ProAssurance (NYSE:PRA) Shares Gap Up – What’s Next?

ProAssurance Co. (NYSE:PRA)’s share price gapped up before the market opened on Thursday . The stock had previously closed at $15.54, but opened at $23.26. ProAssurance shares last traded at $23.05, with a volume of 3,746,412 shares.

Wall Street Analysts Forecast Growth

Separately, StockNews.com upgraded ProAssurance from a “hold” rating to a “buy” rating in a research report on Thursday, March 6th.

ProAssurance Stock Up 47.9 %

The company’s 50-day simple moving average is $15.07 and its two-hundred day simple moving average is $15.27. The firm has a market cap of $1.18 billion, a PE ratio of 27.69 and a beta of 0.21. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.28 and a current ratio of 0.28.

ProAssurance (NYSE:PRA) last issued its quarterly earnings data on Monday, February 24th. The insurance provider reported $0.36 EPS for the quarter, topping the consensus estimate of $0.17 by $0.19. The business had revenue of $287.52 million during the quarter, compared to analyst estimates of $274.56 million. ProAssurance had a net margin of 3.71% and a return on equity of 2.65%. On average, analysts predict that ProAssurance Co. will post 0.8 earnings per share for the current fiscal year.

Institutional Trading of ProAssurance

A number of hedge funds and other institutional investors have recently bought and sold shares of PRA. Sterling Capital Management LLC increased its stake in shares of ProAssurance by 859.4% in the fourth quarter. Sterling Capital Management LLC now owns 1,631 shares of the insurance provider’s stock worth $26,000 after purchasing an additional 1,461 shares in the last quarter. KBC Group NV lifted its position in shares of ProAssurance by 75.4% in the fourth quarter. KBC Group NV now owns 4,184 shares of the insurance provider’s stock valued at $67,000 after acquiring an additional 1,798 shares in the last quarter. Aquatic Capital Management LLC boosted its stake in shares of ProAssurance by 148.6% in the fourth quarter. Aquatic Capital Management LLC now owns 6,214 shares of the insurance provider’s stock worth $99,000 after acquiring an additional 3,714 shares during the period. Point72 Asia Singapore Pte. Ltd. grew its position in shares of ProAssurance by 94.3% during the third quarter. Point72 Asia Singapore Pte. Ltd. now owns 8,347 shares of the insurance provider’s stock worth $126,000 after purchasing an additional 4,052 shares in the last quarter. Finally, KLP Kapitalforvaltning AS purchased a new position in ProAssurance in the 4th quarter worth approximately $150,000. Hedge funds and other institutional investors own 85.58% of the company’s stock.

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.