Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its holdings in ProAssurance Co. (NYSE:PRA) by 12.9% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 12,800 shares of the insurance provider’s stock after purchasing an additional 1,463 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS’s holdings in ProAssurance were worth $601,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also bought and sold shares of the company. Ramsey Quantitative Systems lifted its holdings in ProAssurance by 57.7% in the 3rd quarter. Ramsey Quantitative Systems now owns 9,735 shares of the insurance provider’s stock worth $457,000 after purchasing an additional 3,560 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in ProAssurance by 11.5% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,029,596 shares of the insurance provider’s stock worth $71,950,000 after purchasing an additional 209,147 shares in the last quarter. Tower Research Capital LLC TRC lifted its holdings in ProAssurance by 92.1% in the 2nd quarter. Tower Research Capital LLC TRC now owns 8,131 shares of the insurance provider’s stock worth $288,000 after purchasing an additional 3,898 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in ProAssurance by 7.5% in the 2nd quarter. Bank of New York Mellon Corp now owns 669,796 shares of the insurance provider’s stock worth $23,744,000 after purchasing an additional 46,762 shares in the last quarter. Finally, Victory Capital Management Inc. lifted its holdings in ProAssurance by 0.8% in the 3rd quarter. Victory Capital Management Inc. now owns 1,855,433 shares of the insurance provider’s stock worth $87,112,000 after purchasing an additional 14,915 shares in the last quarter. 87.43% of the stock is currently owned by institutional investors.
PRA has been the topic of a number of research analyst reports. ValuEngine raised ProAssurance from a “sell” rating to a “hold” rating in a report on Wednesday, August 15th. Zacks Investment Research raised ProAssurance from a “strong sell” rating to a “hold” rating in a report on Friday, August 10th. Boenning Scattergood reissued a “hold” rating on shares of ProAssurance in a report on Thursday, November 15th. Finally, JMP Securities upped their price objective on ProAssurance from $50.00 to $52.00 and gave the stock a “market outperform” rating in a report on Friday, September 21st. Seven analysts have rated the stock with a hold rating and one has issued a buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of $50.50.
ProAssurance (NYSE:PRA) last issued its quarterly earnings data on Tuesday, November 6th. The insurance provider reported $0.42 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.40 by $0.02. The business had revenue of $249.33 million for the quarter, compared to analysts’ expectations of $223.98 million. ProAssurance had a return on equity of 6.28% and a net margin of 9.70%. The company’s revenue for the quarter was up 9.1% on a year-over-year basis. During the same period in the prior year, the firm earned $0.45 EPS. As a group, equities analysts forecast that ProAssurance Co. will post 1.72 EPS for the current fiscal year.
The company also recently disclosed a special dividend, which will be paid on Wednesday, January 9th. Stockholders of record on Friday, December 21st will be issued a dividend of $0.50 per share. The ex-dividend date is Thursday, December 20th. This represents a dividend yield of 2.88%. ProAssurance’s dividend payout ratio (DPR) is 61.39%.
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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.
Further Reading: Outstanding Shares and The Effect on Share Price
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