Cadence Capital Management LLC acquired a new position in shares of ProAssurance Corporation (NYSE:PRA) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 6,288 shares of the insurance provider’s stock, valued at approximately $344,000.
Other hedge funds and other institutional investors have also modified their holdings of the company. BlackRock Inc. lifted its position in ProAssurance by 2.4% in the 2nd quarter. BlackRock Inc. now owns 5,318,451 shares of the insurance provider’s stock worth $323,363,000 after buying an additional 124,034 shares during the last quarter. Vanguard Group Inc. raised its holdings in shares of ProAssurance by 1.0% during the second quarter. Vanguard Group Inc. now owns 5,051,135 shares of the insurance provider’s stock valued at $307,108,000 after acquiring an additional 50,372 shares in the last quarter. FMR LLC grew its stake in ProAssurance by 28.9% in the second quarter. FMR LLC now owns 2,684,274 shares of the insurance provider’s stock worth $163,204,000 after purchasing an additional 602,115 shares during the period. JPMorgan Chase & Co. grew its stake in shares of ProAssurance by 1.1% in the third quarter. JPMorgan Chase & Co. now owns 2,142,632 shares of the insurance provider’s stock worth $116,988,000 after acquiring an additional 24,219 shares during the last quarter. Finally, TimesSquare Capital Management LLC grew its stake in shares of ProAssurance by 1.3% in the third quarter. TimesSquare Capital Management LLC now owns 2,037,585 shares of the insurance provider’s stock worth $111,354,000 after acquiring an additional 25,905 shares during the last quarter. 80.23% of the stock is owned by institutional investors.
Several research analysts have recently commented on the company. Keefe, Bruyette & Woods reaffirmed a “hold” rating and issued a $61.00 price objective on shares of ProAssurance in a research note on Wednesday. Zacks Investment Research upgraded ProAssurance from a “sell” rating to a “hold” rating in a report on Wednesday, November 8th. Boenning Scattergood restated a “hold” rating on shares of ProAssurance in a research note on Tuesday, November 7th. Finally, Buckingham Research assumed coverage on ProAssurance in a report on Monday, September 11th. They issued a “neutral” rating and a $54.00 price target for the company. One investment analyst has rated the stock with a sell rating and five have assigned a hold rating to the company. ProAssurance has a consensus rating of “Hold” and an average price target of $61.00.
ProAssurance (NYSE:PRA) last released its earnings results on Monday, November 6th. The insurance provider reported $0.45 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.36 by $0.09. The firm had revenue of $228.50 million during the quarter, compared to analysts’ expectations of $215.12 million. ProAssurance had a net margin of 16.18% and a return on equity of 6.75%. ProAssurance’s revenue for the quarter was up 1.9% on a year-over-year basis. During the same period in the previous year, the company earned $0.46 EPS. equities analysts anticipate that ProAssurance Corporation will post 2.09 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 10th. Stockholders of record on Thursday, December 21st will be paid a dividend of $0.31 per share. The ex-dividend date of this dividend is Wednesday, December 20th. This represents a $1.24 annualized dividend and a dividend yield of 2.01%. ProAssurance’s dividend payout ratio is presently 46.10%.
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ProAssurance Company Profile
ProAssurance Corporation (ProAssurance) 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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