ProAssurance (NYSE:PRA) Sets New 52-Week High – Here’s Why

ProAssurance Co. (NYSE:PRA)’s stock price reached a new 52-week high during mid-day trading on Thursday . The company traded as high as $23.40 and last traded at $23.37, with a volume of 713204 shares changing hands. The stock had previously closed at $23.28.

Analyst Ratings Changes

Separately, StockNews.com downgraded ProAssurance from a “buy” rating to a “hold” rating in a report on Friday, March 21st.

ProAssurance Price Performance

The company’s fifty day moving average price is $15.91 and its two-hundred day moving average price is $15.61. The company has a quick ratio of 0.28, a current ratio of 0.28 and a debt-to-equity ratio of 0.35. The company has a market cap of $1.20 billion, a price-to-earnings ratio of 28.15 and a beta of 0.21.

ProAssurance (NYSE:PRA) last announced its earnings results on Monday, February 24th. The insurance provider reported $0.36 earnings per share for the quarter, topping analysts’ consensus estimates of $0.17 by $0.19. The firm had revenue of $287.52 million during the quarter, compared to analyst estimates of $274.56 million. ProAssurance had a net margin of 3.71% and a return on equity of 2.65%. On average, equities research analysts forecast that ProAssurance Co. will post 0.8 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of PRA. Janus Henderson Group PLC lifted its stake in ProAssurance by 2,655.2% in the 4th quarter. Janus Henderson Group PLC now owns 645,358 shares of the insurance provider’s stock valued at $10,268,000 after acquiring an additional 621,935 shares in the last quarter. Zacks Investment Management bought a new stake in shares of ProAssurance in the third quarter worth $5,140,000. Arrowstreet Capital Limited Partnership boosted its holdings in ProAssurance by 92.1% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 690,871 shares of the insurance provider’s stock worth $10,992,000 after purchasing an additional 331,224 shares during the last quarter. Tudor Investment Corp ET AL bought a new position in ProAssurance in the fourth quarter valued at $2,466,000. Finally, Dimensional Fund Advisors LP increased its stake in ProAssurance by 4.8% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,703,953 shares of the insurance provider’s stock valued at $43,019,000 after buying an additional 123,232 shares during the last quarter. 85.58% of the stock is currently owned by institutional investors.

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.