Deerfield Management Company L.P. Series C Grows Holdings in ProAssurance Co. (NYSE:PRA)

Deerfield Management Company L.P. Series C increased its holdings in shares of ProAssurance Co. (NYSE:PRA - Free Report) by 199.4% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 80,425 shares of the insurance provider's stock after purchasing an additional 53,560 shares during the quarter. Deerfield Management Company L.P. Series C owned 0.16% of ProAssurance worth $983,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently modified their holdings of the company. AQR Capital Management LLC lifted its position in ProAssurance by 25.7% during the second quarter. AQR Capital Management LLC now owns 243,834 shares of the insurance provider's stock valued at $2,980,000 after purchasing an additional 49,851 shares during the period. Point72 Hong Kong Ltd bought a new position in shares of ProAssurance during the 2nd quarter valued at $28,000. Squarepoint Ops LLC purchased a new position in shares of ProAssurance in the 2nd quarter worth $400,000. Cubist Systematic Strategies LLC grew its holdings in shares of ProAssurance by 567.5% in the second quarter. Cubist Systematic Strategies LLC now owns 151,434 shares of the insurance provider's stock worth $1,851,000 after acquiring an additional 128,747 shares during the period. Finally, Public Sector Pension Investment Board grew its holdings in shares of ProAssurance by 6.1% in the second quarter. Public Sector Pension Investment Board now owns 112,203 shares of the insurance provider's stock worth $1,371,000 after acquiring an additional 6,437 shares during the period. 85.58% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on PRA shares. JMP Securities lowered their target price on ProAssurance from $22.00 to $20.00 and set a "market outperform" rating on the stock in a report on Wednesday, July 17th. Truist Financial lowered their price objective on shares of ProAssurance from $16.00 to $14.00 and set a "hold" rating on the stock in a research note on Monday, August 12th. Two analysts have rated the stock with a hold rating and two have assigned a buy rating to the company's stock. Based on data from MarketBeat, ProAssurance has a consensus rating of "Moderate Buy" and an average price target of $16.33.

ProAssurance Price Performance

Shares of NYSE:PRA traded up $0.45 during trading on Thursday, hitting $14.94. 300,067 shares of the company's stock were exchanged, compared to its average volume of 288,400. The business's 50-day simple moving average is $12.91 and its 200 day simple moving average is $13.03. The company has a debt-to-equity ratio of 0.38, a current ratio of 0.26 and a quick ratio of 0.26. ProAssurance Co. has a 52-week low of $10.76 and a 52-week high of $19.05. The company has a market cap of $762.12 million, a price-to-earnings ratio of -27.67 and a beta of 0.23.

ProAssurance (NYSE:PRA - Get Free Report) last released its quarterly earnings data on Thursday, August 8th. The insurance provider reported $0.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.08 by $0.15. ProAssurance had a negative net margin of 2.00% and a positive return on equity of 0.86%. The firm had revenue of $290.30 million for the quarter, compared to analysts' expectations of $235.61 million. During the same quarter last year, the business posted $0.16 earnings per share. The company's revenue for the quarter was down .5% compared to the same quarter last year. As a group, equities analysts predict that ProAssurance Co. will post 0.58 EPS for the current year.

About ProAssurance

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.