Oakworth Capital Inc. Trims Stake in ProAssurance Co. (NYSE:PRA)

Oakworth Capital Inc. lowered its position in ProAssurance Co. (NYSE:PRA) by 7.6% during the 4th quarter, HoldingsChannel reports. The fund owned 9,758 shares of the insurance provider’s stock after selling 803 shares during the period. Oakworth Capital Inc.’s holdings in ProAssurance were worth $135,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Point72 Middle East FZE bought a new position in shares of ProAssurance in the fourth quarter worth about $25,000. Lazard Asset Management LLC bought a new position in shares of ProAssurance in the first quarter worth about $31,000. Tower Research Capital LLC TRC grew its holdings in shares of ProAssurance by 85.1% in the first quarter. Tower Research Capital LLC TRC now owns 4,541 shares of the insurance provider’s stock worth $84,000 after purchasing an additional 2,088 shares during the last quarter. FMR LLC grew its holdings in shares of ProAssurance by 19.8% in the third quarter. FMR LLC now owns 4,923 shares of the insurance provider’s stock worth $93,000 after purchasing an additional 812 shares during the last quarter. Finally, Royal Bank of Canada grew its holdings in ProAssurance by 40.9% during the 2nd quarter. Royal Bank of Canada now owns 9,024 shares of the insurance provider’s stock worth $136,000 after acquiring an additional 2,620 shares in the last quarter. Hedge funds and other institutional investors own 85.58% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have issued reports on the stock. JMP Securities reiterated a “market outperform” rating and set a $22.00 target price on shares of ProAssurance in a report on Monday. Piper Sandler dropped their target price on shares of ProAssurance from $16.00 to $15.00 and set an “overweight” rating on the stock in a report on Monday, March 4th. Finally, Truist Financial dropped their target price on shares of ProAssurance from $15.00 to $14.00 and set a “hold” rating on the stock in a report on Thursday, February 29th. Two investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $17.00.

ProAssurance Stock Up 0.4 %

NYSE:PRA opened at $12.87 on Thursday. ProAssurance Co. has a fifty-two week low of $11.76 and a fifty-two week high of $19.38. The stock has a market capitalization of $655.98 million, a P/E ratio of -17.39 and a beta of 0.24. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.27 and a current ratio of 0.27. The company’s 50-day simple moving average is $12.76 and its 200-day simple moving average is $13.97.

ProAssurance (NYSE:PRA) last released its quarterly earnings results on Tuesday, February 27th. The insurance provider reported ($0.05) earnings per share for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.09). ProAssurance had a negative net margin of 3.39% and a negative return on equity of 0.53%. The firm had revenue of $296.96 million during the quarter, compared to the consensus estimate of $252.74 million. During the same quarter in the prior year, the business posted $0.06 earnings per share. The firm’s quarterly revenue was up .8% on a year-over-year basis. On average, equities analysts anticipate that ProAssurance Co. will post 0.26 earnings per share 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.