Verition Fund Management LLC boosted its holdings in shares of ProAssurance Co. (NYSE:PRA) by 76.3% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 18,246 shares of the insurance provider’s stock after purchasing an additional 7,899 shares during the period. Verition Fund Management LLC’s holdings in ProAssurance were worth $647,000 as of its most recent SEC filing.
A number of other hedge funds have also added to or reduced their stakes in PRA. BlackRock Inc. increased its holdings in ProAssurance by 31.3% during the 2nd quarter. BlackRock Inc. now owns 7,461,935 shares of the insurance provider’s stock valued at $264,525,000 after purchasing an additional 1,777,372 shares in the last quarter. Royce & Associates LP increased its holdings in ProAssurance by 225.4% during the 2nd quarter. Royce & Associates LP now owns 1,464,735 shares of the insurance provider’s stock valued at $51,925,000 after purchasing an additional 1,014,637 shares in the last quarter. Diamond Hill Capital Management Inc. increased its holdings in ProAssurance by 255.0% during the 2nd quarter. Diamond Hill Capital Management Inc. now owns 1,224,011 shares of the insurance provider’s stock valued at $43,391,000 after purchasing an additional 879,264 shares in the last quarter. Millennium Management LLC increased its holdings in ProAssurance by 1,103.8% during the 2nd quarter. Millennium Management LLC now owns 353,483 shares of the insurance provider’s stock valued at $12,531,000 after purchasing an additional 324,119 shares in the last quarter. Finally, Renaissance Technologies LLC boosted its position in ProAssurance by 45.6% in the 2nd quarter. Renaissance Technologies LLC now owns 1,026,200 shares of the insurance provider’s stock valued at $36,379,000 after buying an additional 321,600 shares during the last quarter. 85.70% of the stock is owned by hedge funds and other institutional investors.
A number of brokerages have commented on PRA. JMP Securities increased their price objective on ProAssurance from $50.00 to $52.00 and gave the company a “market outperform” rating in a research report on Friday, September 21st. Zacks Investment Research upgraded ProAssurance from a “hold” rating to a “buy” rating and set a $54.00 price objective on the stock in a research report on Tuesday, September 11th. ValuEngine upgraded ProAssurance from a “sell” rating to a “hold” rating in a research report on Wednesday, August 15th. Sandler O’Neill reiterated a “hold” rating and issued a $44.00 price objective on shares of ProAssurance in a research report on Thursday, August 9th. Finally, Boenning Scattergood reiterated a “hold” rating on shares of ProAssurance in a research report on Wednesday, August 8th. Six analysts have rated the stock with a hold rating and two have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $50.50.
ProAssurance (NYSE:PRA) last announced its quarterly earnings data on Tuesday, August 7th. The insurance provider reported $0.48 EPS for the quarter, beating the Zacks’ consensus estimate of $0.39 by $0.09. The firm had revenue of $248.02 million for the quarter, compared to analyst estimates of $219.98 million. ProAssurance had a return on equity of 6.14% and a net margin of 9.67%. During the same period last year, the company earned $0.40 EPS. analysts forecast that ProAssurance Co. will post 1.83 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 10th. Shareholders of record on Friday, September 28th will be given a $0.31 dividend. The ex-dividend date of this dividend is Thursday, September 27th. This represents a $1.24 dividend on an annualized basis and a yield of 2.65%. ProAssurance’s payout ratio is 61.39%.
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, and Lloyd's Syndicate segments. It offers professional liability insurance for healthcare professionals and facilities; professional liability insurance for attorneys; liability insurance for medical technology and life sciences risks; and workers' compensation insurance for employers, groups, and associations.
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