ProAssurance Co. (NYSE:PRA) Short Interest Update

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

Several brokerages have recently issued reports on PRA. JMP Securities reduced their price objective on ProAssurance from $50.00 to $45.00 and set a “market outperform” rating on the stock in a research report on Wednesday, April 10th. Keefe, Bruyette & Woods downgraded ProAssurance from a “market perform” rating to an “underperform” rating and set a $33.00 price objective on the stock. in a research report on Monday, May 20th. ValuEngine downgraded Zumiez from a “hold” rating to a “sell” rating in a research report on Tuesday, July 2nd. Finally, Boenning Scattergood set a $63.00 price objective on Citizens Financial Services and gave the company a “buy” rating in a research report on Friday, April 26th. One equities research 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. ProAssurance presently has an average rating of “Hold” and an average target price of $44.20.

In other ProAssurance news, Director John J. Mcmahon, Jr. sold 933 shares of the company’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 transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 1.70% of the stock is currently owned by corporate insiders.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PRA. Quadrant Capital Group LLC lifted its position in ProAssurance by 375.0% during the first quarter. Quadrant Capital Group LLC now owns 855 shares of the insurance provider’s stock worth $28,000 after buying an additional 675 shares during the period. Massmutual Trust Co. FSB ADV purchased a new position in ProAssurance during the fourth quarter worth about $42,000. Marshall Wace North America L.P. purchased a new position in ProAssurance during the first quarter worth about $42,000. Twin Tree Management LP purchased a new position in ProAssurance during the first quarter worth about $63,000. Finally, Public Employees Retirement System of Ohio lifted its position in ProAssurance by 7.0% during the fourth quarter. Public Employees Retirement System of Ohio now owns 4,685 shares of the insurance provider’s stock worth $190,000 after buying an additional 308 shares during the period. Hedge funds and other institutional investors own 81.67% of the company’s stock.

Shares of NYSE:PRA traded up $0.12 on Friday, hitting $39.70. The company had a trading volume of 317,665 shares, compared to its average volume of 265,653. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.37 and a current ratio of 0.37. ProAssurance has a 52-week low of $34.11 and a 52-week high of $49.47. The business has a 50 day moving average of $37.68. The firm has a market capitalization of $2.13 billion, a P/E ratio of 26.82 and a beta of 0.55.

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

The firm also recently announced 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. The ex-dividend date was Thursday, June 13th. This represents a $1.24 annualized dividend and a yield of 3.12%. ProAssurance’s dividend payout ratio (DPR) is presently 83.78%.

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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