ProAssurance (NYSE:PRA) Reaches New 12-Month High – Time to Buy?

Shares of ProAssurance Corporation (NYSE:PRA) hit a new 52-week high during trading on Thursday . The stock traded as high as $24.63 and last traded at $24.6150, with a volume of 304830 shares changing hands. The stock had previously closed at $24.34.

Analysts Set New Price Targets

Several equities research analysts have commented on the stock. Weiss Ratings reiterated a “hold (c)” rating on shares of ProAssurance in a research note on Thursday, January 22nd. Wall Street Zen raised ProAssurance to a “sell” rating in a research report on Saturday, November 22nd. Finally, Zacks Research downgraded shares of ProAssurance from a “strong-buy” rating to a “hold” rating in a report on Wednesday, November 5th. Five equities research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Reduce” and an average price target of $25.00.

ProAssurance Stock Up 0.8%

The firm has a market capitalization of $1.26 billion, a PE ratio of 37.75 and a beta of 0.09. The stock has a 50-day simple moving average of $24.17 and a 200-day simple moving average of $24.02. The company has a quick ratio of 0.28, a current ratio of 0.28 and a debt-to-equity ratio of 0.32.

Institutional Investors Weigh In On ProAssurance

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Russell Investments Group Ltd. boosted its position in ProAssurance by 356.2% during the second quarter. Russell Investments Group Ltd. now owns 1,405 shares of the insurance provider’s stock worth $32,000 after purchasing an additional 1,097 shares during the period. Cornerstone Planning Group LLC lifted its stake in shares of ProAssurance by 12,152.2% during 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 in the last quarter. GAMMA Investing LLC lifted its stake in shares of ProAssurance by 35.7% during the 3rd quarter. GAMMA Investing LLC now owns 4,238 shares of the insurance provider’s stock valued at $102,000 after buying an additional 1,115 shares in the last quarter. Tower Research Capital LLC TRC boosted its holdings in 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 buying an additional 4,074 shares during the period. Finally, BNP Paribas Financial Markets grew its stake in 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 in the last quarter. 85.58% of the stock is currently owned by institutional investors.

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.