Wall Street brokerages forecast that ProAssurance Co. (NYSE:PRA) will post sales of $214.40 million for the current fiscal quarter, Zacks reports. Three analysts have made estimates for ProAssurance’s earnings. The lowest sales estimate is $203.11 million and the highest is $220.40 million. ProAssurance reported sales of $216.54 million during the same quarter last year, which indicates a negative year-over-year growth rate of 1%. The firm is scheduled to announce its next quarterly earnings results after the market closes on Tuesday, November 6th.
On average, analysts expect that ProAssurance will report full year sales of $874.00 million for the current financial year, with estimates ranging from $817.91 million to $902.69 million. For the next financial year, analysts expect that the company will post sales of $881.44 million, with estimates ranging from $811.08 million to $930.25 million. Zacks Investment Research’s sales averages are an average based on a survey of sell-side research firms that follow ProAssurance.
ProAssurance (NYSE:PRA) last issued its earnings results on Tuesday, August 7th. The insurance provider reported $0.48 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.39 by $0.09. The company had revenue of $248.02 million during the quarter, compared to analyst estimates of $219.98 million. ProAssurance had a return on equity of 6.14% and a net margin of 9.67%. During the same quarter last year, the business posted $0.40 EPS.
A number of equities analysts recently issued reports on PRA shares. Zacks Investment Research upgraded ProAssurance from a “hold” rating to a “buy” rating and set a $54.00 target price for the company in a research note on Tuesday, September 11th. ValuEngine upgraded ProAssurance from a “sell” rating to a “hold” rating in a research note on Wednesday, August 15th. Sandler O’Neill restated a “hold” rating and issued a $44.00 target price on shares of ProAssurance in a research note on Thursday, August 9th. Boenning Scattergood restated a “hold” rating on shares of ProAssurance in a research note on Wednesday, August 8th. Finally, JMP Securities raised their target price on ProAssurance from $50.00 to $52.00 and gave the stock a “market outperform” rating in a research note on Friday, September 21st. Seven research analysts have rated the stock with a hold rating and one has given a buy rating to the company. ProAssurance presently has a consensus rating of “Hold” and an average price target of $50.50.
PRA stock traded down $0.35 during midday trading on Monday, reaching $43.36. The stock had a trading volume of 207,447 shares, compared to its average volume of 329,206. The firm has a market capitalization of $2.52 billion, a price-to-earnings ratio of 21.47 and a beta of 0.63. The company has a debt-to-equity ratio of 0.18, a current ratio of 0.35 and a quick ratio of 0.35. ProAssurance has a 52-week low of $34.95 and a 52-week high of $63.45.
The business also recently declared a quarterly dividend, which was paid on Wednesday, October 10th. Shareholders of record on Friday, September 28th were given a dividend of $0.31 per share. This represents a $1.24 annualized dividend and a yield of 2.86%. The ex-dividend date of this dividend was Thursday, September 27th. ProAssurance’s dividend payout ratio is currently 61.39%.
Institutional investors and hedge funds have recently made changes to their positions in the business. Itau Unibanco Holding S.A. acquired a new stake in ProAssurance during the 2nd quarter worth about $137,000. Koch Industries Inc. acquired a new stake in ProAssurance during the 1st quarter worth about $208,000. Adviser Investments LLC acquired a new stake in ProAssurance during the 2nd quarter worth about $176,000. Legacy Private Trust Co. acquired a new stake in ProAssurance during the 3rd quarter worth about $241,000. Finally, Cubist Systematic Strategies LLC grew its position in ProAssurance by 39.7% during the 1st quarter. Cubist Systematic Strategies LLC now owns 5,886 shares of the insurance provider’s stock worth $286,000 after purchasing an additional 1,672 shares during the period. 85.77% of the stock is currently owned by institutional investors.
ProAssurance Company Profile
ProAssurance Corporation, through its subsidiaries, provides property and casualty insurance, and reinsurance products in the United States. The company operates through Specialty Property and Casualty, Workers' Compensation, and Lloyd's Syndicate segments. It offers 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 for employers, groups, and associations.
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