ABC Arbitrage SA Grows Stock Position in ProAssurance Corporation $PRA

ABC Arbitrage SA raised its holdings in ProAssurance Corporation (NYSE:PRA) by 14.5% during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 273,207 shares of the insurance provider’s stock after acquiring an additional 34,532 shares during the quarter. ABC Arbitrage SA owned approximately 0.53% of ProAssurance worth $6,237,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also bought and sold shares of PRA. Magnetar Financial LLC bought a new stake in shares of ProAssurance in the 1st quarter valued at about $54,121,000. Alliancebernstein L.P. increased its holdings in shares of ProAssurance by 2,035.6% in the first quarter. Alliancebernstein L.P. now owns 1,516,479 shares of the insurance provider’s stock valued at $35,410,000 after purchasing an additional 1,445,469 shares during the period. TIG Advisors LLC purchased a new position in shares of ProAssurance in the first quarter worth about $15,039,000. Adage Capital Partners GP L.L.C. acquired a new stake in shares of ProAssurance during the first quarter worth about $8,281,000. Finally, AQR Arbitrage LLC purchased a new stake in ProAssurance in the first quarter valued at approximately $8,165,000. 85.58% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages have weighed in on PRA. Weiss Ratings reaffirmed a “hold (c)” rating on shares of ProAssurance in a research report on Wednesday, October 8th. Zacks Research lowered ProAssurance from a “strong-buy” rating to a “hold” rating in a report on Wednesday, November 5th. Five analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Reduce” and an average price target of $25.00.

ProAssurance Stock Performance

NYSE PRA opened at $24.03 on Wednesday. The stock has a fifty day simple moving average of $23.95 and a 200-day simple moving average of $23.60. The company has a current ratio of 0.26, a quick ratio of 0.26 and a debt-to-equity ratio of 0.33. ProAssurance Corporation has a twelve month low of $13.00 and a twelve month high of $24.22. The stock has a market cap of $1.24 billion, a PE ratio of 25.56 and a beta of 0.11.

ProAssurance (NYSE:PRA) last posted its earnings results on Friday, May 20th. The insurance provider reported $0.04 earnings per share for the quarter. ProAssurance had a net margin of 4.33% and a return on equity of 5.62%. The firm had revenue of $220.02 million during the quarter. Equities analysts anticipate 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.