ProAssurance (NYSE:PRA) Shares Gap Up Following Strong Earnings

ProAssurance Co. (NYSE:PRA) shares gapped up before the market opened on Tuesday following a better than expected earnings announcement. The stock had previously closed at $14.11, but opened at $15.12. ProAssurance shares last traded at $15.66, with a volume of 51,076 shares trading hands.

The insurance provider reported $0.36 earnings per share for the quarter, beating analysts’ consensus estimates of $0.17 by $0.19. The company had revenue of $287.52 million during the quarter, compared to the consensus estimate of $274.56 million. ProAssurance had a net margin of 3.71% and a return on equity of 2.65%.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the company. Truist Financial increased their target price on ProAssurance from $14.00 to $18.00 and gave the stock a “hold” rating in a report on Tuesday, November 12th. StockNews.com downgraded shares of ProAssurance from a “buy” rating to a “hold” rating in a research note on Wednesday. Finally, Piper Sandler lowered shares of ProAssurance from an “overweight” rating to a “neutral” rating and set a $18.00 target price on the stock. in a report on Monday, November 11th.

Hedge Funds Weigh In On ProAssurance

Several hedge funds and other institutional investors have recently modified their holdings of the business. Sterling Capital Management LLC boosted its stake in ProAssurance by 859.4% in the fourth quarter. Sterling Capital Management LLC now owns 1,631 shares of the insurance provider’s stock valued at $26,000 after buying an additional 1,461 shares in the last quarter. KBC Group NV lifted its holdings in shares of ProAssurance by 75.4% in the fourth quarter. KBC Group NV now owns 4,184 shares of the insurance provider’s stock worth $67,000 after acquiring an additional 1,798 shares during the last quarter. Aquatic Capital Management LLC boosted its stake in shares of ProAssurance by 148.6% in the 4th quarter. Aquatic Capital Management LLC now owns 6,214 shares of the insurance provider’s stock valued at $99,000 after purchasing an additional 3,714 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. boosted its stake in shares of ProAssurance by 94.3% in the 3rd quarter. Point72 Asia Singapore Pte. Ltd. now owns 8,347 shares of the insurance provider’s stock valued at $126,000 after purchasing an additional 4,052 shares in the last quarter. Finally, KLP Kapitalforvaltning AS bought a new stake in shares of ProAssurance during the 4th quarter valued at approximately $150,000. Institutional investors own 85.58% of the company’s stock.

ProAssurance Stock Performance

The firm has a market capitalization of $800.08 million, a price-to-earnings ratio of 18.84 and a beta of 0.27. 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 stock’s 50-day moving average is $15.13 and its 200-day moving average is $15.05.

ProAssurance Company 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.