Q1 2018 EPS Estimates for ProAssurance Corporation Cut by Analyst (PRA)
ProAssurance Corporation (NYSE:PRA) – Equities researchers at Boenning Scattergood dropped their Q1 2018 EPS estimates for shares of ProAssurance in a note issued to investors on Thursday. Boenning Scattergood analyst R. Farnam now forecasts that the insurance provider will earn $0.48 per share for the quarter, down from their prior forecast of $0.49. Boenning Scattergood currently has a “Hold” rating on the stock.
ProAssurance (NYSE:PRA) last released its quarterly earnings data on Monday, November 6th. The insurance provider reported $0.45 earnings per share for the quarter, beating the consensus estimate of $0.36 by $0.09. The firm had revenue of $228.50 million during the quarter, compared to the consensus estimate of $215.12 million. ProAssurance had a return on equity of 6.75% and a net margin of 16.18%. The firm’s quarterly revenue was up 1.9% on a year-over-year basis. During the same period in the previous year, the company posted $0.46 earnings per share.
Several other analysts also recently weighed in on the company. Zacks Investment Research upgraded ProAssurance from a “hold” rating to a “buy” rating and set a $68.00 price objective for the company in a report on Wednesday, December 13th. Keefe, Bruyette & Woods reiterated a “hold” rating and issued a $61.00 target price on shares of ProAssurance in a report on Wednesday, December 6th. Finally, Buckingham Research assumed coverage on shares of ProAssurance in a report on Monday, September 11th. They issued a “neutral” rating and a $54.00 target price for the company. One research analyst has rated the stock with a sell rating, four have given a hold rating and one has assigned a buy rating to the company. ProAssurance currently has an average rating of “Hold” and a consensus price target of $60.75.
ProAssurance (NYSE PRA) traded down $0.05 during mid-day trading on Monday, hitting $56.55. The company had a trading volume of 126,500 shares, compared to its average volume of 157,107. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.40 and a quick ratio of 0.40. The company has a market capitalization of $3,020.63, a P/E ratio of 21.02 and a beta of 0.58. ProAssurance has a 12-month low of $50.70 and a 12-month high of $63.45.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 10th. Stockholders of record on Thursday, December 21st will be paid a dividend of $0.31 per share. The ex-dividend date is Wednesday, December 20th. This represents a $1.24 dividend on an annualized basis and a dividend yield of 2.19%. ProAssurance’s payout ratio is 46.10%.
Hedge funds have recently modified their holdings of the company. FMR LLC boosted its position in ProAssurance by 28.9% in the second quarter. FMR LLC now owns 2,684,274 shares of the insurance provider’s stock valued at $163,204,000 after buying an additional 602,115 shares during the last quarter. Victory Capital Management Inc. boosted its position in ProAssurance by 34.2% in the 3rd quarter. Victory Capital Management Inc. now owns 1,470,050 shares of the insurance provider’s stock worth $80,338,000 after purchasing an additional 374,906 shares in the last quarter. Koch Industries Inc. purchased a new stake in ProAssurance in the 2nd quarter worth approximately $230,000. Robeco Institutional Asset Management B.V. boosted its position in ProAssurance by 54.8% in the 2nd quarter. Robeco Institutional Asset Management B.V. now owns 470,404 shares of the insurance provider’s stock worth $28,600,000 after purchasing an additional 166,561 shares in the last quarter. Finally, Janus Henderson Group PLC purchased a new stake in ProAssurance in the 2nd quarter worth approximately $8,896,000. Institutional investors and hedge funds own 80.17% of the company’s stock.
ProAssurance Corporation (ProAssurance) is a holding company for property and casualty insurance companies. The Company provides professional liability insurance for healthcare professionals and facilities, professional liability insurance for attorneys, liability insurance for medical technology and life sciences risks, and workers’ compensation insurance.
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