Renaissance Technologies LLC Purchases 834,700 Shares of ProAssurance Corporation $PRA

Renaissance Technologies LLC grew its holdings in ProAssurance Corporation (NYSE:PRA) by 641.1% in the first quarter, HoldingsChannel reports. The fund owned 964,900 shares of the insurance provider’s stock after buying an additional 834,700 shares during the period. Renaissance Technologies LLC’s holdings in ProAssurance were worth $23,852,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also modified their holdings of PRA. JPMorgan Chase & Co. boosted its holdings in ProAssurance by 58.7% in the 3rd quarter. JPMorgan Chase & Co. now owns 157,891 shares of the insurance provider’s stock valued at $3,788,000 after purchasing an additional 58,382 shares during the period. Credit Industriel ET Commercial grew its position in shares of ProAssurance by 37.5% during the 4th quarter. Credit Industriel ET Commercial now owns 346,854 shares of the insurance provider’s stock worth $8,380,000 after purchasing an additional 94,579 shares in the last quarter. Gabelli Funds LLC bought a new position in shares of ProAssurance during the fourth quarter worth approximately $1,720,000. OP Asset Management Ltd acquired a new stake in shares of ProAssurance in the first quarter valued at approximately $911,000. Finally, Caxton Associates LLP acquired a new stake in shares of ProAssurance in the first quarter valued at approximately $1,543,000. 85.58% of the stock is currently owned by institutional investors and hedge funds.

ProAssurance Price Performance

Shares of NYSE:PRA opened at $25.00 on Thursday. The firm has a 50 day moving average of $24.76 and a 200-day moving average of $24.59. The stock has a market capitalization 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. ProAssurance Corporation has a 12 month low of $22.79 and a 12 month high of $25.01.

ProAssurance (NYSE:PRA) last posted its quarterly earnings results on Tuesday, May 5th. The insurance provider reported $0.25 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.25. The business had revenue of $262.63 million for the quarter, compared to analyst estimates of $216.86 million. ProAssurance had a net margin of 5.99% and a return on equity of 6.82%. The firm’s revenue for the quarter was down 3.5% on a year-over-year basis. During the same quarter last year, the business posted $0.13 EPS. On average, equities research analysts predict that ProAssurance Corporation will post 1.25 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on PRA shares. Wall Street Zen downgraded ProAssurance from a “hold” rating to a “sell” rating in a research report on Sunday, May 10th. Weiss Ratings upgraded ProAssurance from a “hold (c)” rating to a “hold (c+)” rating in a research report on Friday, May 29th. One research analyst has rated the stock with a Strong Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Buy”.

About ProAssurance

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.