ProAssurance (NYSE:PRA) Shares Gap Up – Time to Buy?

ProAssurance Co. (NYSE:PRA) shares gapped up before the market opened on Thursday . The stock had previously closed at $15.54, but opened at $23.26. ProAssurance shares last traded at $23.05, with a volume of 3,746,412 shares changing hands.

Analysts Set New Price Targets

Separately, StockNews.com upgraded ProAssurance from a “hold” rating to a “buy” rating in a report on Thursday, March 6th.

ProAssurance Price Performance

The company has a current ratio of 0.28, a quick ratio of 0.28 and a debt-to-equity ratio of 0.35. The company has a market capitalization of $1.18 billion, a PE ratio of 27.69 and a beta of 0.21. The stock’s 50-day moving average is $15.07 and its two-hundred day moving average is $15.27.

ProAssurance (NYSE:PRA) last issued its quarterly earnings results on Monday, February 24th. The insurance provider reported $0.36 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.17 by $0.19. The firm had revenue of $287.52 million during the quarter, compared to analyst estimates of $274.56 million. ProAssurance had a return on equity of 2.65% and a net margin of 3.71%. On average, equities analysts predict that ProAssurance Co. will post 0.8 EPS for the current year.

Institutional Trading of ProAssurance

Hedge funds have recently added to or reduced their stakes in the business. Sterling Capital Management LLC raised its stake in ProAssurance by 859.4% in the fourth quarter. Sterling Capital Management LLC now owns 1,631 shares of the insurance provider’s stock worth $26,000 after buying an additional 1,461 shares in the last quarter. KBC Group NV increased its position in ProAssurance by 75.4% during the 4th quarter. KBC Group NV now owns 4,184 shares of the insurance provider’s stock valued at $67,000 after buying an additional 1,798 shares in the last quarter. Aquatic Capital Management LLC raised its position in shares of ProAssurance by 148.6% in the 4th quarter. Aquatic Capital Management LLC now owns 6,214 shares of the insurance provider’s stock valued at $99,000 after purchasing an additional 3,714 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. raised its holdings in shares of ProAssurance by 94.3% in the third quarter. Point72 Asia Singapore Pte. Ltd. now owns 8,347 shares of the insurance provider’s stock worth $126,000 after buying an additional 4,052 shares during the last quarter. Finally, KLP Kapitalforvaltning AS purchased a new position in ProAssurance in the 4th quarter worth $150,000. 85.58% of the stock is owned by hedge funds and other institutional investors.

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.