Traders Buy Shares of ProAssurance (PRA) on Weakness
Investors purchased shares of ProAssurance Co. (NYSE:PRA) on weakness during trading hours on Friday. $15.36 million flowed into the stock on the tick-up and $1.45 million flowed out of the stock on the tick-down, for a money net flow of $13.91 million into the stock. Of all equities tracked, ProAssurance had the 22nd highest net in-flow for the day. ProAssurance traded down ($0.05) for the day and closed at $47.60
A number of equities analysts recently commented on PRA shares. ValuEngine upgraded shares of ProAssurance from a “sell” rating to a “hold” rating in a research report on Wednesday. Sandler O’Neill reiterated a “hold” rating and issued a $44.00 target price on shares of ProAssurance in a research report on Thursday, August 9th. Zacks Investment Research upgraded shares of ProAssurance from a “strong sell” rating to a “hold” rating in a research report on Friday, August 10th. Finally, Boenning Scattergood reiterated a “hold” rating on shares of ProAssurance in a research report on Wednesday, August 8th. Eight investment analysts have rated the stock with a hold rating, The company has an average rating of “Hold” and an average target price of $53.25.
The stock has a market capitalization of $2.42 billion, a P/E ratio of 23.59 and a beta of 0.62. The company has a current ratio of 0.35, a quick ratio of 0.35 and a debt-to-equity ratio of 0.18.
In other ProAssurance news, Director Magnus James Gorrie bought 2,000 shares of the firm’s stock in a transaction that occurred on Wednesday, June 13th. The shares were bought at an average price of $39.20 per share, for a total transaction of $78,400.00. Following the transaction, the director now directly owns 14,231 shares in the company, valued at $557,855.20. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 1.80% of the stock is owned by company insiders.
Several hedge funds have recently added to or reduced their stakes in PRA. BlackRock Inc. increased its position in shares of ProAssurance by 31.3% in the second quarter. BlackRock Inc. now owns 7,461,935 shares of the insurance provider’s stock valued at $264,525,000 after acquiring an additional 1,777,372 shares during the period. Royce & Associates LP increased its position in shares of ProAssurance by 225.4% in the second quarter. Royce & Associates LP now owns 1,464,735 shares of the insurance provider’s stock valued at $51,925,000 after acquiring an additional 1,014,637 shares during the period. Diamond Hill Capital Management Inc. increased its position in shares of ProAssurance by 255.0% in the second quarter. Diamond Hill Capital Management Inc. now owns 1,224,011 shares of the insurance provider’s stock valued at $43,391,000 after acquiring an additional 879,264 shares during the period. Millennium Management LLC increased its position in shares of ProAssurance by 1,103.8% in the second quarter. Millennium Management LLC now owns 353,483 shares of the insurance provider’s stock valued at $12,531,000 after acquiring an additional 324,119 shares during the period. Finally, Renaissance Technologies LLC increased its position in shares of ProAssurance by 45.6% in the second quarter. Renaissance Technologies LLC now owns 1,026,200 shares of the insurance provider’s stock valued at $36,379,000 after acquiring an additional 321,600 shares during the period. Hedge funds and other institutional investors own 81.50% of the company’s stock.
ProAssurance Company Profile (NYSE:PRA)
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, and Lloyd's Syndicate segments. It offers 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 for employers, groups, and associations.
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