ProAssurance Co. (NYSE:PRA) Short Interest Down 16.1% in November

ProAssurance Co. (NYSE:PRA) was the target of a significant decline in short interest in November. As of November 30th, there was short interest totalling 571,000 shares, a decline of 16.1% from the November 15th total of 680,600 shares. Based on an average daily volume of 265,900 shares, the short-interest ratio is currently 2.1 days. Approximately 1.1% of the shares of the stock are sold short.

Analysts Set New Price Targets

PRA has been the subject of several recent analyst reports. Truist Financial upped their price objective on ProAssurance from $14.00 to $18.00 and gave the stock a “hold” rating in a research report 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 report on Monday, November 11th. Finally, StockNews.com raised shares of ProAssurance from a “hold” rating to a “buy” rating in a report on Tuesday, December 10th.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Wellington Management Group LLP increased its holdings in ProAssurance by 3.0% in the third quarter. Wellington Management Group LLP now owns 3,164,085 shares of the insurance provider’s stock valued at $47,588,000 after purchasing an additional 91,987 shares during the period. State Street Corp increased its stake in shares of ProAssurance by 1.8% in the third quarter. State Street Corp now owns 1,968,754 shares of the insurance provider’s stock valued at $29,610,000 after buying an additional 34,247 shares during the period. Allspring Global Investments Holdings LLC increased its stake in shares of ProAssurance by 1.4% in the third 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. Jacobs Levy Equity Management Inc. raised its position in shares of 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 acquiring an additional 1,738 shares during the last quarter. Finally, Assenagon Asset Management S.A. lifted its stake in shares of ProAssurance by 91.4% in the third quarter. Assenagon Asset Management S.A. now owns 485,501 shares of the insurance provider’s stock worth $7,302,000 after acquiring an additional 231,852 shares during the period. Institutional investors and hedge funds own 85.58% of the company’s stock.

ProAssurance Trading Down 0.5 %

Shares of PRA stock opened at $16.65 on Friday. The company has a quick ratio of 0.28, a current ratio of 0.28 and a debt-to-equity ratio of 0.35. The firm has a market capitalization of $851.75 million, a P/E ratio of 20.06 and a beta of 0.28. ProAssurance has a twelve month low of $10.76 and a twelve month high of $17.79. The stock’s fifty day simple moving average is $15.99 and its 200 day simple moving average is $14.01.

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.