Truist Financial Issues Positive Forecast for ProAssurance (NYSE:PRA) Stock Price

ProAssurance (NYSE:PRA) had its target price lifted by Truist Financial from $14.00 to $18.00 in a research report issued on Tuesday,Benzinga reports. The firm currently has a “hold” rating on the insurance provider’s stock. Truist Financial’s price target suggests a potential upside of 4.96% from the company’s current price.

PRA has been the topic of a number of other research reports. JMP Securities cut their price objective on shares of ProAssurance from $22.00 to $20.00 and set a “market outperform” rating on the stock in a report on Wednesday, July 17th. Piper Sandler lowered shares of ProAssurance from an “overweight” rating to a “neutral” rating and set a $18.00 price target on the stock. in a research note on Monday. Finally, StockNews.com raised shares of ProAssurance from a “hold” rating to a “buy” rating in a report on Monday. Two investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $18.67.

ProAssurance Stock Performance

Shares of NYSE PRA traded down $0.16 during midday trading on Tuesday, reaching $17.15. 135,798 shares of the company were exchanged, compared to its average volume of 282,472. The company has a current ratio of 0.26, a quick ratio of 0.26 and a debt-to-equity ratio of 0.38. ProAssurance has a 1 year low of $10.76 and a 1 year high of $17.79. The stock has a fifty day simple moving average of $14.60 and a 200 day simple moving average of $13.61. The stock has a market cap of $877.33 million, a P/E ratio of 20.66 and a beta of 0.24.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Connor Clark & Lunn Investment Management Ltd. boosted its holdings in shares of ProAssurance by 402.1% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 68,435 shares of the insurance provider’s stock valued at $1,029,000 after buying an additional 54,806 shares during the period. Assenagon Asset Management S.A. boosted its holdings in shares of ProAssurance by 91.4% in 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 period. Private Advisor Group LLC boosted its holdings in shares of ProAssurance by 12.8% in the third quarter. Private Advisor Group LLC now owns 16,806 shares of the insurance provider’s stock valued at $253,000 after buying an additional 1,905 shares during the period. Allspring Global Investments Holdings LLC boosted its holdings in shares of ProAssurance by 1.4% in 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 period. Finally, nVerses Capital LLC acquired a new position in ProAssurance during the third quarter worth $44,000. Institutional investors and hedge funds own 85.58% of the company’s stock.

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.