ProAssurance Co. (NYSE:PRA) – SunTrust Banks lifted their Q4 2019 earnings per share estimates for ProAssurance in a note issued to investors on Wednesday, November 6th. SunTrust Banks analyst M. Hughes now anticipates that the insurance provider will post earnings per share of $0.18 for the quarter, up from their prior estimate of $0.14. SunTrust Banks also issued estimates for ProAssurance’s Q1 2020 earnings at $0.18 EPS.
ProAssurance (NYSE:PRA) last announced its quarterly earnings results on Tuesday, November 5th. The insurance provider reported $0.30 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.14 by $0.16. The company had revenue of $2.42 billion during the quarter, compared to analysts’ expectations of $239.61 million. ProAssurance had a return on equity of 2.20% and a net margin of 3.86%. The firm’s quarterly revenue was up 870.3% compared to the same quarter last year. During the same period in the previous year, the business earned $0.42 earnings per share.
PRA has been the subject of several other reports. Zacks Investment Research upgraded ProAssurance from a “sell” rating to a “hold” rating and set a $42.00 price target for the company in a research report on Tuesday, October 15th. ValuEngine cut ProAssurance from a “buy” rating to a “hold” rating in a research report on Tuesday, October 1st. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the company. ProAssurance has an average rating of “Hold” and an average target price of $41.25.
Shares of NYSE PRA opened at $38.81 on Friday. The stock has a market cap of $2.12 billion, a PE ratio of 26.22 and a beta of 0.51. ProAssurance has a fifty-two week low of $34.11 and a fifty-two week high of $45.45. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.40 and a current ratio of 0.40. The stock has a fifty day moving average of $39.82 and a 200-day moving average of $38.58.
The business also recently declared a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Friday, September 27th were given a $0.31 dividend. This represents a $1.24 annualized dividend and a dividend yield of 3.20%. The ex-dividend date of this dividend was Thursday, September 26th. ProAssurance’s dividend payout ratio (DPR) is presently 83.78%.
A number of institutional investors have recently bought and sold shares of PRA. Nuveen Asset Management LLC purchased a new position in ProAssurance during the second quarter worth about $19,948,000. Royal Bank of Canada grew its position in ProAssurance by 5,875.3% during the second quarter. Royal Bank of Canada now owns 348,183 shares of the insurance provider’s stock worth $12,573,000 after buying an additional 342,356 shares in the last quarter. Man Group plc grew its position in ProAssurance by 887.7% during the second quarter. Man Group plc now owns 321,104 shares of the insurance provider’s stock worth $11,595,000 after buying an additional 288,594 shares in the last quarter. Granite Investment Partners LLC purchased a new position in ProAssurance during the second quarter worth about $9,551,000. Finally, Invesco Ltd. grew its position in ProAssurance by 42.2% during the second quarter. Invesco Ltd. now owns 670,516 shares of the insurance provider’s stock worth $24,211,000 after buying an additional 198,863 shares in the last quarter. Institutional investors and hedge funds own 82.45% of the company’s stock.
ProAssurance Company 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.