ProAssurance (NYSE:PRA) Downgraded to “Neutral” Rating by Piper Sandler

ProAssurance (NYSE:PRA) was downgraded by stock analysts at Piper Sandler from an “overweight” rating to a “neutral” rating in a research note issued on Monday,Briefing.com Automated Import reports. They currently have a $18.00 target price on the insurance provider’s stock. Piper Sandler’s target price points to a potential upside of 5.94% from the company’s current price.

A number of other equities analysts have also commented on PRA. Truist Financial cut their price objective on shares of ProAssurance from $16.00 to $14.00 and set a “hold” rating for the company in a research report on Monday, August 12th. JMP Securities cut their price target on shares of ProAssurance from $22.00 to $20.00 and set a “market outperform” rating for the company in a report on Wednesday, July 17th.

ProAssurance Trading Up 4.2 %

Shares of PRA stock opened at $16.99 on Monday. The stock has a market capitalization of $869.21 million, a price-to-earnings ratio of 20.47 and a beta of 0.24. The company’s fifty day simple moving average is $14.52 and its two-hundred day simple moving average is $13.58. ProAssurance has a 1 year low of $10.76 and a 1 year high of $17.79. The company has a debt-to-equity ratio of 0.38, a current ratio of 0.26 and a quick ratio of 0.26.

ProAssurance (NYSE:PRA) last released its quarterly earnings data on Thursday, August 8th. The insurance provider reported $0.23 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.08 by $0.15. The company had revenue of $290.30 million for the quarter, compared to analyst estimates of $235.61 million. ProAssurance had a return on equity of 2.72% and a net margin of 3.71%. The firm’s revenue for the quarter was down .5% compared to the same quarter last year. During the same period in the previous year, the company posted $0.16 EPS. As a group, analysts anticipate that ProAssurance will post 0.58 earnings per share for the current year.

Institutional Investors Weigh In On ProAssurance

Hedge funds have recently bought and sold shares of the stock. Point72 Hong Kong Ltd purchased a new position in shares of ProAssurance during the 2nd quarter valued at about $28,000. nVerses Capital LLC purchased a new position in shares of ProAssurance during the third quarter worth approximately $44,000. Innealta Capital LLC purchased a new stake in shares of ProAssurance in the 2nd quarter valued at $69,000. ProShare Advisors LLC bought a new position in shares of ProAssurance during the 1st quarter valued at $132,000. Finally, Susquehanna Fundamental Investments LLC bought a new position in shares of ProAssurance during the 2nd quarter valued at $166,000. 85.58% of the stock is currently owned by institutional investors.

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 Insurance, and Segregated Portfolio Cell Reinsurance segments. It offers professional liability insurance to healthcare providers and institutions, and attorneys and their firms; medical technology liability insurance to medical technology and life sciences companies; and custom alternative risk solutions, including assumed reinsurance, loss portfolio transfers, and captive cell programs for healthcare professional liability insureds.