Geode Capital Management LLC Purchases 59,250 Shares of ProAssurance Co. (PRA)

Geode Capital Management LLC increased its position in shares of ProAssurance Co. (NYSE:PRA) by 11.2% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 585,942 shares of the insurance provider’s stock after buying an additional 59,250 shares during the quarter. Geode Capital Management LLC owned 1.09% of ProAssurance worth $23,765,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Jane Street Group LLC acquired a new stake in ProAssurance during the third quarter worth about $322,000. MetLife Investment Advisors LLC grew its position in ProAssurance by 55.2% during the third quarter. MetLife Investment Advisors LLC now owns 38,001 shares of the insurance provider’s stock worth $1,784,000 after buying an additional 13,509 shares in the last quarter. CIBC Asset Management Inc grew its position in ProAssurance by 56.7% during the fourth quarter. CIBC Asset Management Inc now owns 6,885 shares of the insurance provider’s stock worth $279,000 after buying an additional 2,490 shares in the last quarter. Vanguard Group Inc. grew its position in ProAssurance by 5.6% during the third quarter. Vanguard Group Inc. now owns 5,642,913 shares of the insurance provider’s stock worth $264,934,000 after buying an additional 300,330 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its position in ProAssurance by 4.1% during the third quarter. Bank of New York Mellon Corp now owns 697,496 shares of the insurance provider’s stock worth $32,747,000 after buying an additional 27,700 shares in the last quarter. 84.54% of the stock is currently owned by institutional investors and hedge funds.

NYSE PRA opened at $35.11 on Tuesday. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.39 and a current ratio of 0.39. The company has a market cap of $1.86 billion, a price-to-earnings ratio of 23.72 and a beta of 0.62. ProAssurance Co. has a 1-year low of $34.51 and a 1-year high of $49.47.

ProAssurance (NYSE:PRA) last released its quarterly earnings data on Thursday, February 21st. The insurance provider reported $0.18 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.18. The company had revenue of $228.92 million for the quarter, compared to the consensus estimate of $230.73 million. ProAssurance had a return on equity of 5.09% and a net margin of 5.31%. On average, sell-side analysts predict that ProAssurance Co. will post 1.4 EPS for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Monday, April 22nd. Shareholders of record on Friday, March 29th will be issued a dividend of $0.31 per share. This represents a $1.24 dividend on an annualized basis and a yield of 3.53%. The ex-dividend date of this dividend is Thursday, March 28th. ProAssurance’s payout ratio is 83.78%.

A number of equities research analysts have weighed in on the company. Zacks Investment Research raised ProAssurance from a “sell” rating to a “hold” rating in a report on Tuesday, January 15th. ValuEngine downgraded ProAssurance from a “hold” rating to a “sell” rating in a report on Thursday, March 21st. SunTrust Banks decreased their price objective on ProAssurance to $45.00 and set a “hold” rating on the stock in a report on Friday, December 14th. They noted that the move was a valuation call. Finally, Boenning Scattergood reaffirmed a “hold” rating on shares of ProAssurance in a report on Tuesday, February 26th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and one has issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus price target of $49.40.

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ProAssurance Profile

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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Institutional Ownership by Quarter for ProAssurance (NYSE:PRA)

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