ProAssurance (NYSE:PRA) Stock Crosses Above 200-Day Moving Average – Here’s What Happened

ProAssurance Corporation (NYSE:PRA)’s share price crossed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $24.37 and traded as high as $24.72. ProAssurance shares last traded at $24.7070, with a volume of 891,625 shares.

Analysts Set New Price Targets

Several research analysts recently issued reports on PRA shares. Zacks Research raised shares of ProAssurance from a “hold” rating to a “strong-buy” rating in a report on Tuesday, February 24th. Wall Street Zen cut shares of ProAssurance from a “hold” rating to a “sell” rating in a report on Sunday, May 10th. Finally, Weiss Ratings raised shares of ProAssurance from a “hold (c)” rating to a “hold (c+)” rating in a report on Friday, May 29th. One research analyst has rated the stock with a Strong Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Buy”.

ProAssurance Trading Up 0.7%

The company has a market cap of $1.28 billion, a price-to-earnings ratio of 19.77 and a beta of 0.02. The company has a quick ratio of 0.27, a current ratio of 0.27 and a debt-to-equity ratio of 0.31. The company’s 50-day moving average is $24.55 and its 200 day moving average is $24.37.

ProAssurance (NYSE:PRA) last released its quarterly earnings results on Tuesday, May 5th. The insurance provider reported $0.25 EPS for the quarter, meeting the consensus estimate of $0.25. The company had revenue of $262.63 million for the quarter, compared to analyst estimates of $216.86 million. ProAssurance had a net margin of 5.99% and a return on equity of 6.82%. The firm’s revenue was down 3.5% on a year-over-year basis. During the same quarter last year, the business earned $0.13 earnings per share. Research analysts predict that ProAssurance Corporation will post 1.25 EPS for the current year.

Institutional Trading of ProAssurance

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Hudson Bay Capital Management LP grew its position in ProAssurance by 1,050.0% during the third quarter. Hudson Bay Capital Management LP now owns 575,000 shares of the insurance provider’s stock valued at $13,794,000 after buying an additional 525,000 shares during the period. Alpine Associates Management Inc. lifted its holdings in ProAssurance by 73.6% during the third quarter. Alpine Associates Management Inc. now owns 952,547 shares of the insurance provider’s stock valued at $22,852,000 after purchasing an additional 403,807 shares in the last quarter. Gardner Lewis Asset Management L P purchased a new position in ProAssurance during the third quarter valued at $7,007,000. JPMorgan Chase & Co. lifted its holdings in ProAssurance by 58.7% during the third quarter. JPMorgan Chase & Co. now owns 157,891 shares of the insurance provider’s stock valued at $3,788,000 after purchasing an additional 58,382 shares in the last quarter. Finally, Credit Industriel ET Commercial lifted its holdings in ProAssurance by 37.5% during the fourth quarter. Credit Industriel ET Commercial now owns 346,854 shares of the insurance provider’s stock valued at $8,380,000 after purchasing an additional 94,579 shares in the last quarter. Institutional investors and hedge funds own 85.58% of the company’s stock.

About ProAssurance

ProAssurance Corporation is a specialty property and casualty insurance holding company headquartered in Birmingham, Alabama. The company focuses primarily on professional liability coverage for healthcare providers, including physicians, surgeons, dentists and allied health professionals. ProAssurance operates through a group of insurance subsidiaries that underwrite both occurrence- and claims-made policies tailored to the unique risks faced by the medical community.

In addition to professional liability insurance, ProAssurance offers a suite of complementary property and casualty products, such as general liability, workers’ compensation, property and inland marine, and umbrella coverage.