StockNews.com Downgrades ProAssurance (NYSE:PRA) to Hold

StockNews.com downgraded shares of ProAssurance (NYSE:PRA) from a buy rating to a hold rating in a research note published on Tuesday.

Several other research firms also recently weighed in on PRA. Truist Financial raised their price objective on ProAssurance from $14.00 to $18.00 and gave the company a “hold” rating in a research note on Tuesday, November 12th. Piper Sandler cut shares of ProAssurance from an “overweight” rating to a “neutral” rating and set a $18.00 target price for the company. in a research report on Monday, November 11th. Three equities research analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $18.67.

ProAssurance Price Performance

ProAssurance stock opened at $16.67 on Tuesday. The business has a fifty day moving average of $15.10 and a two-hundred day moving average of $13.76. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.28 and a current ratio of 0.28. The company has a market cap of $852.84 million, a P/E ratio of 20.08 and a beta of 0.24. ProAssurance has a one year low of $10.76 and a one year high of $17.79.

Hedge Funds Weigh In On ProAssurance

Several institutional investors and hedge funds have recently modified their holdings of PRA. Commonwealth Equity Services LLC lifted its position in ProAssurance by 2.5% during the second quarter. Commonwealth Equity Services LLC now owns 32,346 shares of the insurance provider’s stock worth $395,000 after buying an additional 800 shares during the period. Arizona State Retirement System boosted its position in shares of ProAssurance by 8.1% in the second quarter. Arizona State Retirement System now owns 15,136 shares of the insurance provider’s stock worth $185,000 after acquiring an additional 1,128 shares during the last quarter. The Manufacturers Life Insurance Company grew its holdings in ProAssurance by 7.8% in the second quarter. The Manufacturers Life Insurance Company now owns 21,106 shares of the insurance provider’s stock valued at $258,000 after purchasing an additional 1,521 shares during the period. Price T Rowe Associates Inc. MD increased its position in ProAssurance by 3.8% during the first quarter. Price T Rowe Associates Inc. MD now owns 44,323 shares of the insurance provider’s stock worth $570,000 after purchasing an additional 1,619 shares during the last quarter. Finally, Jacobs Levy Equity Management Inc. raised its stake in ProAssurance by 0.3% during the third quarter. Jacobs Levy Equity Management Inc. now owns 587,901 shares of the insurance provider’s stock worth $8,842,000 after purchasing an additional 1,738 shares during the period. Hedge funds and other institutional investors own 85.58% of the company’s stock.

About ProAssurance

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.