ProAssurance Corporation (NYSE:PRA) Position Increased by Principal Financial Group Inc.

Principal Financial Group Inc. increased its holdings in ProAssurance Corporation (NYSE:PRA) by 2.7% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 254,753 shares of the insurance provider’s stock after acquiring an additional 6,684 shares during the period. Principal Financial Group Inc. owned about 0.50% of ProAssurance worth $5,948,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the stock. Amundi raised its holdings in ProAssurance by 182.3% during the fourth quarter. Amundi now owns 25,634 shares of the insurance provider’s stock valued at $389,000 after buying an additional 16,552 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. grew its position in ProAssurance by 49.3% during the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 102,152 shares of the insurance provider’s stock worth $1,625,000 after acquiring an additional 33,717 shares during the last quarter. Teacher Retirement System of Texas acquired a new position in shares of ProAssurance during the fourth quarter worth approximately $603,000. American Century Companies Inc. increased its position in ProAssurance by 17.2% in the fourth quarter. American Century Companies Inc. now owns 391,609 shares of the insurance provider’s stock worth $6,230,000 after purchasing an additional 57,556 shares during the period. Finally, KLP Kapitalforvaltning AS acquired a new stake in shares of ProAssurance during the fourth quarter worth $150,000. Institutional investors and hedge funds own 85.58% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on PRA shares. Piper Sandler raised their price objective on shares of ProAssurance from $18.00 to $25.00 and gave the stock a “neutral” rating in a report on Thursday, May 8th. Citizens Jmp downgraded shares of ProAssurance from an “outperform” rating to a “market perform” rating in a research note on Thursday, April 3rd. Citigroup downgraded shares of ProAssurance to a “market perform” rating in a report on Thursday, April 3rd. Raymond James Financial downgraded ProAssurance from a “market perform” rating to an “underperform” rating in a research report on Thursday, April 10th. Finally, Wall Street Zen started coverage on shares of ProAssurance in a research note on Monday, May 19th. They set a “hold” rating on the stock. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and one has given a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $21.00.

ProAssurance Stock Performance

Shares of PRA opened at $23.87 on Thursday. ProAssurance Corporation has a 12 month low of $11.17 and a 12 month high of $23.93. The stock has a 50 day moving average of $23.18 and a 200 day moving average of $19.96. The company has a current ratio of 0.26, a quick ratio of 0.26 and a debt-to-equity ratio of 0.34. The company has a market capitalization of $1.22 billion, a price-to-earnings ratio of 29.10 and a beta of 0.12.

ProAssurance (NYSE:PRA) last announced its quarterly earnings results on Tuesday, May 6th. The insurance provider reported $0.13 earnings per share for the quarter, missing the consensus estimate of $0.19 by ($0.06). The company had revenue of $236.28 million during the quarter, compared to analysts’ expectations of $272.85 million. ProAssurance had a net margin of 3.72% and a return on equity of 4.51%. ProAssurance’s revenue for the quarter was down 4.5% compared to the same quarter last year. During the same quarter last year, the firm posted $0.08 earnings per share. As a group, sell-side analysts forecast that ProAssurance Corporation will post 0.8 earnings per share for the current year.

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.