ProAssurance Co. (NYSE:PRA) Short Interest Update

ProAssurance Co. (NYSE:PRA) saw a large drop in short interest in June. As of June 30th, there was short interest totalling 831,200 shares, a drop of 9.4% from the May 30th total of 917,200 shares. Currently, 1.6% of the shares of the stock are short sold. Based on an average daily volume of 301,500 shares, the short-interest ratio is currently 2.8 days.

In other ProAssurance news, Director John J. Mcmahon, Jr. sold 933 shares of the firm’s stock in a transaction on Tuesday, June 25th. The stock was sold at an average price of $36.19, for a total value of $33,765.27. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 1.70% of the company’s stock.

Several large investors have recently modified their holdings of the stock. NN Investment Partners Holdings N.V. purchased a new stake in ProAssurance in the second quarter valued at approximately $531,000. Clearbridge Investments LLC increased its holdings in shares of ProAssurance by 2.5% in the first quarter. Clearbridge Investments LLC now owns 391,707 shares of the insurance provider’s stock valued at $13,557,000 after purchasing an additional 9,660 shares during the period. Marshall Wace North America L.P. acquired a new position in shares of ProAssurance in the first quarter valued at approximately $42,000. OppenheimerFunds Inc. increased its holdings in shares of ProAssurance by 2.6% in the first quarter. OppenheimerFunds Inc. now owns 520,819 shares of the insurance provider’s stock valued at $18,027,000 after purchasing an additional 13,085 shares during the period. Finally, King Luther Capital Management Corp increased its holdings in shares of ProAssurance by 55.5% in the first quarter. King Luther Capital Management Corp now owns 154,924 shares of the insurance provider’s stock valued at $5,362,000 after purchasing an additional 55,291 shares during the period. 81.67% of the stock is owned by hedge funds and other institutional investors.

Shares of NYSE PRA traded up $0.12 during trading on Friday, hitting $39.70. 317,665 shares of the company were exchanged, compared to its average volume of 265,653. ProAssurance has a 12-month low of $34.11 and a 12-month high of $49.47. The company has a debt-to-equity ratio of 0.20, a current ratio of 0.37 and a quick ratio of 0.37. The company’s fifty day moving average is $37.68. The stock has a market cap of $2.13 billion, a price-to-earnings ratio of 26.82 and a beta of 0.55.

ProAssurance (NYSE:PRA) last posted its quarterly earnings results on Thursday, April 25th. The insurance provider reported $0.08 EPS for the quarter, missing the consensus estimate of $0.31 by ($0.23). The company had revenue of $268.88 million for the quarter, compared to analysts’ expectations of $238.55 million. ProAssurance had a return on equity of 3.98% and a net margin of 7.01%. The firm’s revenue was up 33.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.40 EPS. On average, analysts anticipate that ProAssurance will post 0.48 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, July 11th. Investors of record on Friday, June 14th were given a dividend of $0.31 per share. This represents a $1.24 dividend on an annualized basis and a dividend yield of 3.12%. The ex-dividend date of this dividend was Thursday, June 13th. ProAssurance’s payout ratio is 83.78%.

A number of research analysts have weighed in on PRA shares. JMP Securities decreased their price objective on ProAssurance from $50.00 to $45.00 and set a “market outperform” rating on the stock in a report on Wednesday, April 10th. ValuEngine lowered Zumiez from a “hold” rating to a “sell” rating in a report on Tuesday, July 2nd. Keefe, Bruyette & Woods lowered ProAssurance from a “market perform” rating to an “underperform” rating and set a $33.00 price objective on the stock. in a report on Monday, May 20th. Finally, Boenning Scattergood set a $63.00 price objective on Citizens Financial Services and gave the company a “buy” rating in a report on Friday, April 26th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and one has assigned a buy rating to the company’s stock. ProAssurance has an average rating of “Hold” and a consensus price target of $44.20.

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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