Zacks: Analysts Expect ProAssurance Corporation (PRA) to Announce $0.62 Earnings Per Share

Analysts expect ProAssurance Corporation (NYSE:PRA) to announce $0.62 earnings per share for the current fiscal quarter, Zacks reports. Three analysts have provided estimates for ProAssurance’s earnings, with estimates ranging from $0.58 to $0.68. ProAssurance reported earnings of $0.83 per share during the same quarter last year, which would indicate a negative year over year growth rate of 25.3%. The firm is expected to issue its next earnings results on Wednesday, February 28th.

On average, analysts expect that ProAssurance will report full-year earnings of $2.09 per share for the current year, with EPS estimates ranging from $2.05 to $2.15. For the next fiscal year, analysts forecast that the company will post earnings of $2.11 per share, with EPS estimates ranging from $2.05 to $2.20. Zacks Investment Research’s earnings per share averages are a mean average based on a survey of sell-side analysts that follow ProAssurance.

ProAssurance (NYSE:PRA) last issued its earnings results on Monday, November 6th. The insurance provider reported $0.45 earnings per share for the quarter, beating analysts’ consensus estimates of $0.36 by $0.09. ProAssurance had a net margin of 16.18% and a return on equity of 6.75%. The firm had revenue of $228.50 million for the quarter, compared to analyst estimates of $215.12 million. During the same quarter last year, the business posted $0.46 earnings per share. The company’s quarterly revenue was up 1.9% on a year-over-year basis.

A number of analysts have weighed in on PRA shares. Buckingham Research initiated coverage on shares of ProAssurance in a research report on Monday, September 11th. They issued a “neutral” rating and a $54.00 target price on the stock. Zacks Investment Research downgraded shares of ProAssurance from a “buy” rating to a “hold” rating in a research note on Thursday. Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $61.00 price target on shares of ProAssurance in a research note on Wednesday, December 6th. Finally, Boenning Scattergood reaffirmed a “hold” rating on shares of ProAssurance in a research note on Tuesday, November 7th. One research analyst has rated the stock with a sell rating and five have given a hold rating to the stock. ProAssurance has a consensus rating of “Hold” and an average target price of $60.75.

A number of hedge funds and other institutional investors have recently made changes to their positions in PRA. FMR LLC raised its stake in ProAssurance by 28.9% during the second quarter. FMR LLC now owns 2,684,274 shares of the insurance provider’s stock worth $163,204,000 after buying an additional 602,115 shares during the last quarter. Victory Capital Management Inc. raised its stake in ProAssurance by 34.2% during the third quarter. Victory Capital Management Inc. now owns 1,470,050 shares of the insurance provider’s stock worth $80,338,000 after buying an additional 374,906 shares during the last quarter. Koch Industries Inc. bought a new position in ProAssurance during the second quarter worth $230,000. Janus Henderson Group PLC bought a new position in ProAssurance during the second quarter worth $8,896,000. Finally, Wells Fargo & Company MN raised its stake in ProAssurance by 10.7% during the third quarter. Wells Fargo & Company MN now owns 1,313,376 shares of the insurance provider’s stock worth $71,777,000 after buying an additional 127,382 shares during the last quarter. 80.17% of the stock is owned by institutional investors and hedge funds.

Shares of ProAssurance (NYSE PRA) opened at $55.85 on Friday. ProAssurance has a 52-week low of $50.70 and a 52-week high of $63.45. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.40 and a quick ratio of 0.40. The firm has a market cap of $2,983.24, a P/E ratio of 20.76 and a beta of 0.58.

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 10th. Stockholders of record on Thursday, December 21st will be paid a dividend of $0.31 per share. This represents a $1.24 annualized dividend and a dividend yield of 2.22%. The ex-dividend date is Wednesday, December 20th. ProAssurance’s payout ratio is currently 46.10%.

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About ProAssurance

ProAssurance Corporation (ProAssurance) 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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Earnings History and Estimates for ProAssurance (NYSE:PRA)

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