Brokerages Set ProAssurance Corporation (PRA) Target Price at $60.75

ProAssurance Corporation (NYSE:PRA) has been assigned an average recommendation of “Hold” from the six brokerages that are currently covering the firm, Marketbeat reports. One research analyst has rated the stock with a sell recommendation, four have issued a hold recommendation and one has issued a buy recommendation on the company. The average 1 year target price among brokerages that have issued ratings on the stock in the last year is $60.75.

PRA has been the subject of a number of recent analyst reports. Zacks Investment Research upgraded ProAssurance from a “hold” rating to a “buy” rating and set a $68.00 price objective for the company in a report on Wednesday, December 13th. Keefe, Bruyette & Woods reiterated a “hold” rating and issued a $61.00 price objective on shares of ProAssurance in a report on Wednesday, December 6th. Boenning Scattergood reiterated a “hold” rating on shares of ProAssurance in a report on Tuesday, November 7th. Finally, Buckingham Research initiated coverage on ProAssurance in a report on Monday, September 11th. They issued a “neutral” rating and a $54.00 price objective for the company.

ProAssurance (NYSE:PRA) traded down $0.05 during mid-day trading on Wednesday, hitting $56.55. The stock had a trading volume of 126,565 shares, compared to its average volume of 205,451. The company has a market capitalization of $3,023.30, a P/E ratio of 21.02 and a beta of 0.58. ProAssurance has a 12 month low of $50.70 and a 12 month high of $63.45. The company has a current ratio of 0.40, a quick ratio of 0.40 and a debt-to-equity ratio of 0.22.

ProAssurance (NYSE:PRA) last released its earnings results on Monday, November 6th. The insurance provider reported $0.45 earnings per share for the quarter, topping analysts’ consensus estimates of $0.36 by $0.09. The company had revenue of $228.50 million during the quarter, compared to the consensus estimate of $215.12 million. ProAssurance had a return on equity of 6.75% and a net margin of 16.18%. The firm’s quarterly revenue was up 1.9% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.46 earnings per share. analysts predict that ProAssurance will post 2.09 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 10th. Shareholders of record on Thursday, December 21st will be paid a $0.31 dividend. The ex-dividend date of this dividend is Wednesday, December 20th. This represents a $1.24 dividend on an annualized basis and a yield of 2.19%. ProAssurance’s payout ratio is 46.10%.

Large investors have recently bought and sold shares of the business. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in ProAssurance by 8.4% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,067 shares of the insurance provider’s stock valued at $126,000 after acquiring an additional 161 shares during the period. Flinton Capital Management LLC boosted its position in shares of ProAssurance by 55.3% during 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 during the period. Riverhead Capital Management LLC boosted its position in shares of ProAssurance by 60.8% during 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 during the period. Pacad Investment Ltd. boosted its position in shares of ProAssurance by 47.6% during the second quarter. Pacad Investment Ltd. now owns 3,100 shares of the insurance provider’s stock worth $188,000 after buying an additional 1,000 shares during the period. Finally, Verition Fund Management LLC acquired a new position in shares of ProAssurance during the second quarter worth about $211,000. 80.17% of the stock is owned by hedge funds and other institutional investors.

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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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