ProAssurance (NYSE:PRA) Share Price Crosses Above Two Hundred Day Moving Average of $12.97

Shares of ProAssurance Co. (NYSE:PRA) crossed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $12.97 and traded as high as $13.73. ProAssurance shares last traded at $13.30, with a volume of 209,394 shares changing hands.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on PRA shares. Truist Financial lowered their target price on shares of ProAssurance from $16.00 to $14.00 and set a “hold” rating on the stock in a report on Monday, August 12th. JMP Securities reduced their price target on shares of ProAssurance from $22.00 to $20.00 and set a “market outperform” rating for the company in a research report on Wednesday, July 17th. Two investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, ProAssurance presently has a consensus rating of “Moderate Buy” and a consensus price target of $16.33.

ProAssurance Price Performance

The firm’s 50-day moving average is $12.32 and its 200-day moving average is $12.97. The company has a market capitalization of $678.46 million, a PE ratio of -24.63 and a beta of 0.23. The company has a quick ratio of 0.26, a current ratio of 0.26 and a debt-to-equity ratio of 0.38.

ProAssurance (NYSE:PRA) last announced its earnings results on Thursday, August 8th. The insurance provider reported $0.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.08 by $0.15. ProAssurance had a negative net margin of 2.42% and a positive return on equity of 0.59%. The company had revenue of $290.30 million during the quarter, compared to analyst estimates of $235.61 million. During the same period in the previous year, the business earned $0.16 earnings per share. The firm’s quarterly revenue was down .5% compared to the same quarter last year. Equities analysts predict that ProAssurance Co. will post 0.38 earnings per share for the current fiscal year.

Institutional Trading of ProAssurance

Several hedge funds have recently added to or reduced their stakes in the business. Dana Investment Advisors Inc. lifted its stake in ProAssurance by 33.6% in the second quarter. Dana Investment Advisors Inc. now owns 434,850 shares of the insurance provider’s stock worth $5,314,000 after purchasing an additional 109,253 shares during the last quarter. Susquehanna Fundamental Investments LLC bought a new stake in ProAssurance in the second quarter worth $166,000. Smith Thornton Advisors LLC bought a new stake in ProAssurance in the second quarter worth $821,000. The Manufacturers Life Insurance Company lifted its stake in ProAssurance by 7.8% in the second quarter. The Manufacturers Life Insurance Company now owns 21,106 shares of the insurance provider’s stock worth $258,000 after purchasing an additional 1,521 shares during the last quarter. Finally, Deerfield Management Company L.P. Series C lifted its stake in ProAssurance by 199.4% in the second quarter. Deerfield Management Company L.P. Series C now owns 80,425 shares of the insurance provider’s stock worth $983,000 after purchasing an additional 53,560 shares during the last quarter. 85.58% of the stock is owned by institutional investors.

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, and Segregated Portfolio Cell Reinsurance segments. It offers professional liability insurance to healthcare providers and institutions, and attorneys and their firms; medical technology liability insurance to medical technology and life sciences companies; and custom alternative risk solutions, including assumed reinsurance, loss portfolio transfers, and captive cell programs for healthcare professional liability insureds.