Stock Traders Buy Large Volume of Put Options on ProAssurance (NYSE:PRA)

ProAssurance Co. (NYSE:PRA - Get Free Report) was the recipient of some unusual options trading activity on Thursday. Traders acquired 2,330 put options on the company. This represents an increase of 1,202% compared to the typical daily volume of 179 put options.

ProAssurance Price Performance

ProAssurance stock traded up $0.04 during midday trading on Friday, reaching $15.29. The company's stock had a trading volume of 159,574 shares, compared to its average volume of 196,343. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.28 and a current ratio of 0.28. ProAssurance has a fifty-two week low of $10.76 and a fifty-two week high of $17.79. The firm has a market capitalization of $782.24 million, a PE ratio of 18.42 and a beta of 0.29. The stock's 50 day simple moving average is $16.17 and its 200 day simple moving average is $14.43.

Institutional Trading of ProAssurance

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. JPMorgan Chase & Co. increased its holdings in ProAssurance by 34.8% in the third quarter. JPMorgan Chase & Co. now owns 253,175 shares of the insurance provider's stock valued at $3,808,000 after buying an additional 65,325 shares in the last quarter. Barclays PLC grew its holdings in shares of ProAssurance by 307.5% in the 3rd quarter. Barclays PLC now owns 85,117 shares of the insurance provider's stock worth $1,280,000 after acquiring an additional 64,228 shares during the period. XTX Topco Ltd purchased a new position in ProAssurance in the 3rd quarter valued at approximately $403,000. Zacks Investment Management acquired a new position in ProAssurance during the third quarter worth $5,140,000. Finally, Wellington Management Group LLP boosted its position in ProAssurance by 3.0% during the third quarter. Wellington Management Group LLP now owns 3,164,085 shares of the insurance provider's stock worth $47,588,000 after purchasing an additional 91,987 shares in the last quarter. Institutional investors and hedge funds own 85.58% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on PRA. Piper Sandler downgraded shares of ProAssurance from an "overweight" rating to a "neutral" rating and set a $18.00 price objective for the company. in a research report on Monday, November 11th. StockNews.com raised shares of ProAssurance from a "hold" rating to a "buy" rating in a report on Thursday, December 26th. Finally, Truist Financial lifted their price objective on ProAssurance from $14.00 to $18.00 and gave the company a "hold" rating in a report on Tuesday, November 12th.

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.