ProAssurance (NYSE:PRA) Shares Gap Up – Here’s What Happened

ProAssurance Co. (NYSE:PRA)’s stock price gapped up prior to trading on Thursday . The stock had previously closed at $15.54, but opened at $23.26. ProAssurance shares last traded at $23.05, with a volume of 3,746,412 shares.

Analysts Set New Price Targets

Separately, StockNews.com cut shares of ProAssurance from a “buy” rating to a “hold” rating in a report on Friday.

ProAssurance Price Performance

The company has a current ratio of 0.28, a quick ratio of 0.28 and a debt-to-equity ratio of 0.35. The company has a market cap of $1.18 billion, a P/E ratio of 27.88 and a beta of 0.21. The business’s fifty day moving average is $15.40 and its 200 day moving average is $15.39.

ProAssurance (NYSE:PRA) last released its quarterly earnings data on Monday, February 24th. The insurance provider reported $0.36 earnings per share for the quarter, beating analysts’ consensus estimates of $0.17 by $0.19. ProAssurance had a net margin of 3.71% and a return on equity of 2.65%. The business had revenue of $287.52 million during the quarter, compared to analyst estimates of $274.56 million. As a group, sell-side analysts anticipate that ProAssurance Co. will post 0.8 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. Mariner LLC grew its position in shares of ProAssurance by 4.2% during the 4th quarter. Mariner LLC now owns 17,007 shares of the insurance provider’s stock valued at $271,000 after purchasing an additional 688 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of ProAssurance by 4.0% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 28,991 shares of the insurance provider’s stock valued at $461,000 after purchasing an additional 1,127 shares in the last quarter. Rhumbline Advisers grew its position in shares of ProAssurance by 0.8% during the 4th quarter. Rhumbline Advisers now owns 160,707 shares of the insurance provider’s stock valued at $2,557,000 after purchasing an additional 1,281 shares in the last quarter. Sterling Capital Management LLC grew its position in shares of ProAssurance by 859.4% during the 4th quarter. Sterling Capital Management LLC now owns 1,631 shares of the insurance provider’s stock valued at $26,000 after purchasing an additional 1,461 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. grew its position in shares of ProAssurance by 0.3% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 587,901 shares of the insurance provider’s stock valued at $8,842,000 after purchasing an additional 1,738 shares in the last quarter. 85.58% of the stock is currently owned by hedge funds and other institutional investors.

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 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.