Prudential Financial Inc. boosted its stake in shares of ProAssurance Corp. (NYSE:PRA) by 3.2% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 132,000 shares of the company’s stock after buying an additional 4,050 shares during the period. Prudential Financial Inc. owned about 0.25% of ProAssurance Corp. worth $7,069,000 at the end of the most recent quarter.
Other institutional investors have also recently bought and sold shares of the company. JPMorgan Chase & Co. raised its position in shares of ProAssurance Corp. by 7.5% in the second quarter. JPMorgan Chase & Co. now owns 1,830,741 shares of the company’s stock valued at $98,036,000 after buying an additional 127,114 shares in the last quarter. American Century Companies Inc. raised its position in shares of ProAssurance Corp. by 19.7% in the second quarter. American Century Companies Inc. now owns 1,311,405 shares of the company’s stock valued at $70,226,000 after buying an additional 215,884 shares in the last quarter. State Street Corp raised its position in shares of ProAssurance Corp. by 3.6% in the first quarter. State Street Corp now owns 1,043,072 shares of the company’s stock valued at $52,775,000 after buying an additional 35,993 shares in the last quarter. Goldman Sachs Group Inc. raised its position in shares of ProAssurance Corp. by 14.4% in the first quarter. Goldman Sachs Group Inc. now owns 982,100 shares of the company’s stock valued at $49,694,000 after buying an additional 123,421 shares in the last quarter. Finally, GW&K Investment Management LLC raised its position in shares of ProAssurance Corp. by 2.2% in the second quarter. GW&K Investment Management LLC now owns 930,214 shares of the company’s stock valued at $49,813,000 after buying an additional 20,452 shares in the last quarter. Institutional investors own 80.78% of the company’s stock.
Shares of ProAssurance Corp. (NYSE:PRA) opened at 54.44 on Monday. ProAssurance Corp. has a 12-month low of $45.78 and a 12-month high of $55.43. The firm’s 50-day moving average is $53.45 and its 200-day moving average is $51.58. The firm has a market capitalization of $2.90 billion, a price-to-earnings ratio of 27.08 and a beta of 0.45.
ProAssurance Corp. (NYSE:PRA) last announced its earnings results on Wednesday, August 3rd. The company reported $0.67 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.57 by $0.10. The company earned $214.80 million during the quarter, compared to analysts’ expectations of $202.70 million. ProAssurance Corp. had a net margin of 16.40% and a return on equity of 7.65%. The firm’s quarterly revenue was up 5.6% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.64 earnings per share. Equities research analysts forecast that ProAssurance Corp. will post $2.40 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Friday, October 7th. Stockholders of record on Wednesday, September 28th were issued a dividend of $0.31 per share. The ex-dividend date was Monday, September 26th. This represents a $1.24 dividend on an annualized basis and a dividend yield of 2.29%. ProAssurance Corp.’s dividend payout ratio (DPR) is presently 61.69%.
Several equities analysts have recently commented on the stock. Zacks Investment Research upgraded shares of ProAssurance Corp. from a “hold” rating to a “buy” rating and set a $61.00 price objective on the stock in a report on Tuesday, August 9th. JMP Securities upped their price objective on shares of ProAssurance Corp. to $57.00 and gave the stock an “outperform” rating in a report on Monday, June 13th.
About ProAssurance Corp.
ProAssurance Corporation is a holding company for property and casualty insurance companies. The Company provides professional liability insurance for healthcare professionals and facilities, professional liability insurance for attorneys, liability insurance for medical technology and life sciences risks, and workers’ compensation insurance.
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