ProAssurance Co. (NYSE:PRA) – Boenning Scattergood increased their Q1 2022 earnings per share estimates for ProAssurance in a research report issued on Monday, November 22nd. Boenning Scattergood analyst R. Farnam now expects that the insurance provider will post earnings per share of $0.06 for the quarter, up from their prior estimate of $0.02. Boenning Scattergood also issued estimates for ProAssurance’s Q3 2022 earnings at $0.11 EPS, Q4 2022 earnings at $0.24 EPS and FY2023 earnings at $0.80 EPS.
Separately, Piper Sandler upgraded shares of ProAssurance from a “neutral” rating to an “overweight” rating and increased their target price for the stock from $23.00 to $26.00 in a report on Tuesday, August 10th. Two research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat.com, ProAssurance currently has an average rating of “Buy” and a consensus target price of $26.50.
ProAssurance (NYSE:PRA) last announced its quarterly earnings data on Monday, November 8th. The insurance provider reported $0.25 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.16 by $0.09. The firm had revenue of $309.70 million for the quarter, compared to analysts’ expectations of $275.04 million. ProAssurance had a return on equity of 3.32% and a net margin of 12.13%. The company’s revenue for the quarter was up 36.5% compared to the same quarter last year. During the same period last year, the firm earned $0.05 earnings per share.
Institutional investors and hedge funds have recently modified their holdings of the business. Marshall Wace North America L.P. purchased a new stake in ProAssurance in the first quarter worth about $42,000. First Mercantile Trust Co. purchased a new stake in ProAssurance in the second quarter worth about $62,000. First Horizon Advisors Inc. purchased a new stake in ProAssurance in the third quarter worth about $76,000. Royal Bank of Canada lifted its holdings in ProAssurance by 43.1% in the second quarter. Royal Bank of Canada now owns 6,083 shares of the insurance provider’s stock worth $138,000 after buying an additional 1,833 shares during the period. Finally, Mutual of America Capital Management LLC lifted its holdings in ProAssurance by 6.6% in the second quarter. Mutual of America Capital Management LLC now owns 7,670 shares of the insurance provider’s stock worth $174,000 after buying an additional 473 shares during the period. Institutional investors and hedge funds own 83.43% of the company’s stock.
The company also recently announced a quarterly dividend, which was paid on Friday, October 8th. Stockholders of record on Friday, September 24th were issued a dividend of $0.05 per share. The ex-dividend date was Thursday, September 23rd. This represents a $0.20 dividend on an annualized basis and a dividend yield of 0.83%. ProAssurance’s dividend payout ratio is currently 8.55%.
ProAssurance Corp. is a holding company. It operates through the following segments: Specialty Property and Casualty, Workers’ Compensation Insurance, Lloyd’s Syndicate, Segregated Portfolio Cell Reinsurance and Corporate. The Specialty Property and Casualty segment includes professional liability business and medical technology and life sciences business.
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