Alpine Associates Management Inc. Purchases 403,807 Shares of ProAssurance Corporation $PRA

Alpine Associates Management Inc. raised its holdings in ProAssurance Corporation (NYSE:PRA) by 73.6% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 952,547 shares of the insurance provider’s stock after buying an additional 403,807 shares during the quarter. ProAssurance accounts for about 1.4% of Alpine Associates Management Inc.’s investment portfolio, making the stock its 18th largest position. Alpine Associates Management Inc. owned about 1.85% of ProAssurance worth $22,852,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Russell Investments Group Ltd. increased its position in shares of ProAssurance by 356.2% during 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 during the period. Cornerstone Planning Group LLC raised its stake in shares of ProAssurance by 12,152.2% in the third 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 during the last quarter. GAMMA Investing LLC boosted its stake in ProAssurance by 35.7% in the third quarter. GAMMA Investing LLC now owns 4,238 shares of the insurance provider’s stock worth $102,000 after purchasing an additional 1,115 shares in the last quarter. Tower Research Capital LLC TRC lifted its position in ProAssurance by 271.2% during the 2nd quarter. Tower Research Capital LLC TRC now owns 5,576 shares of the insurance provider’s stock worth $127,000 after buying an additional 4,074 shares in the last quarter. Finally, BNP Paribas Financial Markets increased its holdings in shares of ProAssurance by 22.8% in 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 currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

PRA has been the subject of a number of recent research reports. Weiss Ratings reissued a “hold (c)” rating on shares of ProAssurance in a research note on Thursday, January 22nd. Zacks Research cut shares of ProAssurance from a “strong-buy” rating to a “hold” rating in a report on Wednesday, November 5th. Finally, Wall Street Zen upgraded shares of ProAssurance to a “sell” rating in a research note on Saturday, November 22nd. 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, ProAssurance currently has an average rating of “Reduce” and a consensus price target of $25.00.

ProAssurance Price Performance

Shares of ProAssurance stock opened at $24.39 on Thursday. The company has a quick ratio of 0.28, a current ratio of 0.28 and a debt-to-equity ratio of 0.32. The stock has a market capitalization of $1.25 billion, a price-to-earnings ratio of 37.52 and a beta of 0.09. The company has a 50-day simple moving average of $24.17 and a two-hundred day simple moving average of $24.02. ProAssurance Corporation has a twelve month low of $13.90 and a twelve month high of $24.62.

ProAssurance Company Profile

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.