Millennium Management LLC Sells 30,203 Shares of ProAssurance Co. (NYSE:PRA)

Millennium Management LLC cut its stake in ProAssurance Co. (NYSE:PRA) by 21.7% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 108,877 shares of the insurance provider’s stock after selling 30,203 shares during the period. Millennium Management LLC owned 0.21% of ProAssurance worth $1,732,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of the company. Sterling Capital Management LLC raised its position in shares of ProAssurance by 859.4% in the 4th quarter. Sterling Capital Management LLC now owns 1,631 shares of the insurance provider’s stock worth $26,000 after acquiring an additional 1,461 shares in the last quarter. KBC Group NV raised its holdings in ProAssurance by 75.4% in the fourth quarter. KBC Group NV now owns 4,184 shares of the insurance provider’s stock worth $67,000 after purchasing an additional 1,798 shares in the last quarter. Aquatic Capital Management LLC lifted its position in ProAssurance by 148.6% during the fourth quarter. Aquatic Capital Management LLC now owns 6,214 shares of the insurance provider’s stock valued at $99,000 after buying an additional 3,714 shares during the period. KLP Kapitalforvaltning AS bought a new stake in shares of ProAssurance during the 4th quarter valued at $150,000. Finally, Scotia Capital Inc. bought a new stake in shares of ProAssurance during the 4th quarter valued at $173,000. 85.58% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

PRA has been the subject of several research reports. Citizens Jmp lowered shares of ProAssurance from an “outperform” rating to a “market perform” rating in a research note on Thursday, April 3rd. Raymond James downgraded shares of ProAssurance from a “market perform” rating to an “underperform” rating in a research note on Thursday, April 10th. Wall Street Zen initiated coverage on shares of ProAssurance in a report on Monday, May 19th. They set a “hold” rating for the company. Piper Sandler boosted their price target on ProAssurance from $18.00 to $25.00 and gave the stock a “neutral” rating in a research report on Thursday, May 8th. Finally, Citigroup lowered ProAssurance to a “market perform” rating in a research report on Thursday, April 3rd. One 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. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $21.00.

ProAssurance Stock Performance

Shares of PRA stock opened at $23.20 on Tuesday. The company has a market capitalization of $1.19 billion, a price-to-earnings ratio of 27.95 and a beta of 0.04. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.28 and a current ratio of 0.28. ProAssurance Co. has a one year low of $10.76 and a one year high of $23.70. The company’s 50-day moving average is $23.15 and its 200 day moving average is $18.50.

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

ProAssurance 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.