Short Interest in ProAssurance Co. (NYSE:PRA) Drops By 15.7%

ProAssurance Co. (NYSE:PRA) was the recipient of a significant decline in short interest during the month of December. As of December 15th, there was short interest totalling 481,100 shares, a decline of 15.7% from the November 30th total of 571,000 shares. Based on an average trading volume of 257,700 shares, the short-interest ratio is presently 1.9 days. Approximately 1.0% of the shares of the company are sold short.

ProAssurance Stock Performance

Shares of PRA stock traded up $0.02 during midday trading on Monday, hitting $15.68. The company had a trading volume of 16,991 shares, compared to its average volume of 277,963. The company has a debt-to-equity ratio of 0.35, a current ratio of 0.28 and a quick ratio of 0.28. The company’s 50 day simple moving average is $16.19 and its 200 day simple moving average is $14.17. ProAssurance has a 52-week low of $10.76 and a 52-week high of $17.79. The stock has a market cap of $802.13 million, a price-to-earnings ratio of 18.89 and a beta of 0.28.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on PRA shares. Piper Sandler cut ProAssurance from an “overweight” rating to a “neutral” rating and set a $18.00 target price for the company. in a research report on Monday, November 11th. Truist Financial increased their price objective 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 raised shares of ProAssurance from a “hold” rating to a “buy” rating in a report on Thursday.

Institutional Trading of ProAssurance

Several hedge funds have recently made changes to their positions in the company. State Street Corp boosted its stake in shares of ProAssurance by 1.8% in the third quarter. State Street Corp now owns 1,968,754 shares of the insurance provider’s stock valued at $29,610,000 after buying an additional 34,247 shares in the last quarter. Deerfield Management Company L.P. Series C lifted its holdings in ProAssurance by 199.4% in the second quarter. Deerfield Management Company L.P. Series C now owns 80,425 shares of the insurance provider’s stock valued at $983,000 after acquiring an additional 53,560 shares during the period. Allspring Global Investments Holdings LLC boosted its position in shares of ProAssurance by 1.4% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 1,311,435 shares of the insurance provider’s stock worth $19,724,000 after purchasing an additional 18,718 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. grew its stake in shares of ProAssurance by 402.1% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 68,435 shares of the insurance provider’s stock worth $1,029,000 after purchasing an additional 54,806 shares during the period. Finally, Public Sector Pension Investment Board increased its holdings in shares of ProAssurance by 6.1% in the 2nd quarter. Public Sector Pension Investment Board now owns 112,203 shares of the insurance provider’s stock valued at $1,371,000 after purchasing an additional 6,437 shares in the last quarter. Institutional investors and hedge funds own 85.58% of the company’s stock.

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.