ProAssurance Co. (NYSE:PRA) Sees Large Drop in Short Interest

ProAssurance Co. (NYSE:PRA) was the recipient of a significant drop in short interest in the month of November. As of November 15th, there was short interest totalling 680,600 shares, a drop of 28.0% from the October 31st total of 945,100 shares. Based on an average trading volume of 260,200 shares, the short-interest ratio is presently 2.6 days. Currently, 1.4% of the company’s stock are sold short.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the stock. Wellington Management Group LLP boosted its position in shares of ProAssurance by 3.0% during the third quarter. Wellington Management Group LLP now owns 3,164,085 shares of the insurance provider’s stock valued at $47,588,000 after buying an additional 91,987 shares during the last quarter. State Street Corp boosted its position in shares of ProAssurance by 1.8% during the third quarter. State Street Corp now owns 1,968,754 shares of the insurance provider’s stock valued at $29,610,000 after buying an additional 34,247 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its position in shares of ProAssurance by 1.4% during the third quarter. Allspring Global Investments Holdings LLC now owns 1,311,435 shares of the insurance provider’s stock valued at $19,724,000 after buying an additional 18,718 shares during the last quarter. Jacobs Levy Equity Management Inc. boosted its position in shares of ProAssurance by 0.3% during the third quarter. Jacobs Levy Equity Management Inc. now owns 587,901 shares of the insurance provider’s stock valued at $8,842,000 after buying an additional 1,738 shares during the last quarter. Finally, Assenagon Asset Management S.A. boosted its position in shares of ProAssurance by 91.4% during the third quarter. Assenagon Asset Management S.A. now owns 485,501 shares of the insurance provider’s stock valued at $7,302,000 after buying an additional 231,852 shares during the last quarter. Hedge funds and other institutional investors own 85.58% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on PRA. Piper Sandler cut ProAssurance from an “overweight” rating to a “neutral” rating and set a $18.00 price objective for the company. in a research note on Monday, November 11th. Truist Financial raised their price objective on ProAssurance from $14.00 to $18.00 and gave the company a “hold” rating in a research note on Tuesday, November 12th. Finally, StockNews.com cut ProAssurance from a “buy” rating to a “hold” rating in a research note on Tuesday, November 19th. Three analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $18.67.

ProAssurance Stock Down 0.1 %

Shares of NYSE:PRA traded down $0.01 during mid-day trading on Friday, hitting $16.72. 130,985 shares of the company traded hands, compared to its average volume of 280,403. The stock has a market cap of $855.33 million, a P/E ratio of 20.16 and a beta of 0.24. The company has a current ratio of 0.28, a quick ratio of 0.28 and a debt-to-equity ratio of 0.35. ProAssurance has a 12-month low of $10.76 and a 12-month high of $17.79. The stock has a 50-day moving average price of $15.52 and a two-hundred day moving average price of $13.85.

About ProAssurance

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.