Principal Financial Group Inc. Has $3.63 Million Position in ProAssurance Co. (NYSE:PRA)

Principal Financial Group Inc. cut its stake in ProAssurance Co. (NYSE:PRA) by 4.3% during the third quarter, HoldingsChannel reports. The fund owned 241,150 shares of the insurance provider’s stock after selling 10,774 shares during the quarter. Principal Financial Group Inc.’s holdings in ProAssurance were worth $3,627,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Commonwealth Equity Services LLC increased its position in ProAssurance by 2.5% in the 2nd quarter. Commonwealth Equity Services LLC now owns 32,346 shares of the insurance provider’s stock worth $395,000 after purchasing an additional 800 shares during the last quarter. Arizona State Retirement System increased its holdings in ProAssurance by 8.1% in the second quarter. Arizona State Retirement System now owns 15,136 shares of the insurance provider’s stock worth $185,000 after buying an additional 1,128 shares during the last quarter. The Manufacturers Life Insurance Company raised its position in ProAssurance by 7.8% during the second quarter. The Manufacturers Life Insurance Company now owns 21,106 shares of the insurance provider’s stock valued at $258,000 after acquiring an additional 1,521 shares in the last quarter. Jacobs Levy Equity Management Inc. lifted its stake in ProAssurance by 0.3% in the third quarter. Jacobs Levy Equity Management Inc. now owns 587,901 shares of the insurance provider’s stock valued at $8,842,000 after acquiring an additional 1,738 shares during the last quarter. Finally, Private Advisor Group LLC grew its position in ProAssurance by 12.8% in the third quarter. Private Advisor Group LLC now owns 16,806 shares of the insurance provider’s stock worth $253,000 after acquiring an additional 1,905 shares in the last quarter. 85.58% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on PRA shares. Piper Sandler downgraded shares of ProAssurance from an “overweight” rating to a “neutral” rating and set a $18.00 price target on the stock. in a report on Monday, November 11th. Truist Financial raised their target price on ProAssurance from $14.00 to $18.00 and gave the company a “hold” rating in a report on Tuesday, November 12th. Finally, StockNews.com upgraded ProAssurance from a “hold” rating to a “buy” rating in a research note on Thursday, December 26th.

ProAssurance Price Performance

NYSE PRA opened at $15.71 on Friday. ProAssurance Co. has a 1 year low of $10.76 and a 1 year high of $17.79. The company has a fifty day simple moving average of $16.24 and a 200 day simple moving average of $14.24. The company has a current ratio of 0.28, a quick ratio of 0.28 and a debt-to-equity ratio of 0.35. The company has a market cap of $803.66 million, a P/E ratio of 18.93 and a beta of 0.28.

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.