Bank of New York Mellon Corp Purchases 8,549 Shares of ProAssurance Co. (NYSE:PRA)

Bank of New York Mellon Corp lifted its position in shares of ProAssurance Co. (NYSE:PRA) by 2.1% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 417,150 shares of the insurance provider’s stock after acquiring an additional 8,549 shares during the period. Bank of New York Mellon Corp owned approximately 0.82% of ProAssurance worth $5,098,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. CenterBook Partners LP lifted its stake in ProAssurance by 455.7% in the 4th quarter. CenterBook Partners LP now owns 80,021 shares of the insurance provider’s stock valued at $1,103,000 after purchasing an additional 65,621 shares during the last quarter. New York State Common Retirement Fund lifted its stake in 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 purchasing an additional 1,261 shares during the last quarter. Assenagon Asset Management S.A. lifted its stake in ProAssurance by 2.4% in the 2nd quarter. Assenagon Asset Management S.A. now owns 253,649 shares of the insurance provider’s stock valued at $3,100,000 after purchasing an additional 6,062 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in ProAssurance by 6.3% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,838,938 shares of the insurance provider’s stock valued at $39,150,000 after purchasing an additional 168,634 shares during the last quarter. Finally, ProShare Advisors LLC bought a new position in ProAssurance in the 1st quarter valued at approximately $132,000. Institutional investors own 85.58% of the company’s stock.

ProAssurance Trading Up 0.6 %

Shares of NYSE PRA opened at $13.00 on Friday. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.26 and a current ratio of 0.26. ProAssurance Co. has a 52-week low of $10.76 and a 52-week high of $19.25. The firm has a 50 day moving average price of $12.56 and a two-hundred day moving average price of $12.97. The stock has a market cap of $665.08 million, a P/E ratio of -24.07 and a beta of 0.23.

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, topping the consensus estimate 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 company had revenue of $290.30 million during the quarter, compared to analysts’ expectations of $235.61 million. During the same period in the prior year, the company posted $0.16 earnings per share. ProAssurance’s revenue for the quarter was down .5% compared to the same quarter last year. As a group, equities analysts forecast that ProAssurance Co. will post 0.58 EPS for the current year.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on PRA. JMP Securities dropped their price objective on shares of ProAssurance from $22.00 to $20.00 and set a “market outperform” rating for the company in a research note on Wednesday, July 17th. Truist Financial decreased their price target on shares of ProAssurance from $16.00 to $14.00 and set a “hold” rating for the company in a research report on Monday, August 12th. Two investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $16.33.

ProAssurance Profile

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.