Brokerages Set ProAssurance Corporation (NYSE:PRA) Target Price at $21.00

Shares of ProAssurance Corporation (NYSE:PRA) have earned a consensus rating of “Reduce” from the five research firms that are currently covering the stock, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell recommendation and four have issued a hold recommendation on the company. The average 1-year price target among analysts that have covered the stock in the last year is $21.50.

Several equities analysts have recently issued reports on PRA shares. Citizens Jmp cut ProAssurance from an “outperform” rating to a “market perform” rating in a report on Thursday, April 3rd. Raymond James Financial cut ProAssurance from a “market perform” rating to an “underperform” rating in a report on Thursday, April 10th. Piper Sandler upped their price target on ProAssurance from $18.00 to $25.00 and gave the stock a “neutral” rating in a report on Thursday, May 8th. Citigroup cut ProAssurance to a “market perform” rating in a report on Thursday, April 3rd. Finally, Wall Street Zen initiated coverage on ProAssurance in a report on Monday, May 19th. They issued a “hold” rating for the company.

Institutional Investors Weigh In On ProAssurance

Several large investors have recently bought and sold shares of the company. State of Alaska Department of Revenue increased its stake in ProAssurance by 7.8% during the 2nd quarter. State of Alaska Department of Revenue now owns 30,552 shares of the insurance provider’s stock worth $697,000 after buying an additional 2,207 shares in the last quarter. GAMMA Investing LLC increased its stake in ProAssurance by 50.7% during the 2nd quarter. GAMMA Investing LLC now owns 3,123 shares of the insurance provider’s stock worth $71,000 after buying an additional 1,050 shares in the last quarter. Ellsworth Advisors LLC purchased a new stake in ProAssurance during the 1st quarter worth approximately $955,000. Acadian Asset Management LLC purchased a new stake in ProAssurance during the 1st quarter worth approximately $237,000. Finally, Jane Street Group LLC increased its stake in ProAssurance by 70.0% during the 1st quarter. Jane Street Group LLC now owns 72,944 shares of the insurance provider’s stock worth $1,703,000 after buying an additional 30,028 shares in the last quarter. 85.58% of the stock is currently owned by hedge funds and other institutional investors.

ProAssurance Stock Performance

Shares of PRA stock opened at $23.85 on Wednesday. The stock has a market cap of $1.22 billion, a PE ratio of 29.09 and a beta of 0.12. The business has a 50-day simple moving average of $23.20 and a 200-day simple moving average of $20.02. The company has a quick ratio of 0.26, a current ratio of 0.26 and a debt-to-equity ratio of 0.34. ProAssurance has a 52-week low of $11.17 and a 52-week high of $23.93.

ProAssurance (NYSE:PRA) last issued its quarterly earnings data on Tuesday, May 6th. The insurance provider reported $0.13 earnings per share (EPS) 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 analyst estimates of $272.85 million. ProAssurance had a net margin of 3.72% and a return on equity of 4.51%. The business’s quarterly revenue was down 4.5% compared to the same quarter last year. During the same period last year, the firm earned $0.08 EPS. On average, equities analysts expect that ProAssurance will post 0.8 EPS for the current year.

About ProAssurance

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.