Assenagon Asset Management S.A. bought a new stake in ProAssurance Co. (NYSE:PRA) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 144,897 shares of the insurance provider’s stock, valued at approximately $8,281,000.
Several other institutional investors have also made changes to their positions in PRA. Flinton Capital Management LLC increased its holdings in shares of ProAssurance by 55.3% in the 2nd quarter. Flinton Capital Management LLC now owns 2,560 shares of the insurance provider’s stock valued at $156,000 after acquiring an additional 912 shares during the period. Riverhead Capital Management LLC increased its holdings in shares of ProAssurance by 60.8% in the 2nd quarter. Riverhead Capital Management LLC now owns 2,895 shares of the insurance provider’s stock valued at $176,000 after acquiring an additional 1,095 shares during the period. Verition Fund Management LLC acquired a new position in shares of ProAssurance in the 2nd quarter valued at $211,000. FineMark National Bank & Trust acquired a new position in shares of ProAssurance in the 3rd quarter valued at $223,000. Finally, HighTower Advisors LLC acquired a new position in shares of ProAssurance in the 2nd quarter valued at $226,000. 80.29% of the stock is currently owned by institutional investors and hedge funds.
In related news, Chairman William Stancil Starnes sold 2,442 shares of ProAssurance stock in a transaction on Wednesday, January 10th. The shares were sold at an average price of $55.00, for a total value of $134,310.00. Following the transaction, the chairman now directly owns 324,895 shares in the company, valued at approximately $17,869,225. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Over the last quarter, insiders sold 39,074 shares of company stock worth $2,149,329. 1.80% of the stock is currently owned by insiders.
ProAssurance (NYSE:PRA) last posted its quarterly earnings data on Monday, November 6th. The insurance provider reported $0.45 earnings per share for the quarter, beating analysts’ consensus estimates of $0.36 by $0.09. ProAssurance had a net margin of 16.18% and a return on equity of 6.75%. The firm had revenue of $228.50 million for the quarter, compared to analyst estimates of $215.12 million. During the same period last year, the firm posted $0.46 EPS. ProAssurance’s quarterly revenue was up 1.9% on a year-over-year basis. analysts predict that ProAssurance Co. will post 2.09 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, January 10th. Investors of record on Thursday, December 21st were given a $0.31 dividend. The ex-dividend date was Wednesday, December 20th. This represents a $1.24 dividend on an annualized basis and a yield of 2.23%. ProAssurance’s dividend payout ratio (DPR) is 46.10%.
A number of brokerages have recently commented on PRA. Zacks Investment Research cut shares of ProAssurance from a “buy” rating to a “hold” rating in a report on Monday, January 22nd. Keefe, Bruyette & Woods reaffirmed a “hold” rating and issued a $61.00 target price on shares of ProAssurance in a report on Wednesday, December 6th. Finally, Boenning Scattergood reaffirmed a “hold” rating on shares of ProAssurance in a report on Tuesday, November 7th. One equities research analyst has rated the stock with a sell rating and four have issued a hold rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of $59.33.
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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