Renaissance Technologies LLC grew its holdings in shares of ProAssurance Corporation (NYSE:PRA) by 27.4% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 448,038 shares of the insurance provider’s stock after purchasing an additional 96,238 shares during the period. Renaissance Technologies LLC owned 0.84% of ProAssurance Corporation worth $27,241,000 as of its most recent SEC filing.
Several other hedge funds have also recently added to or reduced their stakes in PRA. World Asset Management Inc bought a new position in ProAssurance Corporation in the 1st quarter valued at about $204,000. UBS Asset Management Americas Inc. grew its position in ProAssurance Corporation by 14.1% in the 1st quarter. UBS Asset Management Americas Inc. now owns 44,995 shares of the insurance provider’s stock valued at $2,711,000 after buying an additional 5,574 shares in the last quarter. Mason Street Advisors LLC grew its position in ProAssurance Corporation by 6.9% in the 1st quarter. Mason Street Advisors LLC now owns 12,441 shares of the insurance provider’s stock valued at $750,000 after buying an additional 806 shares in the last quarter. M&T Bank Corp grew its position in ProAssurance Corporation by 0.5% in the 1st quarter. M&T Bank Corp now owns 8,760 shares of the insurance provider’s stock valued at $528,000 after buying an additional 40 shares in the last quarter. Finally, Prudential Financial Inc. boosted its position in shares of ProAssurance Corporation by 4.0% during the 1st quarter. Prudential Financial Inc. now owns 101,820 shares of the insurance provider’s stock valued at $6,135,000 after purchasing an additional 3,910 shares in the last quarter. 79.76% of the stock is currently owned by institutional investors and hedge funds.
In other news, insider Neil Frank B. O bought 2,500 shares of the firm’s stock in a transaction dated Friday, August 18th. The stock was purchased at an average price of $54.50 per share, with a total value of $136,250.00. Following the transaction, the insider now owns 104,431 shares of the company’s stock, valued at $5,691,489.50. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Howard H. Friedman purchased 2,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 9th. The stock was bought at an average price of $55.00 per share, for a total transaction of $110,000.00. Following the purchase, the insider now directly owns 259,573 shares in the company, valued at $14,276,515. The disclosure for this purchase can be found here. Over the last 90 days, insiders have purchased 7,000 shares of company stock valued at $383,125. 1.80% of the stock is owned by company insiders.
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ProAssurance Corporation (NYSE PRA) opened at 55.95 on Tuesday. ProAssurance Corporation has a 12 month low of $50.50 and a 12 month high of $63.53. The company has a market cap of $2.99 billion, a price-to-earnings ratio of 19.99 and a beta of 0.54. The company’s 50-day moving average is $54.12 and its 200 day moving average is $58.10.
ProAssurance Corporation (NYSE:PRA) last issued its earnings results on Monday, August 7th. The insurance provider reported $0.40 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.39 by $0.01. ProAssurance Corporation had a return on equity of 6.59% and a net margin of 16.80%. The firm had revenue of $205.58 million for the quarter, compared to analyst estimates of $207.14 million. During the same period in the previous year, the company posted $0.67 earnings per share. The business’s revenue was down 4.3% on a year-over-year basis. Equities analysts forecast that ProAssurance Corporation will post $2.02 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 10th. Investors of record on Friday, September 29th were paid a dividend of $0.31 per share. The ex-dividend date of this dividend was Thursday, September 28th. This represents a $1.24 dividend on an annualized basis and a dividend yield of 2.22%. ProAssurance Corporation’s payout ratio is 44.60%.
Several equities analysts have recently weighed in on the stock. Boenning Scattergood restated a “hold” rating on shares of ProAssurance Corporation in a research report on Tuesday, August 1st. BidaskClub lowered shares of ProAssurance Corporation from a “sell” rating to a “strong sell” rating in a research report on Monday, July 31st. Zacks Investment Research upgraded shares of ProAssurance Corporation from a “hold” rating to a “buy” rating and set a $69.00 target price for the company in a report on Wednesday, July 5th. Keefe, Bruyette & Woods started coverage on shares of ProAssurance Corporation in a report on Monday, July 17th. They issued a “market perform” rating and a $61.00 target price for the company. Finally, Buckingham Research assumed coverage on shares of ProAssurance Corporation in a report on Monday, September 11th. They issued a “neutral” rating and a $54.00 target price for the company. Two research analysts have rated the stock with a sell rating and four have given a hold rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $60.75.
ProAssurance Corporation Profile
ProAssurance Corporation (ProAssurance) is a holding company for property and casualty insurance companies. The Company provides professional liability insurance for healthcare professionals and facilities, professional liability insurance for attorneys, liability insurance for medical technology and life sciences risks, and workers’ compensation insurance.
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