Texas Permanent School Fund Corp reduced its position in shares of ProAssurance Co. (NYSE:PRA – Free Report) by 1.7% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 47,551 shares of the insurance provider’s stock after selling 844 shares during the period. Texas Permanent School Fund Corp’s holdings in ProAssurance were worth $718,000 at the end of the most recent quarter.
Other hedge funds also recently modified their holdings of the company. Lazard Asset Management LLC purchased a new position in shares of ProAssurance during the 1st quarter worth about $31,000. Point72 Middle East FZE purchased a new position in shares of ProAssurance during the 4th quarter worth about $25,000. Tower Research Capital LLC TRC lifted its holdings in shares of ProAssurance by 85.1% during the 1st quarter. Tower Research Capital LLC TRC now owns 4,541 shares of the insurance provider’s stock worth $84,000 after acquiring an additional 2,088 shares during the period. Engineers Gate Manager LP purchased a new position in shares of ProAssurance during the 1st quarter worth about $251,000. Finally, Schonfeld Strategic Advisors LLC purchased a new position in shares of ProAssurance during the 1st quarter worth about $190,000. 85.14% of the stock is owned by institutional investors and hedge funds.
Analysts Set New Price Targets
PRA has been the topic of several recent analyst reports. StockNews.com initiated coverage on shares of ProAssurance in a report on Thursday, October 5th. They set a “hold” rating on the stock. Piper Sandler cut their price objective on shares of ProAssurance from $19.00 to $16.00 and set an “overweight” rating on the stock in a report on Monday. Finally, Truist Financial cut their price target on shares of ProAssurance from $20.00 to $15.00 and set a “hold” rating on the stock in a report on Friday, November 10th.
ProAssurance Trading Down 3.6 %
NYSE PRA opened at $12.77 on Tuesday. ProAssurance Co. has a one year low of $11.87 and a one year high of $20.27. The company’s 50 day moving average price is $17.33 and its 200 day moving average price is $16.27. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.28 and a current ratio of 0.28. The firm has a market capitalization of $650.63 million, a price-to-earnings ratio of -21.27 and a beta of 0.39.
ProAssurance (NYSE:PRA – Get Free Report) last posted its quarterly earnings results on Wednesday, November 8th. The insurance provider reported ($0.07) EPS for the quarter, missing the consensus estimate of $0.15 by ($0.22). ProAssurance had a negative net margin of 2.73% and a positive return on equity of 0.02%. The business had revenue of $275.75 million during the quarter, compared to analysts’ expectations of $241.12 million. During the same quarter in the previous year, the business posted ($0.06) EPS. The company’s quarterly revenue was up 1.0% on a year-over-year basis. On average, sell-side analysts predict that ProAssurance Co. will post 0.13 EPS for the current year.
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 Syndicates segments.
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