ProAssurance (NYSE:PRA) Reaches New 1-Year High – Time to Buy?

ProAssurance Corporation (NYSE:PRA) shares reached a new 52-week high on Thursday . The stock traded as high as $24.63 and last traded at $24.6150, with a volume of 304830 shares traded. The stock had previously closed at $24.34.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on PRA shares. Wall Street Zen raised ProAssurance to a “sell” rating in a report on Saturday, November 22nd. Zacks Research downgraded ProAssurance from a “strong-buy” rating to a “hold” rating in a report on Wednesday, November 5th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of ProAssurance in a report on Thursday, January 22nd. Five investment analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Reduce” and an average price target of $25.00.

ProAssurance Trading Up 0.0%

The company has a market cap of $1.26 billion, a PE ratio of 37.75 and a beta of 0.09. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.28 and a current ratio of 0.28. The company has a 50 day simple moving average of $24.19 and a two-hundred day simple moving average of $24.02.

Institutional Investors Weigh In On ProAssurance

Institutional investors have recently modified their holdings of the stock. AQR Capital Management LLC increased its stake in shares of ProAssurance by 40.4% in the first quarter. AQR Capital Management LLC now owns 134,641 shares of the insurance provider’s stock worth $3,144,000 after acquiring an additional 38,756 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in ProAssurance by 4.5% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 30,293 shares of the insurance provider’s stock valued at $707,000 after purchasing an additional 1,302 shares in the last quarter. Millennium Management LLC increased its position in ProAssurance by 181.5% in the 1st quarter. Millennium Management LLC now owns 306,540 shares of the insurance provider’s stock worth $7,158,000 after purchasing an additional 197,663 shares during the last quarter. Jones Financial Companies Lllp purchased a new stake in shares of ProAssurance during the 1st quarter worth about $600,000. Finally, Goldman Sachs Group Inc. lifted its holdings in shares of ProAssurance by 47.6% during the 1st quarter. Goldman Sachs Group Inc. now owns 511,759 shares of the insurance provider’s stock valued at $11,950,000 after buying an additional 165,024 shares during the last quarter. Institutional investors and hedge funds own 85.58% of the company’s stock.

About ProAssurance

ProAssurance Corporation is a specialty property and casualty insurance holding company headquartered in Birmingham, Alabama. The company focuses primarily on professional liability coverage for healthcare providers, including physicians, surgeons, dentists and allied health professionals. ProAssurance operates through a group of insurance subsidiaries that underwrite both occurrence- and claims-made policies tailored to the unique risks faced by the medical community.

In addition to professional liability insurance, ProAssurance offers a suite of complementary property and casualty products, such as general liability, workers’ compensation, property and inland marine, and umbrella coverage.