ProAssurance Corporation (PRA) Coverage Initiated at Keefe, Bruyette & Woods

Equities researchers at Keefe, Bruyette & Woods assumed coverage on shares of ProAssurance Corporation (NYSE:PRA) in a research note issued on Monday, July 17th, MarketBeat reports. The brokerage set a “market perform” rating and a $61.00 price target on the insurance provider’s stock. Keefe, Bruyette & Woods’ price objective would indicate a potential upside of 11.31% from the stock’s current price.

A number of other analysts have also commented on PRA. Boenning Scattergood reaffirmed a “neutral” rating on shares of ProAssurance Corporation in a report on Tuesday, April 11th. Zacks Investment Research raised shares of ProAssurance Corporation from a “sell” rating to a “hold” rating in a report on Monday, May 1st. Finally, BidaskClub raised shares of ProAssurance Corporation from a “sell” rating to a “hold” rating in a report on Friday, June 16th. Two equities research analysts have rated the stock with a sell rating and three have given a hold rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $63.33.

Shares of ProAssurance Corporation (NYSE PRA) traded down 0.45% during trading on Monday, reaching $54.80. The company’s stock had a trading volume of 173,965 shares. The company has a market capitalization of $2.93 billion, a P/E ratio of 19.58 and a beta of 0.51. The company’s 50-day moving average is $59.99 and its 200-day moving average is $59.22. ProAssurance Corporation has a 12 month low of $50.50 and a 12 month high of $63.53.

ProAssurance Corporation (NYSE:PRA) last issued its quarterly earnings results on Monday, August 7th. The insurance provider reported $0.40 earnings per share for the quarter, beating analysts’ consensus estimates of $0.39 by $0.01. ProAssurance Corporation had a net margin of 16.80% and a return on equity of 6.59%. The business had revenue of $205.58 million during the quarter, compared to analyst estimates of $207.14 million. During the same quarter last year, the business posted $0.67 earnings per share. ProAssurance Corporation’s revenue for the quarter was down 4.3% compared to the same quarter last year. On average, analysts forecast that ProAssurance Corporation will post $2.16 EPS for the current fiscal year.

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In related news, insider Edward Lewis Rand, Jr. sold 3,155 shares of the business’s stock in a transaction on Monday, June 26th. The shares were sold at an average price of $60.11, for a total value of $189,647.05. Following the sale, the insider now directly owns 120,014 shares of the company’s stock, valued at approximately $7,214,041.54. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Edward Lewis Rand, Jr. sold 13,845 shares of the business’s stock in a transaction on Wednesday, June 28th. The shares were sold at an average price of $60.41, for a total transaction of $836,376.45. Following the completion of the sale, the insider now directly owns 117,079 shares in the company, valued at $7,072,742.39. The disclosure for this sale can be found here. Over the last three months, insiders have sold 28,000 shares of company stock worth $1,703,438. Insiders own 1.80% of the company’s stock.

A number of large investors have recently bought and sold shares of PRA. BlackRock Inc. boosted its stake in ProAssurance Corporation by 2.4% in the second quarter. BlackRock Inc. now owns 5,318,451 shares of the insurance provider’s stock valued at $323,363,000 after buying an additional 124,034 shares in the last quarter. Vanguard Group Inc. boosted its stake in shares of ProAssurance Corporation by 1.0% in the second quarter. Vanguard Group Inc. now owns 5,051,135 shares of the insurance provider’s stock valued at $307,108,000 after buying an additional 50,372 shares during the period. FMR LLC boosted its stake in shares of ProAssurance Corporation by 28.9% in the second quarter. FMR LLC now owns 2,684,274 shares of the insurance provider’s stock valued at $163,204,000 after buying an additional 602,115 shares during the period. JPMorgan Chase & Co. boosted its stake in shares of ProAssurance Corporation by 2.0% in the second quarter. JPMorgan Chase & Co. now owns 2,118,413 shares of the insurance provider’s stock valued at $128,799,000 after buying an additional 41,574 shares during the period. Finally, Dimensional Fund Advisors LP boosted its stake in shares of ProAssurance Corporation by 3.4% in the first quarter. Dimensional Fund Advisors LP now owns 1,700,841 shares of the insurance provider’s stock valued at $102,476,000 after buying an additional 55,591 shares during the period. 81.67% of the stock is currently owned by institutional investors and hedge funds.

ProAssurance Corporation Company Profile

ProAssurance Corporation (ProAssurance) 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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