Zacks Investment Research lowered shares of ProAssurance (NYSE:PRA) from a buy rating to a hold rating in a research report released on Tuesday.

According to Zacks, “ProAssurance Corporation’s shares has been consistently performing well backed by growth across its three operating segments along with overall renewal pricing. The company’s core business has been witnessing a substantial improvement over the past few quarters. It has significantly achieved inorganic growth via successful acquisitions and integration of companies. Its top line has also remained consistently strong on the back of a solid premium income. However, volatility in premium retention pertaining to the company’s physician business has impacted its margins adversely too. It shares have lost comparing unfavorably with its industry’s growth in a year’s time. While growing expenses also persistently burden the company’s bottom line, declining investment income has been affecting its revenues.”

A number of other brokerages have also recently issued reports on PRA. JMP Securities upped their price objective on shares of ProAssurance from $50.00 to $52.00 and gave the stock a market outperform rating in a report on Friday, September 21st. ValuEngine upgraded shares of ProAssurance from a sell rating to a hold rating in a report on Wednesday, August 15th. Sandler O’Neill reiterated a hold rating and issued a $44.00 price objective on shares of ProAssurance in a report on Thursday, August 9th. Finally, Boenning Scattergood reiterated a hold rating on shares of ProAssurance in a report on Wednesday, August 8th. Seven investment analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. The company presently has an average rating of Hold and an average price target of $50.50.

Shares of NYSE:PRA opened at $43.36 on Tuesday. The firm has a market capitalization of $2.52 billion, a P/E ratio of 21.71 and a beta of 0.63. ProAssurance has a 1 year low of $34.95 and a 1 year high of $63.45. The company has a debt-to-equity ratio of 0.18, a current ratio of 0.35 and a quick ratio of 0.35.

ProAssurance (NYSE:PRA) last issued its quarterly earnings data on Tuesday, August 7th. The insurance provider reported $0.48 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.39 by $0.09. The firm had revenue of $248.02 million during the quarter, compared to analysts’ expectations of $219.98 million. ProAssurance had a net margin of 9.67% and a return on equity of 6.14%. During the same period in the prior year, the company posted $0.40 earnings per share. As a group, equities analysts anticipate that ProAssurance will post 1.83 EPS for the current year.

The company also recently declared a quarterly dividend, which was paid on Wednesday, October 10th. Shareholders of record on Friday, September 28th were issued a dividend of $0.31 per share. This represents a $1.24 dividend on an annualized basis and a yield of 2.86%. The ex-dividend date of this dividend was Thursday, September 27th. ProAssurance’s dividend payout ratio (DPR) is 61.39%.

A number of hedge funds have recently added to or reduced their stakes in the business. BlackRock Inc. boosted its holdings in ProAssurance by 31.3% during 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. Dimensional Fund Advisors LP boosted its holdings in ProAssurance by 11.5% during the second quarter. Dimensional Fund Advisors LP now owns 2,029,596 shares of the insurance provider’s stock valued at $71,950,000 after acquiring an additional 209,147 shares during the period. Victory Capital Management Inc. boosted its holdings in ProAssurance by 5.6% during the second quarter. Victory Capital Management Inc. now owns 1,840,518 shares of the insurance provider’s stock valued at $65,247,000 after acquiring an additional 97,038 shares during the period. Royce & Associates LP boosted its holdings in ProAssurance by 225.4% during 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. Finally, Diamond Hill Capital Management Inc. boosted its holdings in ProAssurance by 255.0% during 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. Institutional investors own 85.77% of the company’s stock.

ProAssurance Company 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, 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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Analyst Recommendations for ProAssurance (NYSE:PRA)

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