ProAssurance (NYSE:PRA) Sees Unusually-High Trading Volume – Here’s What Happened

Shares of ProAssurance Co. (NYSE:PRA) saw unusually-high trading volume on Monday . Approximately 1,710,962 shares traded hands during mid-day trading, an increase of 418% from the previous session’s volume of 330,595 shares.The stock last traded at $23.13 and had previously closed at $23.16.

Wall Street Analyst Weigh In

Separately, StockNews.com cut ProAssurance from a “buy” rating to a “hold” rating in a report on Friday, March 21st.

ProAssurance Stock Up 0.3 %

The stock has a market capitalization of $1.19 billion, a P/E ratio of 28.14 and a beta of 0.21. The stock has a 50 day moving average price of $15.74 and a 200-day moving average price of $15.55. The company has a debt-to-equity ratio of 0.35, a current ratio of 0.28 and a quick ratio of 0.28.

ProAssurance (NYSE:PRA) last posted its quarterly earnings results on Monday, February 24th. The insurance provider reported $0.36 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.17 by $0.19. ProAssurance had a return on equity of 2.65% and a net margin of 3.71%. The business had revenue of $287.52 million for the quarter, compared to analyst estimates of $274.56 million. As a group, research analysts expect that ProAssurance Co. will post 0.8 EPS for the current fiscal year.

Institutional Investors Weigh In On ProAssurance

Several institutional investors have recently added to or reduced their stakes in PRA. Connor Clark & Lunn Investment Management Ltd. increased its position in shares of ProAssurance by 402.1% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 68,435 shares of the insurance provider’s stock valued at $1,029,000 after acquiring an additional 54,806 shares during the period. FMR LLC increased its holdings in ProAssurance by 197.8% during the 3rd quarter. FMR LLC now owns 12,063 shares of the insurance provider’s stock valued at $181,000 after purchasing an additional 8,012 shares during the period. BNP Paribas Financial Markets increased its holdings in ProAssurance by 30.0% during the 3rd quarter. BNP Paribas Financial Markets now owns 17,978 shares of the insurance provider’s stock valued at $270,000 after purchasing an additional 4,149 shares during the period. Verition Fund Management LLC raised its position in ProAssurance by 164.1% during the 3rd quarter. Verition Fund Management LLC now owns 36,589 shares of the insurance provider’s stock valued at $550,000 after purchasing an additional 22,737 shares during the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. lifted its holdings in ProAssurance by 94.3% in the 3rd 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 period. Hedge funds and other institutional investors own 85.58% 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, 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.