ProAssurance Co. (NYSE:PRA) Sees Significant Drop in Short Interest

ProAssurance Co. (NYSE:PRA) was the target of a large drop in short interest in July. As of July 31st, there was short interest totalling 721,600 shares, a drop of 23.0% from the June 30th total of 937,300 shares. Based on an average daily volume of 302,100 shares, the short-interest ratio is currently 2.4 days. Approximately 1.4% of the shares of the stock are short sold.

A number of brokerages have recently weighed in on PRA. ValuEngine cut shares of ProAssurance from a “buy” rating to a “hold” rating in a research note on Tuesday, July 2nd. Keefe, Bruyette & Woods cut shares of ProAssurance from a “market perform” rating to an “underperform” rating and set a $33.00 target price for the company. in a research note on Monday, May 20th. Finally, Boenning Scattergood reaffirmed a “hold” rating on shares of ProAssurance in a research note on Friday, April 26th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of $44.25.

In other news, Director John J. Mcmahon, Jr. sold 933 shares of the firm’s stock in a transaction that occurred on Tuesday, June 25th. The shares were sold at an average price of $36.19, for a total transaction of $33,765.27. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 1.70% of the company’s stock.



Hedge funds have recently added to or reduced their stakes in the business. Versant Capital Management Inc increased its position in shares of ProAssurance by 43.4% in the 2nd quarter. Versant Capital Management Inc now owns 879 shares of the insurance provider’s stock worth $31,000 after purchasing an additional 266 shares during the last quarter. Public Employees Retirement System of Ohio lifted its stake in ProAssurance by 7.0% during the fourth quarter. Public Employees Retirement System of Ohio now owns 4,685 shares of the insurance provider’s stock valued at $190,000 after purchasing an additional 308 shares during the last quarter. Municipal Employees Retirement System of Michigan lifted its stake in ProAssurance by 2.0% during the second quarter. Municipal Employees Retirement System of Michigan now owns 16,040 shares of the insurance provider’s stock valued at $579,000 after purchasing an additional 320 shares during the last quarter. Oregon Public Employees Retirement Fund lifted its stake in ProAssurance by 1.8% during the first quarter. Oregon Public Employees Retirement Fund now owns 20,772 shares of the insurance provider’s stock valued at $719,000 after purchasing an additional 375 shares during the last quarter. Finally, Larson Financial Group LLC lifted its stake in ProAssurance by 10.5% during the second quarter. Larson Financial Group LLC now owns 4,314 shares of the insurance provider’s stock valued at $156,000 after purchasing an additional 410 shares during the last quarter. 81.07% of the stock is owned by hedge funds and other institutional investors.

PRA stock traded up $0.58 during midday trading on Tuesday, hitting $39.04. The stock had a trading volume of 6,317 shares, compared to its average volume of 329,906. The company has a market cap of $2.07 billion, a price-to-earnings ratio of 26.43 and a beta of 0.55. The company has a current ratio of 0.40, a quick ratio of 0.40 and a debt-to-equity ratio of 0.19. ProAssurance has a 12-month low of $34.11 and a 12-month high of $49.47. The business has a 50-day moving average price of $37.79.

ProAssurance (NYSE:PRA) last released its earnings results on Wednesday, August 7th. The insurance provider reported $0.08 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.12 by ($0.04). The firm had revenue of $239.62 million during the quarter, compared to analysts’ expectations of $246.74 million. ProAssurance had a return on equity of 2.58% and a net margin of 5.33%. The firm’s revenue was down 6.5% on a year-over-year basis. During the same period in the previous year, the firm posted $0.48 earnings per share. On average, equities research analysts anticipate that ProAssurance will post 0.48 EPS for the current fiscal year.

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, Segregated Portfolio Cell Reinsurance, and Lloyd's Syndicate segments.

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