ProAssurance (NYSE:PRA) Cut to Neutral at Piper Sandler

Piper Sandler downgraded shares of ProAssurance (NYSE:PRA) from an overweight rating to a neutral rating in a research report released on Monday morning, MarketBeat reports. The firm currently has $18.00 price objective on the insurance provider’s stock.

A number of other research firms have also weighed in on PRA. JMP Securities cut their price objective on shares of ProAssurance from $22.00 to $20.00 and set a “market outperform” rating for the company in a research report on Wednesday, July 17th. Truist Financial cut their price target on ProAssurance from $16.00 to $14.00 and set a “hold” rating for the company in a report on Monday, August 12th. Two research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat, ProAssurance has a consensus rating of “Moderate Buy” and an average price target of $18.67.

ProAssurance Trading Up 0.4 %

Shares of PRA stock opened at $17.17 on Monday. The company has a market capitalization of $878.42 million, a price-to-earnings ratio of 20.69 and a beta of 0.24. The company has a current ratio of 0.28, a quick ratio of 0.28 and a debt-to-equity ratio of 0.35. The firm has a 50-day moving average price of $14.67 and a 200 day moving average price of $13.63. ProAssurance has a twelve month low of $10.76 and a twelve month high of $17.79.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of PRA. Deerfield Management Company L.P. Series C grew its holdings in ProAssurance by 199.4% in the second quarter. Deerfield Management Company L.P. Series C now owns 80,425 shares of the insurance provider’s stock valued at $983,000 after purchasing an additional 53,560 shares during the period. Allspring Global Investments Holdings LLC grew its stake in shares of ProAssurance by 1.4% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 1,311,435 shares of the insurance provider’s stock valued at $19,724,000 after buying an additional 18,718 shares during the period. Assenagon Asset Management S.A. increased its holdings in shares of ProAssurance by 2.4% during the 2nd quarter. Assenagon Asset Management S.A. now owns 253,649 shares of the insurance provider’s stock worth $3,100,000 after buying an additional 6,062 shares during the last quarter. Public Sector Pension Investment Board raised its position in shares of ProAssurance by 6.1% in the 2nd quarter. Public Sector Pension Investment Board now owns 112,203 shares of the insurance provider’s stock worth $1,371,000 after buying an additional 6,437 shares during the period. Finally, AQR Capital Management LLC boosted its holdings in ProAssurance by 25.7% in the second quarter. AQR Capital Management LLC now owns 243,834 shares of the insurance provider’s stock valued at $2,980,000 after acquiring an additional 49,851 shares during the last quarter. 85.58% of the stock is currently owned by hedge funds and other institutional investors.

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.