JPMorgan Chase & Co. Purchases 58,382 Shares of ProAssurance Corporation $PRA

JPMorgan Chase & Co. grew its position in ProAssurance Corporation (NYSE:PRA) by 58.7% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 157,891 shares of the insurance provider’s stock after buying an additional 58,382 shares during the period. JPMorgan Chase & Co. owned approximately 0.31% of ProAssurance worth $3,788,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in PRA. Hudson Bay Capital Management LP grew its holdings in shares of ProAssurance by 1,050.0% during the third quarter. Hudson Bay Capital Management LP now owns 575,000 shares of the insurance provider’s stock valued at $13,794,000 after buying an additional 525,000 shares during the last quarter. Cantor Fitzgerald L. P. purchased a new position in ProAssurance in the 3rd quarter worth approximately $921,000. Morningstar Investment Management LLC bought a new position in ProAssurance in the 3rd quarter valued at approximately $1,586,000. Dark Forest Capital Management LP lifted its position in ProAssurance by 75.7% in the 3rd quarter. Dark Forest Capital Management LP now owns 26,966 shares of the insurance provider’s stock valued at $647,000 after acquiring an additional 11,616 shares in the last quarter. Finally, Prelude Capital Management LLC boosted its stake in ProAssurance by 75.1% during the 3rd quarter. Prelude Capital Management LLC now owns 173,758 shares of the insurance provider’s stock valued at $4,168,000 after purchasing an additional 74,513 shares during the last quarter. Institutional investors own 85.58% of the company’s stock.

ProAssurance Stock Performance

Shares of PRA opened at $24.61 on Friday. The firm has a market capitalization of $1.27 billion, a P/E ratio of 25.11 and a beta of 0.02. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.27 and a quick ratio of 0.27. ProAssurance Corporation has a one year low of $22.72 and a one year high of $24.85. The business has a fifty day moving average of $24.51 and a 200 day moving average of $24.20.

ProAssurance (NYSE:PRA) last posted its earnings results on Monday, February 23rd. The insurance provider reported $0.82 earnings per share for the quarter, beating analysts’ consensus estimates of $0.22 by $0.60. The company had revenue of $269.64 million for the quarter, compared to the consensus estimate of $261.08 million. ProAssurance had a return on equity of 6.50% and a net margin of 4.64%.ProAssurance’s revenue was down 7.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.36 earnings per share. As a group, sell-side analysts anticipate that ProAssurance Corporation will post 0.8 EPS for the current year.

Analyst Ratings Changes

A number of research firms have commented on PRA. Weiss Ratings reissued a “hold (c)” rating on shares of ProAssurance in a report on Thursday, January 22nd. Zacks Research raised ProAssurance from a “hold” rating to a “strong-buy” rating in a report on Tuesday, February 24th. Finally, Wall Street Zen cut ProAssurance from a “hold” rating to a “sell” rating in a research report on Saturday. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $25.00.

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.