ProAssurance Co. (NYSE:PRA) Short Interest Down 15.7% in December

ProAssurance Co. (NYSE:PRA) was the recipient of a large drop in short interest during the month of December. As of December 15th, there was short interest totalling 481,100 shares, a drop of 15.7% from the November 30th total of 571,000 shares. Based on an average daily volume of 257,700 shares, the days-to-cover ratio is currently 1.9 days. Approximately 1.0% of the company’s shares are sold short.

ProAssurance Stock Up 2.4 %

Shares of PRA traded up $0.37 during mid-day trading on Tuesday, hitting $15.91. 225,851 shares of the company’s stock were exchanged, compared to its average volume of 278,307. The stock’s 50-day moving average is $16.19 and its 200-day moving average is $14.19. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.28 and a current ratio of 0.28. ProAssurance has a fifty-two week low of $10.76 and a fifty-two week high of $17.79. The company has a market cap of $813.89 million, a price-to-earnings ratio of 19.17 and a beta of 0.28.

Institutional Investors Weigh In On ProAssurance

A number of hedge funds have recently added to or reduced their stakes in PRA. Wellington Management Group LLP raised its stake in shares of ProAssurance by 3.0% in the third quarter. Wellington Management Group LLP now owns 3,164,085 shares of the insurance provider’s stock valued at $47,588,000 after acquiring an additional 91,987 shares in the last quarter. State Street Corp grew its stake in ProAssurance by 1.8% during the 3rd quarter. State Street Corp now owns 1,968,754 shares of the insurance provider’s stock worth $29,610,000 after purchasing an additional 34,247 shares in the last quarter. Allspring Global Investments Holdings LLC increased its holdings in ProAssurance by 1.4% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 1,311,435 shares of the insurance provider’s stock worth $19,724,000 after purchasing an additional 18,718 shares during the period. Jacobs Levy Equity Management Inc. raised its position in ProAssurance by 0.3% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 587,901 shares of the insurance provider’s stock valued at $8,842,000 after purchasing an additional 1,738 shares in the last quarter. Finally, Assenagon Asset Management S.A. boosted its stake in shares of ProAssurance by 91.4% in the 3rd quarter. Assenagon Asset Management S.A. now owns 485,501 shares of the insurance provider’s stock valued at $7,302,000 after buying an additional 231,852 shares during the period. 85.58% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on PRA shares. StockNews.com upgraded shares of ProAssurance from a “hold” rating to a “buy” rating in a research report on Thursday, December 26th. Truist Financial lifted their target price on shares of ProAssurance from $14.00 to $18.00 and gave the company a “hold” rating in a report on Tuesday, November 12th. Finally, Piper Sandler cut ProAssurance from an “overweight” rating to a “neutral” rating and set a $18.00 price target on the stock. in a research note on Monday, November 11th.

About ProAssurance

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.