ProAssurance Co. (NYSE:PRA) announced a quarterly dividend on Wednesday, September 5th, RTT News reports. Investors of record on Friday, September 28th will be paid a dividend of 0.31 per share by the insurance provider on Wednesday, October 10th. This represents a $1.24 dividend on an annualized basis and a yield of 2.54%.
ProAssurance has increased its dividend payment by an average of 1.1% annually over the last three years. ProAssurance has a payout ratio of 67.8% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect ProAssurance to earn $1.65 per share next year, which means the company should continue to be able to cover its $1.24 annual dividend with an expected future payout ratio of 75.2%.
NYSE:PRA traded up $0.50 during trading hours on Wednesday, reaching $48.75. The stock had a trading volume of 213,100 shares, compared to its average volume of 342,375. The company has a debt-to-equity ratio of 0.18, a current ratio of 0.35 and a quick ratio of 0.35. ProAssurance has a 12-month low of $34.95 and a 12-month high of $63.45. The company has a market capitalization of $2.59 billion, a P/E ratio of 23.94 and a beta of 0.60.
ProAssurance (NYSE:PRA) last released its earnings results on Tuesday, August 7th. The insurance provider reported $0.48 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.39 by $0.09. ProAssurance had a return on equity of 6.14% and a net margin of 9.67%. The business had revenue of $248.02 million during the quarter, compared to the consensus estimate of $219.98 million. During the same period last year, the business posted $0.40 earnings per share. analysts anticipate that ProAssurance will post 1.83 earnings per share for the current year.
A number of research firms have issued reports on PRA. ValuEngine raised ProAssurance from a “sell” rating to a “hold” rating in a research report on Wednesday, August 15th. Zacks Investment Research raised ProAssurance from a “strong sell” rating to a “hold” rating in a research report on Friday, August 10th. Sandler O’Neill reissued a “hold” rating and issued a $44.00 target price on shares of ProAssurance in a research report on Thursday, August 9th. Finally, Boenning Scattergood reissued a “hold” rating on shares of ProAssurance in a research report on Wednesday, August 8th. Eight research analysts have rated the stock with a hold rating, The stock currently has an average rating of “Hold” and a consensus price target of $53.25.
In other news, Director Magnus James Gorrie bought 2,000 shares of the firm’s stock in a transaction on Wednesday, June 13th. The stock was acquired at an average cost of $39.20 per share, with a total value of $78,400.00. Following the completion of the transaction, the director now directly owns 14,231 shares of the company’s stock, valued at approximately $557,855.20. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 1.80% of the company’s stock.
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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