ProAssurance Target of Unusually Large Options Trading (NYSE:PRA)

ProAssurance Co. (NYSE:PRA) was the target of some unusual options trading on Thursday. Investors purchased 2,330 put options on the company. This is an increase of approximately 1,202% compared to the average volume of 179 put options.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on PRA. Truist Financial upped their price target on ProAssurance from $14.00 to $18.00 and gave the stock a “hold” rating in a research report on Tuesday, November 12th. StockNews.com raised shares of ProAssurance from a “hold” rating to a “buy” rating in a research report on Thursday, December 26th. Finally, Piper Sandler cut shares of ProAssurance from an “overweight” rating to a “neutral” rating and set a $18.00 price target on the stock. in a research report on Monday, November 11th.

ProAssurance Stock Performance

Shares of PRA stock traded up $0.06 on Thursday, reaching $15.20. The stock had a trading volume of 26,364 shares, compared to its average volume of 189,521. ProAssurance has a 12 month low of $10.76 and a 12 month high of $17.79. The firm’s 50-day moving average is $16.22 and its two-hundred day moving average is $14.41. The company has a quick ratio of 0.28, a current ratio of 0.28 and a debt-to-equity ratio of 0.35. The firm has a market capitalization of $777.38 million, a price-to-earnings ratio of 18.30 and a beta of 0.29.

Hedge Funds Weigh In On ProAssurance

Several institutional investors and hedge funds have recently modified their holdings of the stock. Commonwealth Equity Services LLC increased its stake in ProAssurance by 2.5% in the second quarter. Commonwealth Equity Services LLC now owns 32,346 shares of the insurance provider’s stock valued at $395,000 after acquiring an additional 800 shares during the last quarter. Arizona State Retirement System boosted its stake in ProAssurance by 8.1% in the second quarter. Arizona State Retirement System now owns 15,136 shares of the insurance provider’s stock valued at $185,000 after buying an additional 1,128 shares in the last quarter. Texas Permanent School Fund Corp grew its position in ProAssurance by 52.7% in the second quarter. Texas Permanent School Fund Corp now owns 67,588 shares of the insurance provider’s stock valued at $826,000 after acquiring an additional 23,327 shares during the last quarter. American Century Companies Inc. raised its stake in ProAssurance by 4.7% during the second quarter. American Century Companies Inc. now owns 305,698 shares of the insurance provider’s stock worth $3,736,000 after acquiring an additional 13,650 shares in the last quarter. Finally, Intech Investment Management LLC bought a new position in shares of ProAssurance in the second quarter worth about $360,000. 85.58% of the stock is currently owned by institutional investors and hedge funds.

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.