According to Zacks, “The shares of ProAssurance have gained 16% in 2016 compared to 21% gained by the Zacks categorized Property & Casualty insurance industry on the back of its exposure to persistently low interest rate as well as reduced retention rates. Volatility in premium retention in its physician business is another headwind. The Zacks Consensus Estimate for the fourth quarter is currently pegged at $0.67 reflecting 7.8% year over year decline. However, its inorganic growth strategies have largely helped it build a solid competitive market position. Its robust capital position has enabled it to boost investors’ return by undertaking share buybacks as well as paying quarterly dividends and special dividends. Prudent operating and financial leverage, responsible pricing, loss reserve practice and conservative investments in assets will likely drive growth.”
Shares of ProAssurance Corporation (NYSE:PRA) traded up 1.027% during mid-day trading on Tuesday, hitting $56.575. 305,202 shares of the stock traded hands. The company has a market cap of $3.01 billion, a P/E ratio of 23.045 and a beta of 0.46. ProAssurance Corporation has a one year low of $45.78 and a one year high of $63.53. The stock has a 50 day moving average price of $57.81 and a 200-day moving average price of $54.21.
The company also recently announced a quarterly dividend, which was paid on Monday, January 9th. Investors of record on Friday, December 23rd were paid a $0.31 dividend. This represents a $1.24 annualized dividend and a yield of 2.21%. The ex-dividend date was Wednesday, December 21st. ProAssurance Corporation’s payout ratio is 50.61%.
A number of hedge funds and other institutional investors have recently made changes to their positions in PRA. Vanguard Group Inc. increased its position in shares of ProAssurance Corporation by 2.8% in the second quarter. Vanguard Group Inc. now owns 4,421,231 shares of the company’s stock valued at $236,756,000 after buying an additional 120,561 shares during the last quarter. BlackRock Fund Advisors increased its position in shares of ProAssurance Corporation by 8.5% in the third quarter. BlackRock Fund Advisors now owns 2,899,423 shares of the company’s stock valued at $152,162,000 after buying an additional 226,750 shares during the last quarter. JPMorgan Chase & Co. increased its position in shares of ProAssurance Corporation by 14.6% in the third quarter. JPMorgan Chase & Co. now owns 2,098,944 shares of the company’s stock valued at $110,152,000 after buying an additional 268,203 shares during the last quarter. TimesSquare Capital Management LLC increased its position in shares of ProAssurance Corporation by 9.3% in the third quarter. TimesSquare Capital Management LLC now owns 2,085,680 shares of the company’s stock valued at $109,456,000 after buying an additional 177,100 shares during the last quarter. Finally, Wells Fargo & Company MN increased its position in shares of ProAssurance Corporation by 1.0% in the third quarter. Wells Fargo & Company MN now owns 1,736,374 shares of the company’s stock valued at $91,126,000 after buying an additional 17,324 shares during the last quarter. 80.55% of the stock is owned by hedge funds and other institutional investors.
ProAssurance Corporation Company Profile
ProAssurance Corporation is a holding company for property and casualty insurance companies. The Company provides professional liability insurance for healthcare professionals and facilities, professional liability insurance for attorneys, liability insurance for medical technology and life sciences risks, and workers’ compensation insurance.
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