ProAssurance (NYSE:PRA) Lowered to Neutral Rating by Piper Sandler

Piper Sandler downgraded shares of ProAssurance (NYSE:PRA) from an overweight rating to a neutral rating in a research report report published on Monday morning, MarketBeat.com reports. The firm currently has $18.00 target price on the insurance provider’s stock.

Several other brokerages also recently weighed in on PRA. Truist Financial reduced their target price on ProAssurance from $16.00 to $14.00 and set a “hold” rating for the company in a research note on Monday, August 12th. JMP Securities reduced their price target on shares of ProAssurance from $22.00 to $20.00 and set a “market outperform” rating for the company in a research report on Wednesday, July 17th. Two analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $18.67.

ProAssurance Price Performance

Shares of NYSE PRA opened at $16.81 on Monday. ProAssurance has a 12 month low of $10.76 and a 12 month high of $17.79. The company has a debt-to-equity ratio of 0.35, a current ratio of 0.28 and a quick ratio of 0.28. The firm’s 50 day simple moving average is $14.74 and its 200-day simple moving average is $13.66. The stock has a market capitalization of $860.00 million, a price-to-earnings ratio of 20.70 and a beta of 0.24.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of PRA. Assenagon Asset Management S.A. lifted its position in ProAssurance by 91.4% during the third quarter. Assenagon Asset Management S.A. now owns 485,501 shares of the insurance provider’s stock worth $7,302,000 after buying an additional 231,852 shares in the last quarter. Cubist Systematic Strategies LLC boosted its position in shares of ProAssurance by 567.5% during the 2nd quarter. Cubist Systematic Strategies LLC now owns 151,434 shares of the insurance provider’s stock valued at $1,851,000 after acquiring an additional 128,747 shares during the last quarter. Dana Investment Advisors Inc. grew its holdings in shares of ProAssurance by 33.6% in the second quarter. Dana Investment Advisors Inc. now owns 434,850 shares of the insurance provider’s stock valued at $5,314,000 after purchasing an additional 109,253 shares during the period. Smith Thornton Advisors LLC acquired a new stake in ProAssurance during the second quarter worth about $821,000. Finally, Connor Clark & Lunn Investment Management Ltd. raised its stake in ProAssurance by 402.1% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 68,435 shares of the insurance provider’s stock worth $1,029,000 after purchasing an additional 54,806 shares during the period. 85.58% of the stock is owned by hedge funds and other 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 Insurance, and Segregated Portfolio Cell Reinsurance segments. It offers professional liability insurance to healthcare providers and institutions, and attorneys and their firms; medical technology liability insurance to medical technology and life sciences companies; and custom alternative risk solutions, including assumed reinsurance, loss portfolio transfers, and captive cell programs for healthcare professional liability insureds.