Louisiana State Employees Retirement System Decreases Stake in ProAssurance Co. (NYSE:PRA)

Louisiana State Employees Retirement System lessened its holdings in shares of ProAssurance Co. (NYSE:PRA) by 3.9% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 24,700 shares of the insurance provider’s stock after selling 1,000 shares during the quarter. Louisiana State Employees Retirement System’s holdings in ProAssurance were worth $371,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Allspring Global Investments Holdings LLC increased its stake in ProAssurance by 1.4% during the third quarter. Allspring Global Investments Holdings LLC now owns 1,311,435 shares of the insurance provider’s stock valued at $19,724,000 after purchasing an additional 18,718 shares during the last quarter. Assenagon Asset Management S.A. raised its position in shares of ProAssurance by 91.4% during the 3rd quarter. Assenagon Asset Management S.A. now owns 485,501 shares of the insurance provider’s stock worth $7,302,000 after purchasing an additional 231,852 shares during the period. Dana Investment Advisors Inc. lifted its stake in ProAssurance by 33.6% in the second quarter. Dana Investment Advisors Inc. now owns 434,850 shares of the insurance provider’s stock valued at $5,314,000 after buying an additional 109,253 shares during the last quarter. Bank of New York Mellon Corp boosted its holdings 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 period. Finally, American Century Companies Inc. grew its position in shares of ProAssurance by 4.7% during the second quarter. American Century Companies Inc. now owns 305,698 shares of the insurance provider’s stock worth $3,736,000 after acquiring an additional 13,650 shares during the last quarter. 85.58% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on PRA shares. JMP Securities cut their price target 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 reduced their price target on shares of ProAssurance from $16.00 to $14.00 and set a “hold” rating for the company in a research note on Monday, August 12th.

ProAssurance Stock Performance

Shares of PRA opened at $16.51 on Thursday. The company has a debt-to-equity ratio of 0.38, a current ratio of 0.26 and a quick ratio of 0.26. The firm’s 50 day moving average is $14.39 and its 200-day moving average is $13.54. ProAssurance Co. has a 12-month low of $10.76 and a 12-month high of $17.95. The stock has a market capitalization of $844.65 million, a P/E ratio of -37.52 and a beta of 0.24.

ProAssurance (NYSE:PRA) last posted its quarterly earnings results on Thursday, August 8th. The insurance provider reported $0.23 earnings per share (EPS) 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 firm had revenue of $290.30 million for the quarter, compared to analyst estimates of $235.61 million. During the same quarter in the previous year, the business posted $0.16 earnings per share. The firm’s quarterly revenue was down .5% compared to the same quarter last year. Equities research analysts anticipate that ProAssurance Co. will post 0.58 EPS for the current fiscal year.

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.