Teacher Retirement System of Texas Decreases Stock Holdings in ProAssurance Corporation (NYSE:PRA)

Teacher Retirement System of Texas trimmed its holdings in shares of ProAssurance Corporation (NYSE:PRA) by 63.6% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 13,769 shares of the insurance provider’s stock after selling 24,105 shares during the quarter. Teacher Retirement System of Texas’ holdings in ProAssurance were worth $322,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of PRA. Sterling Capital Management LLC increased its position in ProAssurance by 859.4% in the fourth quarter. Sterling Capital Management LLC now owns 1,631 shares of the insurance provider’s stock worth $26,000 after buying an additional 1,461 shares during the last quarter. GAMMA Investing LLC boosted its holdings in shares of ProAssurance by 307.3% in the first quarter. GAMMA Investing LLC now owns 2,073 shares of the insurance provider’s stock worth $48,000 after acquiring an additional 1,564 shares during the period. Aquatic Capital Management LLC boosted its holdings in shares of ProAssurance by 148.6% in the fourth quarter. Aquatic Capital Management LLC now owns 6,214 shares of the insurance provider’s stock worth $99,000 after acquiring an additional 3,714 shares during the period. KLP Kapitalforvaltning AS bought a new position in shares of ProAssurance in the fourth quarter worth $150,000. Finally, Scotia Capital Inc. bought a new position in shares of ProAssurance in the fourth quarter worth $173,000. 85.58% of the stock is owned by hedge funds and other institutional investors.

ProAssurance Stock Performance

NYSE PRA opened at $23.85 on Friday. The stock’s 50-day simple moving average is $23.20 and its two-hundred day simple moving average is $20.02. ProAssurance Corporation has a twelve month low of $11.17 and a twelve month high of $23.93. The company has a quick ratio of 0.26, a current 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 29.09 and a beta of 0.12.

ProAssurance (NYSE:PRA) last released its quarterly earnings results on Tuesday, May 6th. The insurance provider reported $0.13 earnings per share for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.06). ProAssurance had a net margin of 3.72% and a return on equity of 4.51%. 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 business earned $0.08 EPS. The company’s revenue for the quarter was down 4.5% on a year-over-year basis. Research analysts forecast that ProAssurance Corporation will post 0.8 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

PRA has been the subject of a number of analyst reports. Raymond James Financial lowered ProAssurance from a “market perform” rating to an “underperform” rating in a report on Thursday, April 10th. Citigroup lowered ProAssurance to a “market perform” rating in a report on Thursday, April 3rd. Citizens Jmp lowered ProAssurance from an “outperform” rating to a “market perform” rating in a report on Thursday, April 3rd. Piper Sandler raised 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. Finally, Wall Street Zen assumed coverage on ProAssurance in a report on Monday, May 19th. They issued a “hold” rating for the company. One research analyst has rated the stock with a sell rating and five have given a hold rating to the stock. According to MarketBeat.com, ProAssurance currently has a consensus rating of “Hold” and an average target price of $21.50.

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.