ProAssurance (NYSE:PRA) issued its earnings results on Tuesday. The insurance provider reported $0.42 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.40 by $0.02, Briefing.com reports. ProAssurance had a return on equity of 6.14% and a net margin of 9.67%. The business had revenue of $249.33 million during the quarter, compared to analysts’ expectations of $223.98 million. During the same quarter in the previous year, the business earned $0.45 EPS. The company’s revenue for the quarter was up 9.1% on a year-over-year basis.
ProAssurance stock traded up $1.60 during midday trading on Wednesday, hitting $46.16. 472,181 shares of the company were exchanged, compared to its average volume of 319,102. The firm has a market capitalization of $2.37 billion, a PE ratio of 22.85 and a beta of 0.69. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.35 and a current ratio of 0.35. ProAssurance has a fifty-two week low of $34.95 and a fifty-two week high of $63.45.
The business also recently declared a quarterly dividend, which was paid on Wednesday, October 10th. Investors of record on Friday, September 28th were given a dividend of $0.31 per share. This represents a $1.24 annualized dividend and a yield of 2.69%. The ex-dividend date of this dividend was Thursday, September 27th. ProAssurance’s dividend payout ratio (DPR) is presently 61.39%.
A number of institutional investors have recently added to or reduced their stakes in the stock. Stone Ridge Asset Management LLC lifted its position in ProAssurance by 209.6% during the 3rd quarter. Stone Ridge Asset Management LLC now owns 22,528 shares of the insurance provider’s stock worth $1,058,000 after acquiring an additional 15,252 shares in the last quarter. American Century Companies Inc. lifted its position in ProAssurance by 73.9% during the 3rd quarter. American Century Companies Inc. now owns 1,986,432 shares of the insurance provider’s stock worth $93,263,000 after acquiring an additional 844,419 shares in the last quarter. CIBC Asset Management Inc acquired a new position in ProAssurance during the 3rd quarter worth approximately $206,000. Welch Group LLC lifted its position in ProAssurance by 9.8% during the 3rd quarter. Welch Group LLC now owns 42,768 shares of the insurance provider’s stock worth $2,008,000 after acquiring an additional 3,819 shares in the last quarter. Finally, Victory Capital Management Inc. lifted its position in ProAssurance by 0.8% during the 3rd quarter. Victory Capital Management Inc. now owns 1,855,433 shares of the insurance provider’s stock worth $87,112,000 after acquiring an additional 14,915 shares in the last quarter. 84.94% of the stock is currently owned by hedge funds and other institutional investors.
A number of analysts have recently issued reports on the company. JMP Securities boosted their target price on ProAssurance from $50.00 to $52.00 and gave the stock a “market outperform” rating in a report on Friday, September 21st. Zacks Investment Research upgraded ProAssurance from a “hold” rating to a “buy” rating and set a $54.00 target price for the company in a report on Tuesday, September 11th. ValuEngine upgraded ProAssurance from a “sell” rating to a “hold” rating in a report on Wednesday, August 15th. Sandler O’Neill reiterated a “hold” rating and set a $44.00 target price on shares of ProAssurance in a report on Thursday, August 9th. Finally, Boenning Scattergood reiterated a “hold” rating on shares of ProAssurance in a report on Wednesday, August 8th. Seven equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. ProAssurance has a consensus rating of “Hold” and a consensus price target of $50.50.
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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