ProAssurance (NYSE:PRA) Shares Gap Up – Here’s What Happened

ProAssurance Co. (NYSE:PRA) shares gapped up prior to trading on Thursday . The stock had previously closed at $15.54, but opened at $23.26. ProAssurance shares last traded at $23.05, with a volume of 3,746,412 shares trading hands.

Analysts Set New Price Targets

Separately, StockNews.com downgraded ProAssurance from a “buy” rating to a “hold” rating in a research note on Friday.

ProAssurance Stock Performance

The firm has a market cap of $1.18 billion, a P/E ratio of 27.88 and a beta of 0.21. The company has a current ratio of 0.28, a quick ratio of 0.28 and a debt-to-equity ratio of 0.35. The company’s 50-day moving average is $15.40 and its two-hundred day moving average is $15.39.

ProAssurance (NYSE:PRA) last announced its quarterly earnings results on Monday, February 24th. The insurance provider reported $0.36 earnings per share for the quarter, beating the consensus estimate of $0.17 by $0.19. ProAssurance had a net margin of 3.71% and a return on equity of 2.65%. The business had revenue of $287.52 million for the quarter, compared to analysts’ expectations of $274.56 million. As a group, equities analysts predict that ProAssurance Co. will post 0.8 EPS for the current fiscal year.

Hedge Funds Weigh In On ProAssurance

Large investors have recently added to or reduced their stakes in the business. Wealthfront Advisers LLC bought a new position in shares of ProAssurance during the 4th quarter worth approximately $359,000. Barclays PLC lifted its position in shares of ProAssurance by 307.5% during the 3rd quarter. Barclays PLC now owns 85,117 shares of the insurance provider’s stock worth $1,280,000 after buying an additional 64,228 shares in the last quarter. State Street Corp lifted its position in shares of ProAssurance by 1.8% during the 3rd quarter. State Street Corp now owns 1,968,754 shares of the insurance provider’s stock worth $29,610,000 after buying an additional 34,247 shares in the last quarter. JPMorgan Chase & Co. lifted its position in shares of ProAssurance by 34.8% during the 3rd quarter. JPMorgan Chase & Co. now owns 253,175 shares of the insurance provider’s stock worth $3,808,000 after buying an additional 65,325 shares in the last quarter. Finally, FMR LLC lifted its position in shares of ProAssurance by 197.8% during the 3rd quarter. FMR LLC now owns 12,063 shares of the insurance provider’s stock worth $181,000 after buying an additional 8,012 shares in the last quarter. Institutional investors own 85.58% of the company’s stock.

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.