ProAssurance (NYSE:PRA) Price Target Cut to $14.00

ProAssurance (NYSE:PRA) had its price target lowered by Truist Financial from $16.00 to $14.00 in a report issued on Monday morning, Benzinga reports. The firm currently has a hold rating on the insurance provider’s stock.

Separately, JMP Securities reduced their target price on shares of ProAssurance from $22.00 to $20.00 and set a market outperform rating for the company in a research note on Wednesday, July 17th. Two equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of Moderate Buy and a consensus target price of $16.33.

ProAssurance Trading Up 1.7 %

NYSE:PRA opened at $13.53 on Monday. The business’s 50-day simple moving average is $12.21 and its 200-day simple moving average is $12.96. ProAssurance has a fifty-two week low of $10.76 and a fifty-two week high of $19.25. The company has a debt-to-equity ratio of 0.38, a current ratio of 0.26 and a quick ratio of 0.26. The stock has a market capitalization of $690.19 million, a PE ratio of -25.06 and a beta of 0.23.

ProAssurance (NYSE:PRA) last announced its quarterly earnings results on Thursday, August 8th. The insurance provider reported $0.23 earnings per share for the quarter, beating analysts’ consensus estimates of $0.08 by $0.15. ProAssurance had a negative net margin of 2.42% and a positive return on equity of 0.59%. The firm had revenue of $290.30 million for the quarter, compared to analyst estimates of $235.61 million. During the same quarter in the previous year, the firm posted $0.16 earnings per share. The business’s revenue was down .5% on a year-over-year basis. Sell-side analysts expect that ProAssurance will post 0.38 earnings per share for the current fiscal year.

Hedge Funds Weigh In On ProAssurance

Several hedge funds have recently made changes to their positions in PRA. Point72 Hong Kong Ltd acquired a new position in ProAssurance during the second quarter worth $28,000. Tower Research Capital LLC TRC boosted its stake in shares of ProAssurance by 23.3% during the 4th quarter. Tower Research Capital LLC TRC now owns 4,449 shares of the insurance provider’s stock worth $61,000 after buying an additional 842 shares during the last quarter. Innealta Capital LLC bought a new position in shares of ProAssurance in the 2nd quarter valued at about $69,000. ProShare Advisors LLC acquired a new stake in shares of ProAssurance in the first quarter valued at about $132,000. Finally, Victory Capital Management Inc. bought a new stake in ProAssurance during the fourth quarter worth about $141,000. 85.58% of the stock is owned by institutional investors.

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 Insurance, and Segregated Portfolio Cell Reinsurance segments. It offers professional liability insurance to healthcare providers and institutions, and attorneys and their firms; medical technology liability insurance to medical technology and life sciences companies; and custom alternative risk solutions, including assumed reinsurance, loss portfolio transfers, and captive cell programs for healthcare professional liability insureds.