Jacobs Levy Equity Management Inc. Cuts Stock Holdings in ProAssurance Co. (NYSE:PRA)

Jacobs Levy Equity Management Inc. reduced its holdings in shares of ProAssurance Co. (NYSE:PRA) by 0.8% during the first quarter, HoldingsChannel.com reports. The fund owned 541,789 shares of the insurance provider’s stock after selling 4,371 shares during the quarter. Jacobs Levy Equity Management Inc.’s holdings in ProAssurance were worth $6,967,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also bought and sold shares of PRA. Tower Research Capital LLC TRC raised its stake in shares of ProAssurance by 23.3% in the fourth quarter. Tower Research Capital LLC TRC now owns 4,449 shares of the insurance provider’s stock valued at $61,000 after buying an additional 842 shares during the period. New York State Common Retirement Fund raised its stake in shares of ProAssurance by 5.6% in the fourth quarter. New York State Common Retirement Fund now owns 23,600 shares of the insurance provider’s stock valued at $325,000 after buying an additional 1,261 shares during the period. Price T Rowe Associates Inc. MD raised its stake in shares of ProAssurance by 3.8% in the first quarter. Price T Rowe Associates Inc. MD now owns 44,323 shares of the insurance provider’s stock valued at $570,000 after buying an additional 1,619 shares during the period. Everence Capital Management Inc. raised its stake in shares of ProAssurance by 21.3% in the fourth quarter. Everence Capital Management Inc. now owns 17,110 shares of the insurance provider’s stock valued at $236,000 after buying an additional 3,000 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of ProAssurance by 30.5% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 16,255 shares of the insurance provider’s stock valued at $224,000 after buying an additional 3,800 shares during the period. 85.58% of the stock is currently owned by institutional investors.

ProAssurance Price Performance

ProAssurance stock traded up $1.47 during midday trading on Tuesday, hitting $13.16. 816,095 shares of the company’s stock were exchanged, compared to its average volume of 287,030. ProAssurance Co. has a 52-week low of $10.76 and a 52-week high of $19.38. The stock has a 50-day moving average price of $12.68 and a two-hundred day moving average price of $13.00. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.26 and a current ratio of 0.26. The company has a market cap of $671.29 million, a P/E ratio of -23.09 and a beta of 0.23.

ProAssurance (NYSE:PRA) last posted its earnings results on Monday, May 6th. The insurance provider reported $0.08 EPS for the quarter, topping the consensus estimate of $0.04 by $0.04. ProAssurance had a positive return on equity of 0.59% and a negative net margin of 2.42%. The business had revenue of $284.97 million during the quarter, compared to analysts’ expectations of $233.62 million. During the same period in the previous year, the business earned ($0.15) earnings per share. The firm’s revenue was up 4.5% on a year-over-year basis. On average, equities research analysts forecast that ProAssurance Co. will post 0.38 earnings per share for the current year.

Analyst Ratings Changes

A number of analysts recently issued reports on PRA shares. JMP Securities decreased their price objective on ProAssurance from $22.00 to $20.00 and set a “market outperform” rating on the stock in a research note on Wednesday, July 17th. Truist Financial boosted their price objective on ProAssurance from $14.00 to $16.00 and gave the company a “hold” rating in a research note on Wednesday, May 8th. Two research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $17.00.

ProAssurance 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.