ProAssurance (NYSE:PRA) Shares Pass Above 200 Day Moving Average – Here’s Why

Shares of ProAssurance Corporation (NYSE:PRA) passed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $23.97 and traded as high as $24.13. ProAssurance shares last traded at $24.1250, with a volume of 239,856 shares changing hands.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on PRA shares. Weiss Ratings restated a “hold (c)” rating on shares of ProAssurance in a research report on Thursday. Zacks Research lowered shares of ProAssurance from a “strong-buy” rating to a “hold” rating in a report on Wednesday, November 5th. Finally, Wall Street Zen raised shares of ProAssurance to a “sell” rating in a research report on Saturday, November 22nd. Five research analysts have rated the stock with a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Reduce” and an average price target of $25.00.

ProAssurance Trading Up 0.0%

The firm has a market cap of $1.24 billion, a price-to-earnings ratio of 37.12 and a beta of 0.09. The firm’s 50-day moving average is $24.09 and its 200-day moving average is $23.97. The company has a current ratio of 0.28, a quick ratio of 0.28 and a debt-to-equity ratio of 0.32.

ProAssurance (NYSE:PRA) last released its quarterly earnings data on Tuesday, November 4th. The insurance provider reported $0.15 earnings per share for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.13). The business had revenue of $279.55 million during the quarter, compared to the consensus estimate of $268.71 million. ProAssurance had a net margin of 3.01% and a return on equity of 4.78%. The firm’s quarterly revenue was down 2.0% on a year-over-year basis. During the same period last year, the business posted $0.34 earnings per share. As a group, sell-side analysts anticipate that ProAssurance Corporation will post 0.8 EPS for the current fiscal year.

Institutional Trading of ProAssurance

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Russell Investments Group Ltd. lifted its holdings in shares of ProAssurance by 356.2% in the second quarter. Russell Investments Group Ltd. now owns 1,405 shares of the insurance provider’s stock valued at $32,000 after purchasing an additional 1,097 shares in the last quarter. Cornerstone Planning Group LLC lifted its stake in ProAssurance by 12,152.2% during the 3rd quarter. Cornerstone Planning Group LLC now owns 2,818 shares of the insurance provider’s stock valued at $68,000 after acquiring an additional 2,795 shares in the last quarter. GAMMA Investing LLC boosted its holdings 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 acquiring an additional 1,050 shares during the last quarter. Tower Research Capital LLC TRC raised its holdings in shares of ProAssurance by 271.2% in the second quarter. Tower Research Capital LLC TRC now owns 5,576 shares of the insurance provider’s stock valued at $127,000 after purchasing an additional 4,074 shares during the last quarter. Finally, BNP Paribas Financial Markets lifted its position in shares of ProAssurance by 22.8% during the second quarter. BNP Paribas Financial Markets now owns 5,679 shares of the insurance provider’s stock valued at $130,000 after purchasing an additional 1,056 shares in the last quarter. 85.58% of the stock is owned by institutional investors.

About ProAssurance

ProAssurance Corporation is a specialty property and casualty insurance holding company headquartered in Birmingham, Alabama. The company focuses primarily on professional liability coverage for healthcare providers, including physicians, surgeons, dentists and allied health professionals. ProAssurance operates through a group of insurance subsidiaries that underwrite both occurrence- and claims-made policies tailored to the unique risks faced by the medical community.

In addition to professional liability insurance, ProAssurance offers a suite of complementary property and casualty products, such as general liability, workers’ compensation, property and inland marine, and umbrella coverage.