Summit Global Investments purchased a new position in shares of ProAssurance Co. (NYSE:PRA – Free Report) during the 2nd quarter, according to its most recent 13F filing with the SEC. The firm purchased 15,266 shares of the insurance provider’s stock, valued at approximately $230,000.
A number of other institutional investors have also recently made changes to their positions in the stock. Louisiana State Employees Retirement System boosted its holdings in ProAssurance by 12.7% in the second quarter. Louisiana State Employees Retirement System now owns 28,400 shares of the insurance provider’s stock valued at $429,000 after acquiring an additional 3,200 shares in the last quarter. Ameriprise Financial Inc. raised its stake in ProAssurance by 12.4% in the first quarter. Ameriprise Financial Inc. now owns 1,067,463 shares of the insurance provider’s stock worth $19,727,000 after buying an additional 118,139 shares in the last quarter. JPMorgan Chase & Co. boosted its position in ProAssurance by 22.3% during the 1st quarter. JPMorgan Chase & Co. now owns 69,694 shares of the insurance provider’s stock valued at $1,287,000 after acquiring an additional 12,692 shares in the last quarter. Susquehanna International Group LLP purchased a new position in shares of ProAssurance during the 1st quarter worth approximately $547,000. Finally, Third Avenue Management LLC grew its position in shares of ProAssurance by 17.2% in the 1st quarter. Third Avenue Management LLC now owns 444,085 shares of the insurance provider’s stock worth $8,207,000 after buying an additional 65,042 shares during the period. Hedge funds and other institutional investors own 85.14% of the company’s stock.
Analysts Set New Price Targets
A number of analysts have commented on PRA shares. Piper Sandler lifted their target price on ProAssurance from $15.00 to $16.00 in a report on Thursday, July 6th. StockNews.com assumed coverage on shares of ProAssurance in a report on Thursday, August 17th. They set a “hold” rating for the company. Finally, JMP Securities dropped their target price on shares of ProAssurance from $30.00 to $25.00 in a report on Wednesday, July 12th.
ProAssurance Stock Up 0.2 %
Shares of PRA stock opened at $18.89 on Monday. ProAssurance Co. has a 1-year low of $11.87 and a 1-year high of $22.82. The company has a debt-to-equity ratio of 0.38, a current ratio of 0.29 and a quick ratio of 0.29. The company has a market cap of $983.41 million, a price-to-earnings ratio of 104.95 and a beta of 0.38. The stock’s fifty day moving average price is $17.80 and its 200 day moving average price is $16.63.
ProAssurance (NYSE:PRA – Get Free Report) last posted its quarterly 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. The company had revenue of $291.83 million for the quarter, compared to analyst estimates of $237.33 million. ProAssurance had a net margin of 0.82% and a return on equity of 0.09%. The firm’s revenue was up 14.1% on a year-over-year basis. During the same period in the prior year, the company earned $0.30 earnings per share. On average, research analysts expect that ProAssurance Co. will post 0.34 earnings per share for the current fiscal year.
About ProAssurance
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.
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