Quest Partners LLC Trims Stock Position in ProAssurance Co. (NYSE:PRA)

Quest Partners LLC trimmed its position in ProAssurance Co. (NYSE:PRA) by 81.3% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 6,191 shares of the insurance provider’s stock after selling 26,984 shares during the quarter. Quest Partners LLC’s holdings in ProAssurance were worth $76,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in PRA. Arizona State Retirement System grew its holdings in shares of ProAssurance by 8.1% during the 2nd quarter. Arizona State Retirement System now owns 15,136 shares of the insurance provider’s stock worth $185,000 after purchasing an additional 1,128 shares during the period. Commonwealth Equity Services LLC boosted its stake in ProAssurance by 2.5% during the second quarter. Commonwealth Equity Services LLC now owns 32,346 shares of the insurance provider’s stock worth $395,000 after buying an additional 800 shares during the period. Innealta Capital LLC acquired a new stake in shares of ProAssurance during the second quarter valued at about $69,000. Bank of New York Mellon Corp increased its position in shares of ProAssurance by 2.1% during the second quarter. Bank of New York Mellon Corp now owns 417,150 shares of the insurance provider’s stock valued at $5,098,000 after acquiring an additional 8,549 shares during the last quarter. Finally, Assenagon Asset Management S.A. raised its stake in shares of 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 acquiring an additional 6,062 shares during the period. Hedge funds and other institutional investors own 85.58% of the company’s stock.

Analysts Set New Price Targets

PRA has been the topic of several research analyst reports. JMP Securities cut their price objective on ProAssurance from $22.00 to $20.00 and set a “market outperform” rating on the stock in a report on Wednesday, July 17th. Truist Financial cut their price target on shares of ProAssurance from $16.00 to $14.00 and set a “hold” rating on the stock in a research note on Monday, August 12th. Two 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 currently has an average rating of “Moderate Buy” and an average target price of $16.33.

ProAssurance Trading Up 1.3 %

PRA opened at $13.30 on Wednesday. The business’s 50-day simple moving average is $12.64 and its 200-day simple moving average is $12.98. The company has a market cap of $678.46 million, a P/E ratio of -24.63 and a beta of 0.23. ProAssurance Co. has a one year low of $10.76 and a one year high of $19.25. 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 (NYSE:PRA) last posted its earnings results on Thursday, August 8th. The insurance provider reported $0.23 EPS 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 firm had revenue of $290.30 million for the quarter, compared to the consensus estimate of $235.61 million. During the same period last year, the firm posted $0.16 EPS. The company’s revenue was down .5% on a year-over-year basis. As a group, equities research analysts expect that ProAssurance Co. will post 0.58 EPS for the current fiscal year.

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.