ProAssurance (NYSE:PRA) Cut to "Neutral" at Piper Sandler

Piper Sandler lowered shares of ProAssurance (NYSE:PRA - Free Report) from an overweight rating to a neutral rating in a research report report published on Monday morning, Marketbeat Ratings reports. Piper Sandler currently has $18.00 price objective on the insurance provider's stock.

Several other research analysts have also weighed in on PRA. Truist Financial cut their price objective on shares of ProAssurance from $16.00 to $14.00 and set a "hold" rating on the stock in a report on Monday, August 12th. JMP Securities cut their price target on shares of ProAssurance from $22.00 to $20.00 and set a "market outperform" rating on the stock in a research note on Wednesday, July 17th.

ProAssurance Stock Performance

NYSE:PRA traded up $0.18 during midday trading on Monday, reaching $17.17. The stock had a trading volume of 266,573 shares, compared to its average volume of 282,315. ProAssurance has a 12-month low of $10.76 and a 12-month high of $17.79. The company has a quick ratio of 0.26, a current ratio of 0.26 and a debt-to-equity ratio of 0.38. The firm has a fifty day simple moving average of $14.52 and a two-hundred day simple moving average of $13.58. The stock has a market cap of $878.42 million, a P/E ratio of 20.46 and a beta of 0.24.

ProAssurance (NYSE:PRA - Get Free Report) last announced its quarterly earnings results on Thursday, August 8th. The insurance provider reported $0.23 EPS for the quarter, topping the consensus estimate of $0.08 by $0.15. The business had revenue of $290.30 million for the quarter, compared to analyst estimates of $235.61 million. ProAssurance had a return on equity of 2.72% and a net margin of 3.71%. The company's quarterly revenue was down .5% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.16 EPS. On average, equities analysts expect that ProAssurance will post 0.58 EPS for the current year.

Institutional Trading of ProAssurance

A number of institutional investors have recently added to or reduced their stakes in the business. Connor Clark & Lunn Investment Management Ltd. grew its stake in ProAssurance by 402.1% during the 3rd 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 in the last quarter. Assenagon Asset Management S.A. boosted its stake in ProAssurance by 91.4% during the 3rd quarter. Assenagon Asset Management S.A. now owns 485,501 shares of the insurance provider's stock valued at $7,302,000 after acquiring an additional 231,852 shares during the last quarter. Private Advisor Group LLC grew its holdings in ProAssurance by 12.8% during the 3rd quarter. Private Advisor Group LLC now owns 16,806 shares of the insurance provider's stock worth $253,000 after acquiring an additional 1,905 shares in the last quarter. Allspring Global Investments Holdings LLC increased its position in shares of ProAssurance by 1.4% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 1,311,435 shares of the insurance provider's stock worth $19,724,000 after purchasing an additional 18,718 shares during the last quarter. Finally, nVerses Capital LLC bought a new position in shares of ProAssurance during the third quarter worth about $44,000. 85.58% of the stock is 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.