ProAssurance Corporation (NYSE:PRA) – Stock analysts at Boenning Scattergood reduced their Q3 2017 EPS estimates for shares of ProAssurance Corporation in a research report issued on Thursday. Boenning Scattergood analyst R. Farnam now expects that the insurance provider will post earnings of $0.31 per share for the quarter, down from their previous estimate of $0.44. Boenning Scattergood currently has a “Hold” rating on the stock. Boenning Scattergood also issued estimates for ProAssurance Corporation’s FY2017 earnings at $1.98 EPS and FY2019 earnings at $1.85 EPS.
PRA has been the subject of a number of other reports. Zacks Investment Research raised shares of ProAssurance Corporation from a “hold” rating to a “buy” rating and set a $69.00 price objective for the company in a research report on Wednesday, July 5th. Keefe, Bruyette & Woods started coverage on shares of ProAssurance Corporation in a research note on Monday, July 17th. They issued a “market perform” rating and a $61.00 target price on the stock. BidaskClub upgraded shares of ProAssurance Corporation from a “sell” rating to a “hold” rating in a research note on Friday, June 16th. Finally, Buckingham Research started coverage on shares of ProAssurance Corporation in a research note on Monday, September 11th. They issued a “neutral” rating and a $54.00 target price on the stock. Two investment analysts have rated the stock with a sell rating and four have given a hold rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $61.00.
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Shares of ProAssurance Corporation (NYSE:PRA) opened at 55.40 on Friday. The firm’s 50-day moving average is $54.05 and its 200 day moving average is $58.15. ProAssurance Corporation has a 12 month low of $50.50 and a 12 month high of $63.53. The firm has a market capitalization of $2.96 billion, a P/E ratio of 19.79 and a beta of 0.54.
ProAssurance Corporation (NYSE:PRA) last issued its quarterly earnings data on Monday, August 7th. The insurance provider reported $0.40 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.39 by $0.01. The firm had revenue of $205.58 million during the quarter, compared to the consensus estimate of $207.14 million. ProAssurance Corporation had a net margin of 16.80% and a return on equity of 6.59%. The business’s revenue for the quarter was down 4.3% compared to the same quarter last year. During the same period last year, the business posted $0.67 earnings per share.
The business also recently announced a quarterly dividend, which was paid on Tuesday, October 10th. Shareholders of record on Friday, September 29th were paid a $0.31 dividend. This represents a $1.24 dividend on an annualized basis and a yield of 2.24%. The ex-dividend date was Thursday, September 28th. ProAssurance Corporation’s payout ratio is 44.60%.
In related news, insider Howard H. Friedman bought 2,000 shares of the company’s stock in a transaction on Wednesday, August 9th. The shares were purchased at an average cost of $55.00 per share, for a total transaction of $110,000.00. Following the completion of the purchase, the insider now directly owns 259,573 shares in the company, valued at $14,276,515. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Neil Frank B. O bought 2,500 shares of the company’s stock in a transaction on Friday, August 18th. The stock was bought at an average price of $54.50 per share, for a total transaction of $136,250.00. Following the completion of the purchase, the insider now owns 104,431 shares of the company’s stock, valued at $5,691,489.50. The disclosure for this purchase can be found here. Over the last quarter, insiders acquired 7,000 shares of company stock worth $383,125. Corporate insiders own 1.80% of the company’s stock.
Several hedge funds have recently made changes to their positions in PRA. BlackRock Inc. lifted its stake in shares of ProAssurance Corporation by 23,830.8% during the 1st quarter. BlackRock Inc. now owns 5,194,417 shares of the insurance provider’s stock valued at $312,963,000 after buying an additional 5,172,711 shares in the last quarter. FMR LLC lifted its stake in shares of ProAssurance Corporation by 28.9% during the 2nd quarter. FMR LLC now owns 2,684,274 shares of the insurance provider’s stock valued at $163,204,000 after buying an additional 602,115 shares in the last quarter. Vanguard Group Inc. lifted its stake in shares of ProAssurance Corporation by 5.5% during the 1st quarter. Vanguard Group Inc. now owns 5,000,763 shares of the insurance provider’s stock valued at $301,296,000 after buying an additional 258,955 shares in the last quarter. Koch Industries Inc. purchased a new stake in shares of ProAssurance Corporation during the 2nd quarter valued at approximately $230,000. Finally, Epoch Investment Partners Inc. lifted its stake in shares of ProAssurance Corporation by 151.8% during the 1st quarter. Epoch Investment Partners Inc. now owns 298,849 shares of the insurance provider’s stock valued at $18,005,000 after buying an additional 180,151 shares in the last quarter. Institutional investors own 79.76% of the company’s stock.
About ProAssurance Corporation
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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