ProAssurance (PRA) Lifted to “Buy” at Zacks Investment Research

ProAssurance (NYSE:PRA) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Friday. The firm presently has a $63.00 price objective on the insurance provider’s stock. Zacks Investment Research‘s target price would indicate a potential upside of 12.80% from the stock’s previous close.

According to Zacks, “ProAssurance’s core business has been witnessing substantial improvement over the past few quarters. The company has significantly achieved inorganic growth via successful acquisitions and integration of companies. Its top line has also remained strong consistently on the back of solid premium income. However, the shares have underperformed the industry in last three months. Volatility in premium retention in its physician business has impacted its margins adversely. Growing expenses also continue to weigh on the bottom line. Its declining investment income has been affecting the top line.”

PRA has been the topic of a number of other research reports. Boenning Scattergood reiterated a “hold” rating on shares of ProAssurance in a research note on Tuesday, November 7th. Keefe, Bruyette & Woods reiterated a “hold” rating and set a $61.00 price objective on shares of ProAssurance in a research note on Wednesday, December 6th. Finally, Buckingham Research initiated coverage on shares of ProAssurance in a research note on Monday, September 11th. They set a “neutral” rating and a $54.00 price objective on the stock. One research analyst has rated the stock with a sell rating, four have issued a hold rating and one has issued a buy rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $59.50.

ProAssurance (NYSE PRA) traded up $0.45 on Friday, hitting $55.85. 604,200 shares of the stock were exchanged, compared to its average volume of 389,700. The stock has a market capitalization of $2,959.20, a price-to-earnings ratio of 20.76 and a beta of 0.58. ProAssurance has a 12 month low of $50.70 and a 12 month 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.

ProAssurance (NYSE:PRA) last posted its quarterly earnings data on Monday, November 6th. The insurance provider reported $0.45 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.36 by $0.09. The company had revenue of $228.50 million for the quarter, compared to analyst estimates of $215.12 million. ProAssurance had a net margin of 16.18% and a return on equity of 6.75%. The business’s quarterly revenue was up 1.9% on a year-over-year basis. During the same quarter last year, the firm posted $0.46 earnings per share. analysts forecast that ProAssurance will post 2.09 earnings per share for the current year.

Several large investors have recently modified their holdings of PRA. Schwab Charles Investment Management Inc. increased its stake in shares of ProAssurance by 8.5% in the second quarter. Schwab Charles Investment Management Inc. now owns 264,328 shares of the insurance provider’s stock worth $16,072,000 after buying an additional 20,747 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in ProAssurance by 8.4% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,067 shares of the insurance provider’s stock worth $126,000 after purchasing an additional 161 shares during the period. Principal Financial Group Inc. boosted its holdings in ProAssurance by 5.8% in the second quarter. Principal Financial Group Inc. now owns 435,409 shares of the insurance provider’s stock worth $26,473,000 after purchasing an additional 23,845 shares during the period. Pacad Investment Ltd. boosted its holdings in ProAssurance by 47.6% in the second quarter. Pacad Investment Ltd. now owns 3,100 shares of the insurance provider’s stock worth $188,000 after purchasing an additional 1,000 shares during the period. Finally, Swiss National Bank boosted its holdings in ProAssurance by 1.6% in the second quarter. Swiss National Bank now owns 89,500 shares of the insurance provider’s stock worth $5,442,000 after purchasing an additional 1,400 shares during the period. Institutional investors and hedge funds own 80.17% of the company’s stock.

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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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