ProAssurance Co. (NYSE:PRA) Sees Large Decline in Short Interest

ProAssurance Co. (NYSE:PRA) was the recipient of a significant decrease in short interest in December. As of December 15th, there was short interest totalling 481,100 shares, a decrease of 15.7% from the November 30th total of 571,000 shares. Based on an average daily volume of 257,700 shares, the days-to-cover ratio is presently 1.9 days. Approximately 1.0% of the company’s stock are sold short.

Institutional Trading of ProAssurance

Several institutional investors and hedge funds have recently added to or reduced their stakes in PRA. Commonwealth Equity Services LLC lifted its stake in shares of ProAssurance by 2.5% in the 2nd quarter. Commonwealth Equity Services LLC now owns 32,346 shares of the insurance provider’s stock worth $395,000 after acquiring an additional 800 shares during the period. Arizona State Retirement System raised its holdings in ProAssurance by 8.1% during the second quarter. Arizona State Retirement System now owns 15,136 shares of the insurance provider’s stock worth $185,000 after purchasing an additional 1,128 shares in the last quarter. The Manufacturers Life Insurance Company lifted its position in ProAssurance by 7.8% in the second quarter. The Manufacturers Life Insurance Company now owns 21,106 shares of the insurance provider’s stock valued at $258,000 after purchasing an additional 1,521 shares during the period. Jacobs Levy Equity Management Inc. boosted its holdings in ProAssurance by 0.3% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 587,901 shares of the insurance provider’s stock valued at $8,842,000 after purchasing an additional 1,738 shares in the last quarter. Finally, Private Advisor Group LLC increased its position in ProAssurance by 12.8% during the 3rd quarter. Private Advisor Group LLC now owns 16,806 shares of the insurance provider’s stock worth $253,000 after purchasing an additional 1,905 shares during the period. 85.58% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms recently commented on PRA. Piper Sandler downgraded shares of ProAssurance from an “overweight” rating to a “neutral” rating and set a $18.00 target price on the stock. in a research report on Monday, November 11th. Truist Financial lifted their target price on ProAssurance from $14.00 to $18.00 and gave the stock a “hold” rating in a research report on Tuesday, November 12th. Finally, StockNews.com upgraded ProAssurance from a “hold” rating to a “buy” rating in a research note on Thursday, December 26th.

ProAssurance Stock Performance

NYSE PRA traded up $0.37 during trading on Tuesday, reaching $15.91. The company’s stock had a trading volume of 225,851 shares, compared to its average volume of 278,307. ProAssurance has a twelve month low of $10.76 and a twelve month high of $17.79. The firm has a market cap of $813.89 million, a price-to-earnings ratio of 19.17 and a beta of 0.28. The business’s fifty day moving average price is $16.19 and its 200-day moving average price is $14.19. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.28 and a current ratio of 0.28.

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, and Segregated Portfolio Cell Reinsurance segments. It offers professional liability insurance to healthcare providers and institutions, and attorneys and their firms; medical technology liability insurance to medical technology and life sciences companies; and custom alternative risk solutions, including assumed reinsurance, loss portfolio transfers, and captive cell programs for healthcare professional liability insureds.