California Public Employees Retirement System reduced its position in ProAssurance Co. (NYSE:PRA) by 10.6% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 136,191 shares of the insurance provider’s stock after selling 16,119 shares during the quarter. California Public Employees Retirement System owned approximately 0.25% of ProAssurance worth $6,612,000 as of its most recent filing with the SEC.
Several other large investors have also recently bought and sold shares of the company. Employees Retirement System of Texas boosted its stake in shares of ProAssurance by 23.7% in the 1st quarter. Employees Retirement System of Texas now owns 47,000 shares of the insurance provider’s stock valued at $2,282,000 after purchasing an additional 9,000 shares during the last quarter. JPMorgan Chase & Co. boosted its stake in shares of ProAssurance by 3.2% in the 1st quarter. JPMorgan Chase & Co. now owns 2,242,180 shares of the insurance provider’s stock valued at $108,858,000 after purchasing an additional 70,179 shares during the last quarter. Bridgeworth LLC bought a new stake in shares of ProAssurance in the 1st quarter valued at $304,000. BlackRock Inc. boosted its stake in shares of ProAssurance by 2.0% in the 1st quarter. BlackRock Inc. now owns 5,684,563 shares of the insurance provider’s stock valued at $275,986,000 after purchasing an additional 110,970 shares during the last quarter. Finally, Glen Harbor Capital Management LLC boosted its stake in shares of ProAssurance by 19.7% in the 1st quarter. Glen Harbor Capital Management LLC now owns 8,008 shares of the insurance provider’s stock valued at $389,000 after purchasing an additional 1,316 shares during the last quarter. 81.50% of the stock is currently owned by institutional investors.
In related news, Director Magnus James Gorrie bought 2,000 shares of the business’s stock in a transaction that occurred on Wednesday, June 13th. The shares were acquired at an average cost of $39.20 per share, with a total value of $78,400.00. Following the completion of the purchase, the director now directly owns 14,231 shares in the company, valued at $557,855.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.80% of the stock is owned by corporate insiders.
A number of equities research analysts have recently commented on PRA shares. Keefe, Bruyette & Woods set a $52.00 price objective on shares of ProAssurance and gave the company a “hold” rating in a research note on Tuesday, April 10th. Raymond James raised shares of ProAssurance from an “underperform” rating to a “market perform” rating in a research note on Wednesday, February 28th. SunTrust Banks lowered shares of ProAssurance from a “buy” rating to a “hold” rating in a research note on Wednesday, April 4th. Sandler O’Neill reaffirmed a “hold” rating and issued a $50.00 price objective on shares of ProAssurance in a research note on Friday, April 6th. Finally, Boenning Scattergood reaffirmed a “hold” rating on shares of ProAssurance in a research note on Friday, May 4th. Three analysts have rated the stock with a sell rating and six have issued a hold rating to the company. ProAssurance currently has a consensus rating of “Hold” and a consensus price target of $54.75.
Shares of NYSE PRA opened at $36.70 on Friday. The firm has a market cap of $1.98 billion, a P/E ratio of 17.72 and a beta of 0.50. ProAssurance Co. has a 12-month low of $35.60 and a 12-month high of $63.45. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.39 and a current ratio of 0.39.
ProAssurance (NYSE:PRA) last issued its earnings results on Thursday, May 3rd. The insurance provider reported $0.40 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.44 by ($0.04). The company had revenue of $201.03 million for the quarter, compared to the consensus estimate of $219.42 million. ProAssurance had a return on equity of 5.64% and a net margin of 9.20%. The firm’s revenue was down 9.9% compared to the same quarter last year. During the same period in the prior year, the company earned $0.62 earnings per share. equities research analysts predict that ProAssurance Co. will post 1.77 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, July 10th. Investors of record on Friday, June 22nd will be paid a dividend of $0.31 per share. This represents a $1.24 annualized dividend and a yield of 3.38%. The ex-dividend date of this dividend is Thursday, June 21st. ProAssurance’s dividend payout ratio is presently 61.39%.
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, and Lloyd's Syndicate segments. It offers 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 for employers, groups, and associations.
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