ProAssurance (NYSE:PRA) Downgraded by StockNews.com to Hold

StockNews.com cut shares of ProAssurance (NYSE:PRA) from a buy rating to a hold rating in a research note published on Wednesday.

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

ProAssurance Stock Performance

Shares of NYSE PRA opened at $15.85 on Wednesday. The business’s 50-day simple moving average is $16.10 and its 200-day simple moving average is $14.05. ProAssurance has a 52 week low of $10.76 and a 52 week high of $17.79. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.28 and a current ratio of 0.28. The firm has a market cap of $810.82 million, a price-to-earnings ratio of 19.10 and a beta of 0.28.

Hedge Funds Weigh In On ProAssurance

Several large investors have recently added to or reduced their stakes in the company. Deerfield Management Company L.P. Series C raised its stake in shares of ProAssurance by 199.4% in the second quarter. Deerfield Management Company L.P. Series C now owns 80,425 shares of the insurance provider’s stock valued at $983,000 after purchasing an additional 53,560 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its holdings in shares of ProAssurance by 1.4% during 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 acquiring an additional 18,718 shares during the period. Connor Clark & Lunn Investment Management Ltd. increased its stake in ProAssurance by 402.1% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 68,435 shares of the insurance provider’s stock valued at $1,029,000 after acquiring an additional 54,806 shares during the period. Public Sector Pension Investment Board raised its position in ProAssurance by 6.1% in the second quarter. Public Sector Pension Investment Board now owns 112,203 shares of the insurance provider’s stock worth $1,371,000 after purchasing an additional 6,437 shares in the last quarter. Finally, AQR Capital Management LLC boosted its holdings in ProAssurance by 25.7% during the second quarter. AQR Capital Management LLC now owns 243,834 shares of the insurance provider’s stock valued at $2,980,000 after purchasing an additional 49,851 shares in the last quarter. Institutional investors and hedge funds 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.