Short Interest in ProAssurance Co. (NYSE:PRA) Rises By 11.5%
ProAssurance Co. (NYSE:PRA) saw a large growth in short interest during the month of July. As of July 15th, there was short interest totalling 940,100 shares, a growth of 11.5% from the June 30th total of 843,300 shares. Currently, 1.8% of the company’s stock are sold short. Based on an average daily volume of 534,800 shares, the days-to-cover ratio is presently 1.8 days.
Hedge funds have recently modified their holdings of the business. Marshall Wace North America L.P. acquired a new position in ProAssurance in the 1st quarter worth about $42,000. Zurcher Kantonalbank Zurich Cantonalbank increased its position in ProAssurance by 36.0% in the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,830 shares of the insurance provider’s stock worth $121,000 after purchasing an additional 1,278 shares during the last quarter. Tower Research Capital LLC TRC increased its position in ProAssurance by 77.0% in the 1st quarter. Tower Research Capital LLC TRC now owns 5,139 shares of the insurance provider’s stock worth $128,000 after purchasing an additional 2,235 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its position in ProAssurance by 48.4% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,166 shares of the insurance provider’s stock worth $104,000 after purchasing an additional 2,336 shares during the last quarter. Finally, Aigen Investment Management LP increased its position in ProAssurance by 129.7% in the 1st quarter. Aigen Investment Management LP now owns 8,542 shares of the insurance provider’s stock worth $214,000 after purchasing an additional 4,823 shares during the last quarter. 85.16% of the stock is currently owned by institutional investors.
A number of brokerages have recently weighed in on PRA. Piper Sandler upgraded ProAssurance from an “underweight” rating to a “neutral” rating and set a $14.00 price target for the company in a report on Thursday, July 9th. SunTrust Banks lowered their price target on ProAssurance from $36.00 to $21.00 and set a “hold” rating for the company in a report on Monday, May 11th. They noted that the move was a valuation call. JMP Securities lowered their price target on ProAssurance from $40.00 to $30.00 and set an “outperform” rating for the company in a report on Thursday, May 14th. Finally, Zacks Investment Research downgraded ProAssurance from a “hold” rating to a “sell” rating and set a $22.00 price target for the company. in a report on Thursday, April 30th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $24.60.
ProAssurance (NYSE:PRA) last announced its earnings results on Thursday, May 7th. The insurance provider reported ($0.02) EPS for the quarter, missing the consensus estimate of $0.05 by ($0.07). The company had revenue of $196.70 million for the quarter, compared to analysts’ expectations of $235.50 million. ProAssurance had a negative net margin of 5.67% and a negative return on equity of 3.21%. The company’s revenue for the quarter was down 26.8% on a year-over-year basis. During the same period in the prior year, the company earned $0.08 earnings per share. As a group, research analysts anticipate that ProAssurance will post -0.7 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Wednesday, July 8th. Shareholders of record on Thursday, June 11th were given a $0.05 dividend. This represents a $0.20 annualized dividend and a yield of 1.36%. The ex-dividend date was Wednesday, June 10th. ProAssurance’s payout ratio is currently -24.69%.
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, Segregated Portfolio Cell Reinsurance, and Lloyd's Syndicate segments.
Further Reading: Are FAANG stocks a good investment?
Receive News & Ratings for ProAssurance Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for ProAssurance and related companies with MarketBeat.com's FREE daily email newsletter.