PSquared Asset Management AG lifted its position in shares of ProAssurance Corporation (NYSE:PRA – Free Report) by 6.3% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 368,059 shares of the insurance provider’s stock after acquiring an additional 21,825 shares during the period. ProAssurance makes up approximately 3.2% of PSquared Asset Management AG’s portfolio, making the stock its 11th largest position. PSquared Asset Management AG owned approximately 0.71% of ProAssurance worth $9,098,000 at the end of the most recent quarter.
A number of other hedge funds also recently added to or reduced their stakes in the company. Caxton Associates LLP purchased a new stake in ProAssurance during the 1st quarter valued at $1,543,000. PNC Financial Services Group Inc. raised its stake in shares of ProAssurance by 173.7% in the first quarter. PNC Financial Services Group Inc. now owns 1,897 shares of the insurance provider’s stock worth $47,000 after purchasing an additional 1,204 shares during the last quarter. Future Fund LLC purchased a new position in shares of ProAssurance in the first quarter worth $515,000. Principal Financial Group Inc. lifted its holdings in shares of ProAssurance by 2.0% during the first quarter. Principal Financial Group Inc. now owns 249,891 shares of the insurance provider’s stock valued at $6,177,000 after purchasing an additional 4,865 shares in the last quarter. Finally, Fifth Third Bancorp lifted its holdings in shares of ProAssurance by 20,388.9% during the first quarter. Fifth Third Bancorp now owns 11,064 shares of the insurance provider’s stock valued at $274,000 after purchasing an additional 11,010 shares in the last quarter. 85.58% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
Several equities research analysts recently commented on the company. Weiss Ratings upgraded ProAssurance from a “hold (c)” rating to a “hold (c+)” rating in a report on Friday, May 29th. Wall Street Zen cut shares of ProAssurance from a “hold” rating to a “sell” rating in a research note on Sunday, May 10th. One investment analyst has rated the stock with a Strong Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Buy”.
ProAssurance Stock Performance
NYSE:PRA opened at $25.00 on Friday. The company has a market cap of $1.29 billion, a PE ratio of 20.00 and a beta of 0.02. The company has a current ratio of 0.27, a quick ratio of 0.27 and a debt-to-equity ratio of 0.31. The company has a 50 day simple moving average of $24.73 and a two-hundred day simple moving average of $24.56. ProAssurance Corporation has a 12 month low of $22.79 and a 12 month high of $25.01.
ProAssurance (NYSE:PRA – Get Free Report) last released its quarterly earnings results on Tuesday, May 5th. The insurance provider reported $0.25 earnings per share for the quarter, meeting the consensus estimate of $0.25. ProAssurance had a return on equity of 6.82% and a net margin of 5.99%.The firm had revenue of $262.63 million for the quarter, compared to analysts’ expectations of $216.86 million. During the same period in the prior year, the firm earned $0.13 EPS. The company’s revenue was down 3.5% compared to the same quarter last year. Research analysts forecast that ProAssurance Corporation will post 1.25 earnings per share for the current year.
ProAssurance Company Profile
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.
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