ProAssurance Corporation $PRA Shares Acquired by Hudson Bay Capital Management LP

Hudson Bay Capital Management LP lifted its stake in shares of ProAssurance Corporation (NYSE:PRA) by 1,050.0% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 575,000 shares of the insurance provider’s stock after purchasing an additional 525,000 shares during the quarter. Hudson Bay Capital Management LP’s holdings in ProAssurance were worth $13,794,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of the stock. Russell Investments Group Ltd. grew its position in ProAssurance by 356.2% in the 2nd quarter. Russell Investments Group Ltd. now owns 1,405 shares of the insurance provider’s stock valued at $32,000 after buying an additional 1,097 shares during the last quarter. Cornerstone Planning Group LLC increased its stake in ProAssurance by 12,152.2% in the 3rd quarter. Cornerstone Planning Group LLC now owns 2,818 shares of the insurance provider’s stock valued at $68,000 after buying an additional 2,795 shares during the period. GAMMA Investing LLC raised its position in ProAssurance by 35.7% during the 3rd quarter. GAMMA Investing LLC now owns 4,238 shares of the insurance provider’s stock worth $102,000 after buying an additional 1,115 shares during the last quarter. Tower Research Capital LLC TRC lifted its stake in shares of ProAssurance by 271.2% in the 2nd quarter. Tower Research Capital LLC TRC now owns 5,576 shares of the insurance provider’s stock worth $127,000 after acquiring an additional 4,074 shares during the period. Finally, BNP Paribas Financial Markets lifted its stake in shares of ProAssurance by 22.8% in the 2nd quarter. BNP Paribas Financial Markets now owns 5,679 shares of the insurance provider’s stock worth $130,000 after acquiring an additional 1,056 shares during the period. 85.58% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts have recently weighed in on the stock. Wall Street Zen raised shares of ProAssurance from a “sell” rating to a “hold” rating in a report on Saturday, February 28th. Zacks Research raised shares of ProAssurance from a “hold” rating to a “strong-buy” rating in a report on Tuesday, February 24th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of ProAssurance in a research report on Thursday, January 22nd. One analyst has rated the stock with a Strong Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $25.00.

ProAssurance Trading Down 0.1%

NYSE:PRA opened at $24.47 on Friday. The stock has a fifty day moving average price of $24.40 and a two-hundred day moving average price of $24.14. The stock has a market capitalization of $1.26 billion, a price-to-earnings ratio of 24.96 and a beta of 0.04. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.27 and a current ratio of 0.27. ProAssurance Corporation has a 1 year low of $22.72 and a 1 year high of $24.77.

ProAssurance (NYSE:PRA) last issued its earnings results on Monday, February 23rd. The insurance provider reported $0.82 EPS for the quarter, topping the consensus estimate of $0.22 by $0.60. ProAssurance had a net margin of 4.64% and a return on equity of 6.50%. The company had revenue of $269.64 million for the quarter, compared to analyst estimates of $261.08 million. During the same period in the previous year, the firm earned $0.36 EPS. The business’s revenue was down 7.1% on a year-over-year basis. As a group, sell-side analysts anticipate that ProAssurance Corporation will post 0.8 earnings per share for the current fiscal year.

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.