Federated Hermes Inc. Grows Stock Holdings in ProAssurance Co. (NYSE:PRA)

Posted by Defense World Staff on Aug 13th, 2023

Federated Hermes Inc. raised its holdings in ProAssurance Co. (NYSE:PRA – Free Report) by 30.1% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 496,984 shares of the insurance provider’s stock after purchasing an additional 114,960 shares during the period. Federated Hermes Inc. owned 0.92% of ProAssurance worth $9,184,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently modified their holdings of the company. Point72 Middle East FZE acquired a new position in shares of ProAssurance in the fourth quarter valued at approximately $25,000. Lazard Asset Management LLC acquired a new position in ProAssurance during the first quarter worth approximately $31,000. HighTower Advisors LLC acquired a new stake in shares of ProAssurance in the fourth quarter worth $181,000. Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of ProAssurance by 25.5% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 10,613 shares of the insurance provider’s stock worth $185,000 after acquiring an additional 2,156 shares in the last quarter. Finally, Versor Investments LP acquired a new stake in shares of ProAssurance in the fourth quarter worth $189,000. Hedge funds and other institutional investors own 85.54% of the company’s stock.

ProAssurance Stock Up 0.7 %

PRA stock opened at $18.28 on Friday. The company has a quick ratio of 0.27, a current ratio of 0.29 and a debt-to-equity ratio of 0.38. ProAssurance Co. has a fifty-two week low of $11.87 and a fifty-two week high of $23.92. The firm’s 50-day simple moving average is $15.62 and its 200 day simple moving average is $16.95. The stock has a market cap of $951.66 million, a PE ratio of 101.56 and a beta of 0.45.

ProAssurance (NYSE:PRA – Get Free Report) last released its earnings results on Tuesday, August 8th. The insurance provider reported $0.16 EPS for the quarter, beating the consensus estimate of $0.08 by $0.08. ProAssurance had a net margin of 0.82% and a return on equity of 0.09%. The firm had revenue of $291.83 million for the quarter, compared to analysts’ expectations of $237.33 million. During the same quarter last year, the company earned $0.30 EPS. ProAssurance’s quarterly revenue was up 14.1% on a year-over-year basis. As a group, sell-side analysts predict that ProAssurance Co. will post 0.28 EPS for the current year.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on PRA shares. StockNews.com started coverage on shares of ProAssurance in a research note on Thursday, May 18th. They issued a “hold” rating for the company. JMP Securities reduced their price objective on shares of ProAssurance from $30.00 to $25.00 in a research note on Wednesday, July 12th. Piper Sandler increased their price objective on shares of ProAssurance from $15.00 to $16.00 in a research note on Thursday, July 6th. Finally, Truist Financial reduced their price objective on shares of ProAssurance from $22.00 to $16.00 in a research note on Wednesday, May 17th.

Read Our Latest Analysis on PRA

ProAssurance Profile

(Free Report)

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, Segregated Portfolio Cell Reinsurance, and Lloyd's Syndicates segments.

Federated Hermes Inc. Grows Stock Holdings in ProAssurance Co. (NYSE:PRA)

ProAssurance Stock Up 0.7 %

Analyst Upgrades and Downgrades

ProAssurance Profile

Further Reading

You might be interested in: