Cambiar Investors LLC decreased its position in shares of ProAssurance Corp. (NYSE:PRA) by 8.6% during the second quarter, Holdings Channel reports. The fund owned 573,934 shares of the company’s stock after selling 53,746 shares during the period. Cambiar Investors LLC’s holdings in ProAssurance Corp. were worth $30,734,000 as of its most recent SEC filing.
Several other hedge funds have also made changes to their positions in the stock. OMERS ADMINISTRATION Corp acquired a new stake in shares of ProAssurance Corp. during the first quarter worth approximately $951,000. M&T Bank Corp boosted its stake in shares of ProAssurance Corp. by 0.4% in the first quarter. M&T Bank Corp now owns 10,256 shares of the company’s stock worth $519,000 after buying an additional 39 shares during the last quarter. Bessemer Group Inc. boosted its stake in shares of ProAssurance Corp. by 24.2% in the first quarter. Bessemer Group Inc. now owns 77,031 shares of the company’s stock worth $3,898,000 after buying an additional 15,026 shares during the last quarter. JPMorgan Chase & Co. boosted its stake in shares of ProAssurance Corp. by 14.1% in the first quarter. JPMorgan Chase & Co. now owns 1,703,627 shares of the company’s stock worth $86,203,000 after buying an additional 210,275 shares during the last quarter. Finally, BlackRock Group LTD boosted its stake in shares of ProAssurance Corp. by 6.7% in the first quarter. BlackRock Group LTD now owns 76,413 shares of the company’s stock worth $3,866,000 after buying an additional 4,831 shares during the last quarter. Institutional investors own 80.78% of the company’s stock.
ProAssurance Corp. (NYSE:PRA) traded up 0.85% during mid-day trading on Friday, reaching $52.48. 159,401 shares of the company’s stock traded hands. ProAssurance Corp. has a 12-month low of $45.78 and a 12-month high of $55.43. The company has a market cap of $2.79 billion, a P/E ratio of 26.11 and a beta of 0.42. The stock has a 50 day moving average of $53.65 and a 200 day moving average of $51.48.
ProAssurance Corp. (NYSE:PRA) last issued its earnings results on Wednesday, August 3rd. The company reported $0.67 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.57 by $0.10. The business earned $214.80 million during the quarter, compared to analysts’ expectations of $202.70 million. ProAssurance Corp. had a net margin of 16.40% and a return on equity of 7.65%. The business’s revenue for the quarter was up 5.6% compared to the same quarter last year. During the same period in the previous year, the company earned $0.64 earnings per share. On average, equities research analysts predict that ProAssurance Corp. will post $2.40 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, October 7th. Shareholders of record on Wednesday, September 28th will be issued a $0.31 dividend. The ex-dividend date of this dividend is Monday, September 26th. This represents a $1.24 annualized dividend and a yield of 2.36%. ProAssurance Corp.’s dividend payout ratio (DPR) is presently 61.69%.
A number of analysts recently commented on the stock. Zacks Investment Research upgraded shares of ProAssurance Corp. from a “hold” rating to a “buy” rating and set a $61.00 price target on the stock in a research note on Tuesday, August 9th. TheStreet upgraded shares of ProAssurance Corp. from a “hold” rating to a “buy” rating in a research note on Friday, June 3rd. Finally, JMP Securities upped their price target on shares of ProAssurance Corp. to $57.00 and gave the company an “outperform” rating in a research note on Monday, June 13th.
ProAssurance Corp. Company Profile
ProAssurance Corporation is a holding company for property and casualty insurance companies. The Company provides professional liability insurance for healthcare professionals and facilities, professional liability insurance for attorneys, liability insurance for medical technology and life sciences risks, and workers’ compensation insurance.
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