ProAssurance (NYSE:PRA) Posts Quarterly Earnings Results, Misses Estimates By $0.09 EPS

ProAssurance (NYSE:PRAGet Free Report) released its earnings results on Tuesday. The insurance provider reported ($0.05) EPS for the quarter, missing the consensus estimate of $0.04 by ($0.09), Briefing.com reports. The company had revenue of $296.96 million for the quarter, compared to analyst estimates of $252.74 million. ProAssurance had a negative net margin of 3.39% and a negative return on equity of 0.53%. The firm’s quarterly revenue was up .8% on a year-over-year basis. During the same period in the previous year, the business posted $0.06 EPS.

ProAssurance Price Performance

NYSE PRA opened at $12.36 on Thursday. The company has a 50 day simple moving average of $13.28 and a 200-day simple moving average of $15.32. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.28 and a quick ratio of 0.28. ProAssurance has a 52-week low of $11.87 and a 52-week high of $19.86.

Wall Street Analyst Weigh In

Several research firms have commented on PRA. Truist Financial lowered their target price on shares of ProAssurance from $20.00 to $15.00 and set a “hold” rating on the stock in a research note on Friday, November 10th. TheStreet lowered shares of ProAssurance from a “c-” rating to a “d+” rating in a research report on Wednesday, December 6th. JMP Securities reduced their price objective on shares of ProAssurance from $25.00 to $24.00 and set a “market outperform” rating for the company in a research report on Wednesday, January 17th. Finally, Piper Sandler reduced their price target on shares of ProAssurance from $19.00 to $16.00 and set an “overweight” rating for the company in a research report on Monday, November 20th. Two analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $18.33.

Read Our Latest Stock Analysis on PRA

Institutional Trading of ProAssurance

A number of hedge funds have recently made changes to their positions in the stock. Point72 Middle East FZE bought a new position in ProAssurance during the fourth quarter valued at approximately $25,000. Lazard Asset Management LLC bought a new position in shares of ProAssurance in the first quarter valued at approximately $31,000. Tower Research Capital LLC TRC raised its position in shares of ProAssurance by 85.1% in the first quarter. Tower Research Capital LLC TRC now owns 4,541 shares of the insurance provider’s stock valued at $84,000 after purchasing an additional 2,088 shares during the period. FMR LLC raised its position in shares of ProAssurance by 19.8% in the third quarter. FMR LLC now owns 4,923 shares of the insurance provider’s stock valued at $93,000 after purchasing an additional 812 shares during the period. Finally, Royal Bank of Canada raised its position in shares of ProAssurance by 40.9% in the second quarter. Royal Bank of Canada now owns 9,024 shares of the insurance provider’s stock valued at $136,000 after purchasing an additional 2,620 shares during the period. 85.14% of the stock is owned by hedge funds and other institutional investors.

About ProAssurance

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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 Insurance, Segregated Portfolio Cell Reinsurance, and Lloyd's Syndicates segments.

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Earnings History for ProAssurance (NYSE:PRA)

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