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

ProAssurance Co. (NYSE:PRA) was the target of a large drop in short interest during the month of November. As of November 15th, there was short interest totalling 680,600 shares, a drop of 28.0% from the October 31st total of 945,100 shares. Based on an average daily trading volume, of 260,200 shares, the days-to-cover ratio is currently 2.6 days. Approximately 1.4% of the company’s shares are sold short.

Hedge Funds Weigh In On ProAssurance

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Point72 Hong Kong Ltd bought a new stake in ProAssurance in the second quarter worth approximately $28,000. nVerses Capital LLC bought a new stake in ProAssurance in the third quarter worth approximately $44,000. Innealta Capital LLC bought a new stake in ProAssurance in the second quarter worth approximately $69,000. Point72 Asia Singapore Pte. Ltd. increased its holdings in 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 purchasing an additional 4,052 shares in the last quarter. Finally, FMR LLC increased its holdings in ProAssurance by 197.8% in the third quarter. FMR LLC now owns 12,063 shares of the insurance provider’s stock worth $181,000 after purchasing an additional 8,012 shares in the last quarter. Institutional investors and hedge funds own 85.58% of the company’s stock.

ProAssurance Trading Down 0.1 %

Shares of NYSE PRA traded down $0.01 during midday trading on Friday, reaching $16.72. The stock had a trading volume of 130,985 shares, compared to its average volume of 280,403. The company’s 50 day moving average price is $15.52 and its 200 day moving average price is $13.85. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.28 and a current ratio of 0.28. ProAssurance has a twelve month low of $10.76 and a twelve month high of $17.79. The firm has a market cap of $855.33 million, a price-to-earnings ratio of 20.16 and a beta of 0.24.

Wall Street Analyst Weigh In

PRA has been the topic of a number of research reports. Piper Sandler lowered shares of ProAssurance from an “overweight” rating to a “neutral” rating and set a $18.00 target price on the stock. in a report on Monday, November 11th. StockNews.com cut shares of ProAssurance from a “buy” rating to a “hold” rating in a research note on Tuesday, November 19th. Finally, Truist Financial raised 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. Three analysts have rated the stock with a hold rating and one has issued a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $18.67.

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, 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.