ProAssurance Corporation (PRA) Receives “Hold” Rating from Boenning Scattergood

Boenning Scattergood reiterated their hold rating on shares of ProAssurance Corporation (NYSE:PRA) in a report issued on Tuesday, August 8th. Boenning Scattergood also issued estimates for ProAssurance Corporation’s Q3 2017 earnings at $0.44 EPS, Q4 2017 earnings at $0.65 EPS, Q1 2018 earnings at $0.46 EPS, Q2 2018 earnings at $0.43 EPS, Q3 2018 earnings at $0.44 EPS and Q4 2018 earnings at $0.63 EPS.

Several other equities research analysts also recently issued reports on PRA. Zacks Investment Research raised ProAssurance Corporation from a sell rating to a hold rating in a report on Monday, May 1st. BidaskClub raised ProAssurance Corporation from a sell rating to a hold rating in a report on Friday, June 16th. Finally, Keefe, Bruyette & Woods initiated coverage on ProAssurance Corporation in a research report on Monday, July 17th. They set a market perform rating and a $61.00 price objective on the stock. Two analysts have rated the stock with a sell rating and three have issued a hold rating to the company. ProAssurance Corporation presently has an average rating of Hold and an average price target of $63.33.

Shares of ProAssurance Corporation (NYSE PRA) traded down 1.00% during trading on Tuesday, reaching $54.45. 174,110 shares of the company were exchanged. ProAssurance Corporation has a one year low of $50.50 and a one year high of $63.53. The company has a 50 day moving average price of $59.09 and a 200-day moving average price of $59.23. The stock has a market capitalization of $2.91 billion, a price-to-earnings ratio of 19.45 and a beta of 0.51.

ProAssurance Corporation (NYSE:PRA) last announced its quarterly earnings results on Monday, August 7th. The insurance provider reported $0.40 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.39 by $0.01. ProAssurance Corporation had a return on equity of 6.59% and a net margin of 16.80%. The business had revenue of $205.58 million during the quarter, compared to the consensus estimate of $207.14 million. During the same quarter last year, the firm posted $0.67 EPS. The company’s quarterly revenue was down 4.3% on a year-over-year basis. Equities analysts predict that ProAssurance Corporation will post $2.14 EPS for the current year.

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In related news, insider Neil Frank B. O purchased 2,500 shares of the firm’s stock in a transaction that occurred on Friday, August 11th. The shares were bought at an average price of $54.75 per share, for a total transaction of $136,875.00. Following the completion of the transaction, the insider now owns 101,931 shares of the company’s stock, valued at $5,580,722.25. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Edward Lewis Rand, Jr. sold 3,155 shares of ProAssurance Corporation stock in a transaction dated Monday, June 26th. The shares were sold at an average price of $60.11, for a total value of $189,647.05. Following the completion of the transaction, the insider now owns 120,014 shares in the company, valued at approximately $7,214,041.54. The disclosure for this sale can be found here. Insiders sold 28,000 shares of company stock worth $1,703,438 in the last 90 days. 1.80% of the stock is owned by company insiders.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Assetmark Inc. boosted its position in ProAssurance Corporation by 1.1% in the first quarter. Assetmark Inc. now owns 1,779 shares of the insurance provider’s stock worth $107,000 after buying an additional 20 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in ProAssurance Corporation by 8.4% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,067 shares of the insurance provider’s stock worth $126,000 after buying an additional 161 shares in the last quarter. First Quadrant L P CA boosted its position in ProAssurance Corporation by 124.1% in the second quarter. First Quadrant L P CA now owns 2,465 shares of the insurance provider’s stock worth $150,000 after buying an additional 1,365 shares in the last quarter. Flinton Capital Management LLC boosted its position in ProAssurance Corporation by 55.3% in the second quarter. Flinton Capital Management LLC now owns 2,560 shares of the insurance provider’s stock worth $156,000 after buying an additional 912 shares in the last quarter. Finally, Riverhead Capital Management LLC boosted its position in ProAssurance Corporation by 60.8% in the second quarter. Riverhead Capital Management LLC now owns 2,895 shares of the insurance provider’s stock worth $176,000 after buying an additional 1,095 shares in the last quarter. Hedge funds and other institutional investors own 81.42% of the company’s stock.

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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