ProAssurance (NYSE:PRA) Releases Earnings Results, Misses Estimates By $0.13 EPS

ProAssurance (NYSE:PRA) posted its quarterly earnings results on Tuesday. The insurance provider reported $0.15 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.13), Zacks reports. ProAssurance had a return on equity of 5.62% and a net margin of 4.33%.During the same quarter in the prior year, the company earned $0.34 earnings per share. The company’s revenue for the quarter was down 2.0% on a year-over-year basis.

ProAssurance Price Performance

Shares of NYSE PRA traded up $0.09 during mid-day trading on Tuesday, reaching $24.02. 344,843 shares of the company traded hands, compared to its average volume of 587,897. ProAssurance has a fifty-two week low of $13.00 and a fifty-two week high of $24.22. The company has a debt-to-equity ratio of 0.33, a current ratio of 0.26 and a quick ratio of 0.26. The firm has a market cap of $1.23 billion, a PE ratio of 25.55 and a beta of 0.12. The stock has a fifty day simple moving average of $23.93 and a 200-day simple moving average of $23.57.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the stock. Zacks Research raised shares of ProAssurance from a “hold” rating to a “strong-buy” rating in a report on Monday, September 22nd. Weiss Ratings reaffirmed a “hold (c)” rating on shares of ProAssurance in a research report on Wednesday, October 8th. One analyst has rated the stock with a Strong Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, ProAssurance presently has a consensus rating of “Hold” and a consensus price target of $21.50.

Hedge Funds Weigh In On ProAssurance

Several hedge funds have recently modified their holdings of the company. Hudson Bay Capital Management LP acquired a new position in shares of ProAssurance during the 2nd quarter valued at $1,142,000. Nomura Holdings Inc. acquired a new position in ProAssurance during the second quarter worth about $913,000. Public Sector Pension Investment Board grew its holdings in ProAssurance by 7.8% during the second quarter. Public Sector Pension Investment Board now owns 174,897 shares of the insurance provider’s stock worth $3,993,000 after acquiring an additional 12,674 shares during the period. Tower Research Capital LLC TRC grew its holdings in ProAssurance by 271.2% during the second quarter. Tower Research Capital LLC TRC now owns 5,576 shares of the insurance provider’s stock worth $127,000 after acquiring an additional 4,074 shares during the period. Finally, Water Island Capital LLC grew its holdings in ProAssurance by 23.7% during the second quarter. Water Island Capital LLC now owns 547,355 shares of the insurance provider’s stock worth $12,496,000 after acquiring an additional 105,009 shares during the period. 85.58% of the stock is currently owned by institutional investors and hedge funds.

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.