Zacks Research Weighs in on ProAssurance Co.’s Q3 2024 Earnings (NYSE:PRA)

ProAssurance Co. (NYSE:PRA) – Research analysts at Zacks Research boosted their Q3 2024 EPS estimates for ProAssurance in a report released on Wednesday, September 4th. Zacks Research analyst K. Dey now expects that the insurance provider will earn $0.11 per share for the quarter, up from their prior forecast of $0.10. The consensus estimate for ProAssurance’s current full-year earnings is $0.58 per share. Zacks Research also issued estimates for ProAssurance’s Q4 2024 earnings at $0.16 EPS, FY2024 earnings at $0.57 EPS, Q4 2025 earnings at $0.23 EPS and FY2025 earnings at $0.77 EPS.

Other research analysts also recently issued research reports about the stock. JMP Securities reduced their price target on shares of ProAssurance from $22.00 to $20.00 and set a “market outperform” rating on the stock in a research note on Wednesday, July 17th. Truist Financial lowered their price target 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. Two analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $16.33.

ProAssurance Trading Down 3.7 %

NYSE PRA opened at $13.02 on Friday. The stock has a market cap of $664.18 million, a PE ratio of -24.20 and a beta of 0.23. ProAssurance has a 12 month low of $10.76 and a 12 month high of $19.25. The company’s 50-day moving average price is $12.45 and its 200-day moving average price is $12.98. The company has a current ratio of 0.26, a quick ratio of 0.26 and a debt-to-equity ratio of 0.38.

ProAssurance (NYSE:PRA) last posted its quarterly earnings data on Thursday, August 8th. The insurance provider reported $0.23 earnings per share for the quarter, beating analysts’ consensus estimates of $0.08 by $0.15. ProAssurance had a negative net margin of 2.00% and a positive return on equity of 0.86%. The business had revenue of $290.30 million for the quarter, compared to analysts’ expectations of $235.61 million. During the same quarter in the previous year, the business posted $0.16 earnings per share. The business’s revenue was down .5% compared to the same quarter last year.

Institutional Trading of ProAssurance

Institutional investors and hedge funds have recently bought and sold shares of the business. Commonwealth Equity Services LLC increased its holdings in shares of ProAssurance by 2.5% during the 2nd quarter. Commonwealth Equity Services LLC now owns 32,346 shares of the insurance provider’s stock valued at $395,000 after purchasing an additional 800 shares in the last quarter. Arizona State Retirement System grew its stake in shares of ProAssurance by 8.1% in the second quarter. Arizona State Retirement System now owns 15,136 shares of the insurance provider’s stock valued at $185,000 after buying an additional 1,128 shares in the last quarter. New York State Common Retirement Fund raised its holdings in shares of ProAssurance by 5.6% in the 4th quarter. New York State Common Retirement Fund now owns 23,600 shares of the insurance provider’s stock valued at $325,000 after buying an additional 1,261 shares during the period. The Manufacturers Life Insurance Company grew its stake in ProAssurance by 7.8% during the 2nd 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 in the last quarter. Finally, Price T Rowe Associates Inc. MD boosted its position in shares of ProAssurance by 3.8% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 44,323 shares of the insurance provider’s stock worth $570,000 after acquiring an additional 1,619 shares in the last quarter. 85.58% of the stock is currently owned by institutional investors and hedge funds.

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.