Zacks Investment Research upgraded shares of ProAssurance Corporation (NYSE:PRA) from a sell rating to a hold rating in a research report sent to investors on Wednesday, November 8th.
According to Zacks, “ProAssurance’s third-quarter 2017 earnings surpassed the Zacks Consensus Estimate but declined year over year. The company’s shares have outperformed the industry in last three months. Its core business has been witnessing substantial improvement over the past few quarters. The company has significantly achieved inorganic growth via successful acquisitions and integration of companies. Its top line has also remained strong consistently on the back of solid premium income. However, volatility in premium retention in its physician business has impacted its margins adversely. Growing expenses also continue to weigh on the bottom line. Its declining investment income has been affecting the top line.”
A number of other brokerages have also weighed in on PRA. Boenning Scattergood restated a hold rating on shares of ProAssurance in a report on Tuesday, August 8th. Keefe, Bruyette & Woods began coverage on ProAssurance in a report on Monday, July 17th. They issued a market perform rating and a $61.00 price objective on the stock. BidaskClub lowered ProAssurance from a sell rating to a strong sell rating in a report on Monday, July 31st. Finally, Buckingham Research began coverage on ProAssurance in a report on Monday, September 11th. They issued a neutral rating and a $54.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating and five have given a hold rating to the company. The stock currently has a consensus rating of Hold and a consensus target price of $60.75.
ProAssurance (NYSE:PRA) last announced its earnings results on Monday, November 6th. The insurance provider reported $0.45 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.36 by $0.09. ProAssurance had a return on equity of 6.75% and a net margin of 16.18%. The firm had revenue of $228.50 million for the quarter, compared to analyst estimates of $215.12 million. During the same quarter last year, the firm posted $0.46 EPS. The business’s revenue was up 1.9% on a year-over-year basis. analysts forecast that ProAssurance will post 2.09 earnings per share for the current year.
Institutional investors and hedge funds have recently modified their holdings of the business. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of ProAssurance by 8.4% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,067 shares of the insurance provider’s stock worth $126,000 after acquiring an additional 161 shares during the last quarter. First Quadrant L P CA increased its stake in shares of ProAssurance by 124.1% in the 2nd quarter. First Quadrant L P CA now owns 2,465 shares of the insurance provider’s stock worth $150,000 after acquiring an additional 1,365 shares during the last quarter. Flinton Capital Management LLC increased its stake in shares of ProAssurance by 55.3% in the 2nd quarter. Flinton Capital Management LLC now owns 2,560 shares of the insurance provider’s stock worth $156,000 after acquiring an additional 912 shares during the last quarter. Riverhead Capital Management LLC increased its stake in shares of ProAssurance by 60.8% in the 2nd quarter. Riverhead Capital Management LLC now owns 2,895 shares of the insurance provider’s stock worth $176,000 after acquiring an additional 1,095 shares during the last quarter. Finally, Pacad Investment Ltd. increased its stake in shares of ProAssurance by 47.6% in the 2nd quarter. Pacad Investment Ltd. now owns 3,100 shares of the insurance provider’s stock worth $188,000 after acquiring an additional 1,000 shares during the last quarter. 79.27% of the stock is owned by institutional investors and hedge funds.
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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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