Zacks Investment Research cut shares of ProAssurance (NYSE:PRA) from a buy rating to a hold rating in a research report sent to investors on Thursday, Zacks.com reports. They currently have $41.00 price target on the insurance provider’s stock.
According to Zacks, “ProAssurance’s third-quarter 2019 operating earnings per share of 30 cents beat the Zacks Consensus Estimate by 150%, primarily driven by higher revenues. However, the bottom line declined 28.6% year over year. It has been performing well on the back of growth across its operating segments. Moreover, the company significantly achieved inorganic growth via successful acquisitions and integration of companies. Its shares have underperformed its industry in a year's time. However, growing expenses weighs on its bottom line. Volatility in premium retention pertaining to the company’s physician business and exposure to cat loss are other concerns. Another major risk is associated with its investment portfolio, which primarily consists of fixed income securities.”
Separately, ValuEngine downgraded shares of ProAssurance from a buy rating to a hold rating in a report on Tuesday, October 1st. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the stock. The company currently has an average rating of Hold and an average price target of $41.00.
Shares of NYSE PRA traded up $0.05 during midday trading on Thursday, reaching $37.88. 194,100 shares of the stock were exchanged, compared to its average volume of 274,054. The company has a market capitalization of $2.06 billion, a P/E ratio of 25.59 and a beta of 0.51. ProAssurance has a 52-week low of $34.11 and a 52-week high of $45.45. The company has a current ratio of 0.39, a quick ratio of 0.39 and a debt-to-equity ratio of 0.19. The stock has a 50 day moving average price of $39.61 and a 200-day moving average price of $38.67.
ProAssurance (NYSE:PRA) last issued its quarterly earnings results on Tuesday, November 5th. The insurance provider reported $0.30 EPS for the quarter, topping analysts’ consensus estimates of $0.14 by $0.16. The business had revenue of $2.42 billion during the quarter, compared to the consensus estimate of $239.61 million. ProAssurance had a net margin of 3.86% and a return on equity of 2.19%. The company’s quarterly revenue was up 870.3% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.42 earnings per share. On average, analysts forecast that ProAssurance will post 0.63 earnings per share for the current year.
Several hedge funds and other institutional investors have recently modified their holdings of the company. Nuveen Asset Management LLC purchased a new stake in ProAssurance in the second quarter valued at approximately $19,948,000. Royal Bank of Canada grew its holdings in ProAssurance by 5,875.3% in the second quarter. Royal Bank of Canada now owns 348,183 shares of the insurance provider’s stock valued at $12,573,000 after purchasing an additional 342,356 shares during the period. Man Group plc grew its holdings in ProAssurance by 887.7% in the second quarter. Man Group plc now owns 321,104 shares of the insurance provider’s stock valued at $11,595,000 after purchasing an additional 288,594 shares during the period. Granite Investment Partners LLC purchased a new stake in ProAssurance in the second quarter valued at approximately $9,551,000. Finally, Invesco Ltd. grew its holdings in ProAssurance by 42.2% in the second quarter. Invesco Ltd. now owns 670,516 shares of the insurance provider’s stock valued at $24,211,000 after purchasing an additional 198,863 shares during the period. Institutional investors and hedge funds own 80.44% of the company’s stock.
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 Insurance, Segregated Portfolio Cell Reinsurance, and Lloyd's Syndicate segments.
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