Russell Investments Group Ltd. increased its holdings in shares of ProAssurance Corporation (NYSE:PRA) by 6.0% in the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 41,221 shares of the insurance provider’s stock after purchasing an additional 2,334 shares during the quarter. Russell Investments Group Ltd. owned 0.08% of ProAssurance worth $2,253,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors have also bought and sold shares of the company. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in ProAssurance by 8.4% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,067 shares of the insurance provider’s stock worth $126,000 after purchasing an additional 161 shares in the last quarter. Flinton Capital Management LLC increased its stake in ProAssurance by 55.3% during the 2nd quarter. Flinton Capital Management LLC now owns 2,560 shares of the insurance provider’s stock worth $156,000 after purchasing an additional 912 shares in the last quarter. Riverhead Capital Management LLC increased its stake in ProAssurance by 60.8% during the 2nd quarter. Riverhead Capital Management LLC now owns 2,895 shares of the insurance provider’s stock worth $176,000 after purchasing an additional 1,095 shares in the last quarter. Pacad Investment Ltd. increased its stake in ProAssurance by 47.6% during the 2nd quarter. Pacad Investment Ltd. now owns 3,100 shares of the insurance provider’s stock worth $188,000 after purchasing an additional 1,000 shares in the last quarter. Finally, Verition Fund Management LLC bought a new stake in ProAssurance during the 2nd quarter worth approximately $211,000. 80.17% of the stock is owned by institutional investors and hedge funds.
A number of analysts recently issued reports on the company. Zacks Investment Research raised ProAssurance from a “hold” rating to a “buy” rating and set a $68.00 target price for the company in a research note on Wednesday, December 13th. Keefe, Bruyette & Woods reissued a “hold” rating and set a $61.00 target price on shares of ProAssurance in a research note on Wednesday, December 6th. Boenning Scattergood reissued a “hold” rating on shares of ProAssurance in a research note on Tuesday, November 7th. Finally, Buckingham Research assumed coverage on ProAssurance in a research note on Monday, September 11th. They set a “neutral” rating and a $54.00 target price for the company. One analyst has rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the stock. ProAssurance has a consensus rating of “Hold” and an average price target of $60.75.
ProAssurance (NYSE:PRA) last issued its quarterly earnings results on Monday, November 6th. The insurance provider reported $0.45 earnings per share for the quarter, topping the consensus estimate of $0.36 by $0.09. The company had revenue of $228.50 million during the quarter, compared to analysts’ expectations of $215.12 million. ProAssurance had a net margin of 16.18% and a return on equity of 6.75%. The business’s quarterly revenue was up 1.9% on a year-over-year basis. During the same period last year, the business earned $0.46 EPS. equities research analysts predict that ProAssurance Corporation will post 2.09 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 10th. Stockholders of record on Thursday, December 21st will be paid a dividend of $0.31 per share. The ex-dividend date is Wednesday, December 20th. This represents a $1.24 annualized dividend and a dividend yield of 2.19%. ProAssurance’s dividend payout ratio is currently 46.10%.
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ProAssurance 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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