CWM Advisors LLC Makes New Investment in ProAssurance Co. (NYSE:PRA)

CWM Advisors LLC bought a new position in ProAssurance Co. (NYSE:PRA) in the first quarter, HoldingsChannel reports. The fund bought 9,973 shares of the insurance provider’s stock, valued at approximately $249,000.

Other hedge funds also recently added to or reduced their stakes in the company. Busey Wealth Management purchased a new stake in ProAssurance in the 4th quarter worth approximately $27,000. Sowell Financial Services LLC purchased a new stake in ProAssurance in the 4th quarter worth approximately $32,000. Point72 Hong Kong Ltd purchased a new stake in ProAssurance in the 4th quarter worth approximately $43,000. Marshall Wace North America L.P. purchased a new stake in ProAssurance in the 1st quarter worth approximately $42,000. Finally, Tower Research Capital LLC TRC purchased a new stake in ProAssurance in the 4th quarter worth approximately $105,000. Institutional investors own 84.58% of the company’s stock.

NYSE:PRA opened at $14.05 on Friday. ProAssurance Co. has a 1 year low of $12.67 and a 1 year high of $42.03. The firm’s fifty day simple moving average is $19.31 and its 200 day simple moving average is $29.79. The company has a current ratio of 0.45, a quick ratio of 0.45 and a debt-to-equity ratio of 0.21.

ProAssurance (NYSE:PRA) last posted its earnings results on Thursday, May 7th. The insurance provider reported ($0.02) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.07). ProAssurance had a negative net margin of 5.67% and a negative return on equity of 3.21%. The firm had revenue of $196.70 million during the quarter, compared to analyst estimates of $235.50 million. During the same quarter in the previous year, the business posted $0.08 earnings per share. The business’s quarterly revenue was down 26.8% compared to the same quarter last year. As a group, equities research analysts predict that ProAssurance Co. will post -0.81 earnings per share for the current year.

The company also recently announced a quarterly dividend, which will be paid on Wednesday, July 8th. Investors of record on Thursday, June 11th will be paid a $0.05 dividend. The ex-dividend date of this dividend is Wednesday, June 10th. This represents a $0.20 dividend on an annualized basis and a yield of 1.42%. ProAssurance’s payout ratio is presently -153.09%.

A number of research analysts have recently weighed in on the stock. SunTrust Banks cut their price target on shares of ProAssurance from $36.00 to $21.00 and set a “hold” rating on the stock in a report on Monday, May 11th. They noted that the move was a valuation call. Zacks Investment Research downgraded shares of ProAssurance from a “hold” rating to a “sell” rating and set a $22.00 price target on the stock. in a report on Thursday, April 30th. JMP Securities cut their price target on shares of ProAssurance from $40.00 to $30.00 and set an “outperform” rating on the stock in a report on Thursday, May 14th. Finally, Piper Sandler cut their price target on shares of ProAssurance from $22.00 to $21.00 and set an “underweight” rating on the stock in a report on Monday, April 6th. Three research analysts have rated the stock with a sell rating, three have assigned a hold rating and one has issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $26.00.

About ProAssurance

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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Institutional Ownership by Quarter for ProAssurance (NYSE:PRA)

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