ProAssurance (PRA) Rating Increased to Buy at Zacks Investment Research

ProAssurance (NYSE:PRA) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Friday, January 5th. The firm currently has a $63.00 price target on the insurance provider’s stock. Zacks Investment Research‘s target price points to a potential upside of 12.90% from the company’s current price.

According to Zacks, “ProAssurance’s 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, the shares have underperformed the industry in last three months. 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.”

PRA has been the subject of several other research reports. Boenning Scattergood reiterated a “hold” rating on shares of ProAssurance in a research note on Tuesday, November 7th. Keefe, Bruyette & Woods reiterated a “hold” rating and issued a $61.00 price objective on shares of ProAssurance in a research note on Wednesday, December 6th. Finally, Buckingham Research initiated coverage on shares of ProAssurance in a research note on Monday, September 11th. They set a “neutral” rating and a $54.00 price target for the company. One analyst has rated the stock with a sell rating and five have given a hold rating to the company’s stock. The stock has an average rating of “Hold” and an average target price of $59.50.

ProAssurance (PRA) traded up $0.60 during midday trading on Friday, reaching $55.80. The company’s stock had a trading volume of 215,600 shares, compared to its average volume of 261,250. The company has a market capitalization of $2,948.52, a PE ratio of 20.74 and a beta of 0.58. The company has a quick ratio of 0.40, a current ratio of 0.40 and a debt-to-equity ratio of 0.22. ProAssurance has a 12-month low of $50.70 and a 12-month high of $63.45.

ProAssurance (NYSE:PRA) last posted its quarterly earnings data on Monday, November 6th. The insurance provider reported $0.45 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.36 by $0.09. ProAssurance had a return on equity of 6.75% and a net margin of 16.18%. The business had revenue of $228.50 million during the quarter, compared to the consensus estimate of $215.12 million. During the same period in the prior year, the business posted $0.46 earnings per share. ProAssurance’s quarterly revenue was up 1.9% on a year-over-year basis. equities research analysts expect that ProAssurance will post 2.09 earnings per share for the current year.

In other news, Chairman William Stancil Starnes sold 2,442 shares of ProAssurance stock in a transaction on Wednesday, January 10th. The shares were sold at an average price of $55.00, for a total transaction of $134,310.00. Following the completion of the sale, the chairman now directly owns 324,895 shares of the company’s stock, valued at approximately $17,869,225. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders sold a total of 39,074 shares of company stock valued at $2,149,329 over the last quarter. 1.80% of the stock is owned by company insiders.

Several hedge funds have recently added to or reduced their stakes in the business. BlackRock Inc. increased its position in shares of ProAssurance by 2.4% in the second quarter. BlackRock Inc. now owns 5,318,451 shares of the insurance provider’s stock valued at $323,363,000 after acquiring an additional 124,034 shares during the period. Vanguard Group Inc. increased its position in shares of ProAssurance by 1.0% during the second quarter. Vanguard Group Inc. now owns 5,051,135 shares of the insurance provider’s stock valued at $307,108,000 after buying an additional 50,372 shares during the period. FMR LLC boosted its stake in ProAssurance by 28.9% during the second quarter. FMR LLC now owns 2,684,274 shares of the insurance provider’s stock worth $163,204,000 after acquiring an additional 602,115 shares in the last quarter. JPMorgan Chase & Co. boosted its stake in ProAssurance by 1.1% during the third quarter. JPMorgan Chase & Co. now owns 2,142,632 shares of the insurance provider’s stock worth $116,988,000 after acquiring an additional 24,219 shares in the last quarter. Finally, TimesSquare Capital Management LLC boosted its stake in ProAssurance by 1.3% during the third quarter. TimesSquare Capital Management LLC now owns 2,037,585 shares of the insurance provider’s stock worth $111,354,000 after acquiring an additional 25,905 shares in the last quarter. Hedge funds and other institutional investors own 80.29% of the company’s stock.

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ProAssurance Company 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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