Analysts Anticipate ProAssurance Co. (NYSE:PRA) to Post $0.13 Earnings Per Share

Equities research analysts expect that ProAssurance Co. (NYSE:PRA) will announce earnings of $0.13 per share for the current fiscal quarter, according to Zacks. Three analysts have issued estimates for ProAssurance’s earnings. The highest EPS estimate is $0.19 and the lowest is $0.09. ProAssurance reported earnings per share of $0.48 in the same quarter last year, which suggests a negative year-over-year growth rate of 72.9%. The firm is scheduled to issue its next quarterly earnings report after the market closes on Wednesday, August 7th.

On average, analysts expect that ProAssurance will report full year earnings of $0.48 per share for the current year, with EPS estimates ranging from $0.40 to $0.60. For the next year, analysts expect that the business will report earnings of $0.62 per share, with EPS estimates ranging from $0.55 to $0.70. Zacks Investment Research’s EPS calculations are an average based on a survey of sell-side research firms that that provide coverage for ProAssurance.

ProAssurance (NYSE:PRA) last posted its earnings results on Thursday, April 25th. The insurance provider reported $0.08 earnings per share for the quarter, missing analysts’ consensus estimates of $0.31 by ($0.23). The company had revenue of $268.88 million for the quarter, compared to the consensus estimate of $238.55 million. ProAssurance had a return on equity of 3.98% and a net margin of 7.01%. The business’s quarterly revenue was up 33.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.40 EPS.

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

Shares of NYSE PRA traded up $0.12 during midday trading on Friday, reaching $39.70. 317,665 shares of the company were exchanged, compared to its average volume of 292,052. The company’s 50-day moving average price is $37.64. The stock has a market capitalization of $2.08 billion, a PE ratio of 26.87 and a beta of 0.55. ProAssurance has a one year low of $34.11 and a one year high of $49.47. The company has a current ratio of 0.37, a quick ratio of 0.37 and a debt-to-equity ratio of 0.20.

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

In related news, Director John J. Mcmahon, Jr. sold 933 shares of the business’s stock in a transaction on Tuesday, June 25th. The shares were sold at an average price of $36.19, for a total value of $33,765.27. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 1.70% of the stock is owned by insiders.

A number of hedge funds have recently added to or reduced their stakes in PRA. Norges Bank acquired a new position in ProAssurance in the fourth quarter valued at $33,494,000. BlackRock Inc. lifted its holdings in ProAssurance by 5.4% in the first quarter. BlackRock Inc. now owns 7,836,615 shares of the insurance provider’s stock valued at $271,226,000 after buying an additional 402,408 shares during the period. Segall Bryant & Hamill LLC acquired a new position in ProAssurance in the fourth quarter valued at $7,174,000. Bank of America Corp DE lifted its holdings in ProAssurance by 101.9% in the fourth quarter. Bank of America Corp DE now owns 270,575 shares of the insurance provider’s stock valued at $10,975,000 after buying an additional 136,550 shares during the period. Finally, Dean Investment Associates LLC lifted its holdings in ProAssurance by 320.3% in the first quarter. Dean Investment Associates LLC now owns 162,500 shares of the insurance provider’s stock valued at $5,624,000 after buying an additional 123,835 shares during the period. Institutional investors and hedge funds own 81.67% of the company’s stock.

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.

Read More: Why is a lock-up period needed for an IPO?

Get a free copy of the Zacks research report on ProAssurance (PRA)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Earnings History and Estimates for ProAssurance (NYSE:PRA)

Receive News & Ratings for ProAssurance Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for ProAssurance and related companies with MarketBeat.com's FREE daily email newsletter.