ProAssurance (NYSE:PRA) Downgraded by StockNews.com to Hold

ProAssurance (NYSE:PRA) was downgraded by equities researchers at StockNews.com from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Tuesday.

A number of other research firms also recently issued reports on PRA. Piper Sandler downgraded shares of ProAssurance from an “overweight” rating to a “neutral” rating and set a $18.00 price objective on the stock. in a report on Monday, November 11th. Truist Financial boosted their price target on shares of ProAssurance from $14.00 to $18.00 and gave the stock a “hold” rating in a report on Tuesday, November 12th. Three analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $18.67.

ProAssurance Stock Down 1.2 %

Shares of NYSE:PRA opened at $16.67 on Tuesday. The business’s 50 day moving average is $14.89 and its 200 day moving average is $13.71. ProAssurance has a 12-month low of $10.76 and a 12-month high of $17.79. The stock has a market cap of $852.84 million, a price-to-earnings ratio of 20.08 and a beta of 0.24. The company has a quick ratio of 0.28, a current ratio of 0.28 and a debt-to-equity ratio of 0.35.

Hedge Funds Weigh In On ProAssurance

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Barclays PLC raised its position in ProAssurance by 307.5% in the third quarter. Barclays PLC now owns 85,117 shares of the insurance provider’s stock worth $1,280,000 after acquiring an additional 64,228 shares during the period. XTX Topco Ltd bought a new position in shares of ProAssurance during the 3rd quarter valued at approximately $403,000. Zacks Investment Management purchased a new stake in shares of ProAssurance during the 3rd quarter worth approximately $5,140,000. Wellington Management Group LLP raised its holdings in shares of ProAssurance by 3.0% in the 3rd quarter. Wellington Management Group LLP now owns 3,164,085 shares of the insurance provider’s stock worth $47,588,000 after purchasing an additional 91,987 shares during the period. Finally, State Street Corp lifted its stake in ProAssurance by 1.8% in the third quarter. State Street Corp now owns 1,968,754 shares of the insurance provider’s stock valued at $29,610,000 after purchasing an additional 34,247 shares during the last quarter. 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.