ProAssurance (NYSE:PRA) Given New $52.00 Price Target at JMP Securities

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ProAssurance (NYSE:PRA) had its price objective lifted by JMP Securities from $50.00 to $52.00 in a report released on Friday, September 21st. They currently have a market outperform rating on the insurance provider’s stock.

Other equities analysts have also recently issued reports about the stock. Zacks Investment Research raised shares of ProAssurance from a strong sell rating to a hold rating in a research note on Friday, August 10th. ValuEngine upgraded shares of ProAssurance from a sell rating to a hold rating in a research report on Wednesday, August 15th. Sandler O’Neill reiterated a hold rating and issued a $44.00 price objective on shares of ProAssurance in a research report on Thursday, August 9th. Finally, Boenning Scattergood reiterated a hold rating on shares of ProAssurance in a research report on Wednesday, August 8th. Seven equities research analysts have rated the stock with a hold rating and one has given a buy rating to the company. The stock has an average rating of Hold and a consensus price target of $50.50.

PRA traded down $0.35 during trading on Friday, hitting $43.36. The stock had a trading volume of 207,447 shares, compared to its average volume of 329,206. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.35 and a current ratio of 0.35. The stock has a market capitalization of $2.52 billion, a P/E ratio of 21.47 and a beta of 0.63. ProAssurance has a twelve month low of $34.95 and a twelve month high of $63.45.

ProAssurance (NYSE:PRA) last announced its quarterly earnings data on Tuesday, August 7th. The insurance provider reported $0.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.39 by $0.09. ProAssurance had a net margin of 9.67% and a return on equity of 6.14%. The company had revenue of $248.02 million for the quarter, compared to analysts’ expectations of $219.98 million. During the same period in the previous year, the company posted $0.40 EPS. Sell-side analysts predict that ProAssurance will post 1.83 EPS for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, October 10th. Stockholders of record on Friday, September 28th were issued a dividend of $0.31 per share. The ex-dividend date was Thursday, September 27th. This represents a $1.24 annualized dividend and a dividend yield of 2.86%. ProAssurance’s payout ratio is currently 61.39%.

Several hedge funds have recently made changes to their positions in PRA. BlackRock Inc. increased its position in ProAssurance by 31.3% during the 2nd quarter. BlackRock Inc. now owns 7,461,935 shares of the insurance provider’s stock worth $264,525,000 after purchasing an additional 1,777,372 shares in the last quarter. Royce & Associates LP increased its position in ProAssurance by 225.4% during the 2nd quarter. Royce & Associates LP now owns 1,464,735 shares of the insurance provider’s stock worth $51,925,000 after purchasing an additional 1,014,637 shares in the last quarter. Diamond Hill Capital Management Inc. increased its position in ProAssurance by 255.0% during the 2nd quarter. Diamond Hill Capital Management Inc. now owns 1,224,011 shares of the insurance provider’s stock worth $43,391,000 after purchasing an additional 879,264 shares in the last quarter. Northern Trust Corp increased its position in ProAssurance by 59.7% during the 2nd quarter. Northern Trust Corp now owns 922,004 shares of the insurance provider’s stock worth $32,685,000 after purchasing an additional 344,585 shares in the last quarter. Finally, Millennium Management LLC increased its position in ProAssurance by 1,103.8% during the 2nd quarter. Millennium Management LLC now owns 353,483 shares of the insurance provider’s stock worth $12,531,000 after purchasing an additional 324,119 shares in the last quarter. Institutional investors and hedge funds own 85.77% of the company’s stock.

ProAssurance Company Profile

ProAssurance Corporation, through its subsidiaries, provides property and casualty insurance, and reinsurance products in the United States. The company operates through Specialty Property and Casualty, Workers' Compensation, and Lloyd's Syndicate segments. It offers 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 for employers, groups, and associations.

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Analyst Recommendations for ProAssurance (NYSE:PRA)

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