ProAssurance (NYSE:PRA) insider Howard H. Friedman bought 2,000 shares of the firm’s stock in a transaction that occurred on Monday, May 7th. The shares were purchased at an average cost of $40.75 per share, for a total transaction of $81,500.00. Following the purchase, the insider now owns 273,153 shares in the company, valued at approximately $11,130,984.75. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.
Shares of ProAssurance opened at $39.95 on Friday, according to MarketBeat Ratings. ProAssurance has a 1-year low of $40.15 and a 1-year high of $40.60. The company has a quick ratio of 0.39, a current ratio of 0.39 and a debt-to-equity ratio of 0.24. The stock has a market capitalization of $2.14 billion, a PE ratio of 19.78 and a beta of 0.56.
ProAssurance (NYSE:PRA) last released its quarterly earnings results on Thursday, May 3rd. The insurance provider reported $0.40 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.44 by ($0.04). ProAssurance had a return on equity of 5.64% and a net margin of 9.20%. The business had revenue of $201.03 million during the quarter, compared to analyst estimates of $219.42 million. During the same quarter last year, the firm posted $0.62 EPS. The company’s revenue was down 9.9% compared to the same quarter last year. research analysts anticipate that ProAssurance will post 1.77 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, April 18th. Shareholders of record on Thursday, March 29th were paid a dividend of $0.31 per share. This represents a $1.24 annualized dividend and a yield of 3.10%. The ex-dividend date of this dividend was Wednesday, March 28th. ProAssurance’s payout ratio is currently 61.39%.
A number of research analysts recently issued reports on PRA shares. Boenning Scattergood restated a “hold” rating on shares of ProAssurance in a research note on Friday, May 4th. Sandler O’Neill reiterated a “hold” rating and issued a $50.00 target price on shares of ProAssurance in a research note on Friday, April 6th. Raymond James upgraded ProAssurance from an “underperform” rating to a “market perform” rating in a research note on Wednesday, February 28th. TheStreet cut ProAssurance from a “b” rating to a “c+” rating in a report on Friday, March 9th. Finally, Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $55.00 price objective on shares of ProAssurance in a report on Tuesday, February 27th. Three research analysts have rated the stock with a sell rating and six have issued a hold rating to the stock. The company currently has an average rating of “Hold” and an average price target of $54.75.
A number of hedge funds and other institutional investors have recently made changes to their positions in PRA. Millennium Management LLC grew its holdings in shares of ProAssurance by 41.1% during the first quarter. Millennium Management LLC now owns 29,364 shares of the insurance provider’s stock valued at $1,426,000 after purchasing an additional 8,558 shares during the last quarter. Verition Fund Management LLC grew its holdings in ProAssurance by 41.5% in the 1st quarter. Verition Fund Management LLC now owns 10,347 shares of the insurance provider’s stock worth $502,000 after buying an additional 3,034 shares in the last quarter. Cubist Systematic Strategies LLC grew its holdings in ProAssurance by 39.7% in the 1st quarter. Cubist Systematic Strategies LLC now owns 5,886 shares of the insurance provider’s stock worth $286,000 after buying an additional 1,672 shares in the last quarter. Natixis bought a new position in ProAssurance in the 1st quarter worth approximately $2,485,000. Finally, UBS Group AG grew its holdings in ProAssurance by 3.2% in the 1st quarter. UBS Group AG now owns 49,935 shares of the insurance provider’s stock worth $2,424,000 after buying an additional 1,527 shares in the last quarter. Hedge funds and other institutional investors own 82.09% of the company’s stock.
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, 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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