Short Interest in ProAssurance Co. (NYSE:PRA) Declines By 15.7%

ProAssurance Co. (NYSE:PRA - Get Free Report) was the recipient of a significant decrease in short interest in December. As of December 15th, there was short interest totalling 481,100 shares, a decrease of 15.7% from the November 30th total of 571,000 shares. Based on an average trading volume of 257,700 shares, the short-interest ratio is currently 1.9 days. Approximately 1.0% of the shares of the company are short sold.

Institutional Investors Weigh In On ProAssurance

Several hedge funds have recently added to or reduced their stakes in PRA. State Street Corp grew its position in ProAssurance by 1.8% during the third quarter. State Street Corp now owns 1,968,754 shares of the insurance provider's stock valued at $29,610,000 after acquiring an additional 34,247 shares during the last quarter. Deerfield Management Company L.P. Series C grew its position in ProAssurance by 199.4% during the 2nd quarter. Deerfield Management Company L.P. Series C now owns 80,425 shares of the insurance provider's stock worth $983,000 after acquiring an additional 53,560 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its position in ProAssurance by 1.4% in the third quarter. Allspring Global Investments Holdings LLC now owns 1,311,435 shares of the insurance provider's stock valued at $19,724,000 after purchasing an additional 18,718 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. boosted its stake in shares of ProAssurance by 402.1% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 68,435 shares of the insurance provider's stock valued at $1,029,000 after purchasing an additional 54,806 shares during the period. Finally, Public Sector Pension Investment Board increased its stake 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 buying an additional 6,437 shares during the period. Institutional investors own 85.58% of the company's stock.

ProAssurance Price Performance

Shares of ProAssurance stock traded down $0.30 on Friday, hitting $15.66. 201,925 shares of the company traded hands, compared to its average volume of 279,012. ProAssurance has a 12-month low of $10.76 and a 12-month high of $17.79. The firm's 50-day simple moving average is $16.19 and its 200 day simple moving average is $14.17. The company has a market cap of $801.10 million, a P/E ratio of 18.87 and a beta of 0.28. The company has a current ratio of 0.28, a quick ratio of 0.28 and a debt-to-equity ratio of 0.35.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on PRA. Truist Financial increased their price target on shares of ProAssurance from $14.00 to $18.00 and gave the stock a "hold" rating in a report on Tuesday, November 12th. StockNews.com raised shares of ProAssurance from a "hold" rating to a "buy" rating in a report on Thursday. Finally, Piper Sandler cut shares of ProAssurance from an "overweight" rating to a "neutral" rating and set a $18.00 price target on the stock. in a report on Monday, November 11th.

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.