ProAssurance by 4.8% during the 4th quarter. Dimensional Fund Advisors LP now owns 2,703,953 shares of the insurance provider’s stock worth $43,019,000 after purchasing an additional 123,232 shares during the period. Brandywine Global Investment Management LLC purchased a new position in shares of ProAssurance during the 4th quarter worth $1,654,000. Finally, JPMorgan Chase & Co. boosted its holdings in ProAssurance by 28.0% during the 4th quarter. JPMorgan Chase & Co. now owns 323,955 shares of the insurance provider’s stock valued at $5,154,000 after acquiring an additional 70,780 shares during the period. Institutional investors and hedge funds own 85.58% of the company’s stock.

ProAssurance Stock Performance

NYSE PRA opened at $23.24 on Friday. The stock has a market cap of $1.19 billion, a price-to-earnings ratio of 27.99 and a beta of 0.04. The business has a fifty day moving average of $22.23 and a 200-day moving average of $17.93. ProAssurance Co. has a fifty-two week low of $10.76 and a fifty-two week high of $23.70. The company has a quick ratio of 0.28, a current ratio of 0.28 and a debt-to-equity ratio of 0.35.

ProAssurance (NYSE:PRA) last announced its quarterly earnings results on Tuesday, May 6th. The insurance provider reported $0.13 EPS for the quarter, missing the consensus estimate of $0.19 by ($0.06). ProAssurance had a return on equity of 2.65% and a net margin of 3.71%. The firm had revenue of $236.28 million for the quarter, compared to analyst estimates of $272.85 million. During the same quarter in the prior year, the company earned $0.08 earnings per share. The business’s revenue was down 4.5% compared to the same quarter last year. As a group, analysts predict that ProAssurance Co. will post 0.8 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of brokerages recently commented on PRA. StockNews.com initiated coverage on ProAssurance in a report on Sunday, May 11th. They set a “hold” rating for the company. Piper Sandler raised their price target on ProAssurance from $18.00 to $25.00 and gave the stock a “neutral” rating in a research note on Thursday, May 8th. Raymond James downgraded ProAssurance from a “market perform” rating to an “underperform” rating in a research note on Thursday, April 10th. Citizens Jmp downgraded ProAssurance from an “outperform” rating to a “market perform” rating in a research note on Thursday, April 3rd. Finally, Citigroup cut ProAssurance to a “market perform” rating in a report on Thursday, April 3rd. One research analyst has rated the stock with a sell rating, five have given a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat.com, ProAssurance has a consensus rating of “Hold” and an average price target of $21.00.

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.