Handelsbanken Fonder AB bought a new stake in ProAssurance Co. (NYSE:PRA) during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 9,623 shares of the insurance provider’s stock, valued at approximately $258,000.
A number of other institutional investors have also recently made changes to their positions in PRA. Marshall Wace North America L.P. acquired a new position in shares of ProAssurance during the 1st quarter worth approximately $42,000. Bessemer Group Inc. acquired a new position in shares of ProAssurance during the 4th quarter worth approximately $29,000. Vantage Consulting Group Inc acquired a new position in shares of ProAssurance during the 4th quarter worth approximately $39,000. Veriti Management LLC acquired a new position in shares of ProAssurance during the 4th quarter worth approximately $46,000. Finally, Clark Financial Advisors acquired a new position in shares of ProAssurance during the 4th quarter worth approximately $105,000. 80.52% of the stock is currently owned by institutional investors and hedge funds.
Several research analysts have weighed in on the company. JMP Securities boosted their price target on ProAssurance from $28.00 to $30.00 and gave the stock an “outperform” rating in a research report on Friday, April 16th. Truist boosted their target price on ProAssurance from $16.00 to $27.00 in a report on Wednesday, February 24th. Boenning Scattergood reissued a “neutral” rating on shares of ProAssurance in a report on Tuesday, January 26th. Finally, Zacks Investment Research raised ProAssurance from a “sell” rating to a “hold” rating and set a $23.00 target price on the stock in a report on Thursday, February 11th. One investment analyst has rated the stock with a sell rating, three have issued 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 target price of $23.50.
ProAssurance (NYSE:PRA) last released its quarterly earnings results on Wednesday, May 5th. The insurance provider reported $0.04 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.02 by $0.02. ProAssurance had a negative return on equity of 6.92% and a negative net margin of 27.87%. As a group, sell-side analysts predict that ProAssurance Co. will post -0.54 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Tuesday, April 13th. Investors of record on Friday, March 26th were paid a $0.05 dividend. The ex-dividend date was Thursday, March 25th. This represents a $0.20 annualized dividend and a yield of 0.79%. ProAssurance’s dividend payout ratio (DPR) is presently -24.69%.
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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