Municipal Employees Retirement System of Michigan increased its position in ProAssurance Corporation (NYSE:PRA) by 58.8% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 20,040 shares of the insurance provider’s stock after acquiring an additional 7,420 shares during the period. Municipal Employees Retirement System of Michigan’s holdings in ProAssurance were worth $1,095,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in PRA. Teacher Retirement System of Texas raised its position in shares of ProAssurance by 0.7% in the 2nd quarter. Teacher Retirement System of Texas now owns 4,243 shares of the insurance provider’s stock worth $258,000 after buying an additional 30 shares during the period. Arizona State Retirement System increased its holdings in ProAssurance by 0.4% in the 2nd quarter. Arizona State Retirement System now owns 27,800 shares of the insurance provider’s stock valued at $1,690,000 after purchasing an additional 100 shares in the last quarter. Hartford Investment Management Co. increased its holdings in ProAssurance by 3.6% in the 2nd quarter. Hartford Investment Management Co. now owns 3,728 shares of the insurance provider’s stock valued at $227,000 after purchasing an additional 130 shares in the last quarter. World Asset Management Inc increased its holdings in ProAssurance by 4.0% in the 2nd quarter. World Asset Management Inc now owns 3,515 shares of the insurance provider’s stock valued at $214,000 after purchasing an additional 134 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in ProAssurance by 8.4% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,067 shares of the insurance provider’s stock valued at $126,000 after purchasing an additional 161 shares in the last quarter. Institutional investors and hedge funds own 80.23% of the company’s stock.
Several brokerages have recently weighed in on PRA. Keefe, Bruyette & Woods restated a “hold” rating and set a $60.00 target price on shares of ProAssurance in a research note on Monday, October 16th. Buckingham Research started coverage on ProAssurance in a research note on Monday, September 11th. They set a “neutral” rating and a $54.00 target price for the company. Zacks Investment Research upgraded ProAssurance from a “sell” rating to a “hold” rating in a research note on Wednesday, November 8th. Finally, Boenning Scattergood reiterated a “hold” rating on shares of ProAssurance in a research note on Tuesday, November 7th. One investment analyst has rated the stock with a sell rating and five have assigned a hold rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of $61.00.
Shares of ProAssurance Corporation (NYSE:PRA) traded down $0.15 during midday trading on Thursday, reaching $61.50. 121,058 shares of the company’s stock were exchanged, compared to its average volume of 152,302. The company has a quick ratio of 0.40, a current ratio of 0.40 and a debt-to-equity ratio of 0.22. ProAssurance Corporation has a 1 year low of $50.70 and a 1 year high of $63.53. The company has a market capitalization of $3,290.00, a PE ratio of 26.96 and a beta of 0.57.
ProAssurance (NYSE:PRA) last issued its earnings results on Monday, November 6th. The insurance provider reported $0.45 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.36 by $0.09. The firm had revenue of $228.50 million for the quarter, compared to analysts’ expectations of $215.12 million. ProAssurance had a net margin of 16.18% and a return on equity of 6.75%. ProAssurance’s revenue was up 1.9% on a year-over-year basis. During the same quarter last year, the company posted $0.46 earnings per share. research analysts anticipate that ProAssurance Corporation will post 2.09 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 10th. Stockholders of record on Thursday, December 21st will be issued a dividend of $0.31 per share. The ex-dividend date is Wednesday, December 20th. This represents a $1.24 dividend on an annualized basis and a dividend yield of 2.02%. ProAssurance’s dividend payout ratio (DPR) is presently 45.93%.
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ProAssurance Corporation (ProAssurance) is a holding company for property and casualty insurance companies. The Company provides professional liability insurance for healthcare professionals and facilities, professional liability insurance for attorneys, liability insurance for medical technology and life sciences risks, and workers’ compensation insurance.
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