ProAssurance (NYSE:PRA) Announces Earnings Results, Hits Expectations

ProAssurance (NYSE:PRA) posted its quarterly earnings data on Tuesday. The insurance provider reported $0.25 EPS for the quarter, meeting analysts’ consensus estimates of $0.25, FiscalAI reports. The company had revenue of $262.63 million during the quarter, compared to analysts’ expectations of $216.86 million. ProAssurance had a return on equity of 6.50% and a net margin of 4.64%.ProAssurance’s revenue for the quarter was down 3.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.13 earnings per share.

ProAssurance Price Performance

Shares of NYSE:PRA traded up $0.01 during trading on Tuesday, hitting $24.66. 700,195 shares of the company’s stock were exchanged, compared to its average volume of 916,961. The business’s 50-day simple moving average is $24.59 and its 200 day simple moving average is $24.30. ProAssurance has a 52-week low of $22.72 and a 52-week high of $24.85. The company has a market cap of $1.27 billion, a price-to-earnings ratio of 25.16 and a beta of 0.04. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.27 and a quick ratio of 0.27.

Institutional Investors Weigh In On ProAssurance

Institutional investors have recently modified their holdings of the stock. Inspire Investing LLC raised its holdings in shares of ProAssurance by 3.0% in the fourth quarter. Inspire Investing LLC now owns 19,386 shares of the insurance provider’s stock worth $468,000 after buying an additional 569 shares during the period. LPL Financial LLC lifted its holdings in shares of ProAssurance by 7.6% in the 4th quarter. LPL Financial LLC now owns 10,616 shares of the insurance provider’s stock valued at $256,000 after buying an additional 747 shares during the period. Jane Street Group LLC lifted its holdings in shares of ProAssurance by 1.2% in the 2nd quarter. Jane Street Group LLC now owns 73,834 shares of the insurance provider’s stock valued at $1,686,000 after buying an additional 890 shares during the period. Illinois Municipal Retirement Fund lifted its holdings in shares of ProAssurance by 3.5% in the 4th quarter. Illinois Municipal Retirement Fund now owns 27,993 shares of the insurance provider’s stock valued at $676,000 after buying an additional 948 shares during the period. Finally, BNP Paribas Financial Markets lifted its holdings 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 valued at $130,000 after buying an additional 1,056 shares during the period. 85.58% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of analysts recently commented on the company. Wall Street Zen upgraded ProAssurance from a “sell” rating to a “hold” rating in a research report on Saturday. Weiss Ratings reiterated a “hold (c)” rating on shares of ProAssurance in a research report on Thursday, January 22nd. Finally, Zacks Research upgraded ProAssurance from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, February 24th. One investment analyst has rated the stock with a Strong Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, ProAssurance currently has a consensus rating of “Moderate Buy” and a consensus price target of $25.00.

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.