ProAssurance Co. Announces Quarterly Dividend of $0.31 (NYSE:PRA)

ProAssurance Co. (NYSE:PRA) announced a quarterly dividend on Wednesday, September 4th, RTT News reports. Investors of record on Friday, September 27th will be paid a dividend of 0.31 per share by the insurance provider on Friday, October 11th. This represents a $1.24 annualized dividend and a dividend yield of 3.08%.

ProAssurance has a payout ratio of 67.8% indicating that its dividend is sufficiently covered by earnings. Research analysts expect ProAssurance to earn $0.60 per share next year, which means the company may not be able to cover its $1.24 annual dividend with an expected future payout ratio of 206.7%.

NYSE:PRA traded up $0.94 during mid-day trading on Thursday, hitting $40.24. 53,151 shares of the company’s stock traded hands, compared to its average volume of 279,926. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.40 and a current ratio of 0.40. The firm’s 50 day simple moving average is $38.27 and its 200 day simple moving average is $37.96. ProAssurance has a 1 year low of $34.11 and a 1 year high of $49.47. The company has a market cap of $2.10 billion, a PE ratio of 27.19 and a beta of 0.53.

ProAssurance (NYSE:PRA) last released its earnings results on Wednesday, August 7th. The insurance provider reported $0.08 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.12 by ($0.04). ProAssurance had a return on equity of 2.58% and a net margin of 5.33%. The company had revenue of $239.62 million during the quarter, compared to analyst estimates of $246.74 million. During the same period in the prior year, the business posted $0.48 earnings per share. ProAssurance’s revenue was down 6.5% on a year-over-year basis. On average, research analysts expect that ProAssurance will post 0.43 earnings per share for the current fiscal year.

Several research firms have recently commented on PRA. Keefe, Bruyette & Woods lowered shares of ProAssurance from a “market perform” rating to an “underperform” rating and set a $33.00 price target for the company. in a research report on Monday, May 20th. ValuEngine raised shares of ProAssurance from a “hold” rating to a “buy” rating in a report on Tuesday, August 20th. One analyst has rated the stock with a sell rating, three have issued a hold rating and two have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $44.25.

In other news, Director John J. Mcmahon, Jr. sold 933 shares of the stock in a transaction that occurred on Tuesday, June 25th. The stock was sold at an average price of $36.19, for a total value of $33,765.27. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 1.70% of the stock is owned by corporate insiders.

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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Dividend History for ProAssurance (NYSE:PRA)

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