StockNews.com Downgrades ProAssurance (NYSE:PRA) to Hold

StockNews.com cut shares of ProAssurance (NYSE:PRA - Free Report) from a buy rating to a hold rating in a report issued on Wednesday morning.

Other analysts have also recently issued reports about the company. Truist Financial raised their target price on ProAssurance from $14.00 to $18.00 and gave the company a "hold" rating in a research report on Tuesday, November 12th. Piper Sandler cut shares of ProAssurance from an "overweight" rating to a "neutral" rating and set a $18.00 price objective on the stock. in a research note on Monday, November 11th.

ProAssurance Stock Performance

PRA stock traded down $0.59 during trading on Wednesday, hitting $15.85. 285,429 shares of the company's stock traded hands, compared to its average volume of 278,915. The stock has a market capitalization of $810.82 million, a price-to-earnings ratio of 19.10 and a beta of 0.28. ProAssurance has a 52 week low of $10.76 and a 52 week high of $17.79. The stock has a fifty day moving average price of $16.08 and a two-hundred day moving average price of $14.04. The company has a quick ratio of 0.28, a current ratio of 0.28 and a debt-to-equity ratio of 0.35.

Hedge Funds Weigh In On ProAssurance

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Zacks Investment Management acquired a new stake in shares of ProAssurance in the third quarter valued at $5,140,000. Assenagon Asset Management S.A. raised its position in ProAssurance by 91.4% in the third quarter. Assenagon Asset Management S.A. now owns 485,501 shares of the insurance provider's stock worth $7,302,000 after acquiring an additional 231,852 shares in the last quarter. Cubist Systematic Strategies LLC lifted its holdings in ProAssurance by 567.5% in the 2nd quarter. Cubist Systematic Strategies LLC now owns 151,434 shares of the insurance provider's stock valued at $1,851,000 after acquiring an additional 128,747 shares during the last quarter. Dana Investment Advisors Inc. boosted its position in shares of ProAssurance by 33.6% during the 2nd quarter. Dana Investment Advisors Inc. now owns 434,850 shares of the insurance provider's stock valued at $5,314,000 after purchasing an additional 109,253 shares in the last quarter. Finally, Wellington Management Group LLP grew its stake in shares of ProAssurance by 3.0% in the 3rd 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 during the last quarter. 85.58% of the stock is owned by 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.