Zacks Research Weighs in on ProAssurance Co.’s Q3 2024 Earnings (NYSE:PRA)

ProAssurance Co. (NYSE:PRA) – Equities researchers at Zacks Research raised their Q3 2024 earnings estimates for shares of ProAssurance in a research report issued to clients and investors on Wednesday, September 4th. Zacks Research analyst K. Dey now anticipates that the insurance provider will earn $0.11 per share for the quarter, up from their previous forecast of $0.10. The consensus estimate for ProAssurance’s current full-year earnings is $0.58 per share. Zacks Research also issued estimates for ProAssurance’s Q4 2024 earnings at $0.16 EPS, FY2024 earnings at $0.57 EPS, Q4 2025 earnings at $0.23 EPS and FY2025 earnings at $0.77 EPS.

ProAssurance (NYSE:PRA) last announced its quarterly earnings data on Thursday, August 8th. The insurance provider reported $0.23 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.08 by $0.15. ProAssurance had a negative net margin of 2.00% and a positive return on equity of 0.86%. The company had revenue of $290.30 million during the quarter, compared to analysts’ expectations of $235.61 million. During the same quarter in the prior year, the company posted $0.16 EPS. The business’s revenue was down .5% on a year-over-year basis.

PRA has been the subject of a number of other research reports. JMP Securities dropped their price objective on shares of ProAssurance from $22.00 to $20.00 and set a “market outperform” rating for the company in a research note on Wednesday, July 17th. Truist Financial dropped their price objective on shares of ProAssurance from $16.00 to $14.00 and set a “hold” rating for the company in a research note on Monday, August 12th. Two investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $16.33.

ProAssurance Trading Down 0.8 %

Shares of PRA stock opened at $13.51 on Friday. ProAssurance has a 52-week low of $10.76 and a 52-week high of $19.25. The stock has a market cap of $689.17 million, a price-to-earnings ratio of -25.04 and a beta of 0.23. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.26 and a current ratio of 0.26. The firm has a fifty day moving average of $12.43 and a 200-day moving average of $12.98.

Institutional Investors Weigh In On ProAssurance

A number of hedge funds have recently made changes to their positions in the company. Dimensional Fund Advisors LP increased its position in shares of ProAssurance by 6.3% during the 4th quarter. Dimensional Fund Advisors LP now owns 2,838,938 shares of the insurance provider’s stock worth $39,150,000 after purchasing an additional 168,634 shares in the last quarter. Dana Investment Advisors Inc. increased its position in shares of ProAssurance by 33.6% during the 2nd quarter. Dana Investment Advisors Inc. now owns 434,850 shares of the insurance provider’s stock worth $5,314,000 after purchasing an additional 109,253 shares in the last quarter. Bank of New York Mellon Corp increased its position in shares of ProAssurance by 2.1% during the 2nd quarter. Bank of New York Mellon Corp now owns 417,150 shares of the insurance provider’s stock worth $5,098,000 after purchasing an additional 8,549 shares in the last quarter. American Century Companies Inc. increased its position in shares of ProAssurance by 4.7% during the 2nd quarter. American Century Companies Inc. now owns 305,698 shares of the insurance provider’s stock worth $3,736,000 after purchasing an additional 13,650 shares in the last quarter. Finally, Assenagon Asset Management S.A. increased its position in shares of ProAssurance by 2.4% during the 2nd quarter. Assenagon Asset Management S.A. now owns 253,649 shares of the insurance provider’s stock worth $3,100,000 after purchasing an additional 6,062 shares in the last quarter. Institutional investors and hedge funds own 85.58% of the company’s stock.

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, 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.