$213.90 Million in Sales Expected for ProAssurance Co. (PRA) This Quarter

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Equities research analysts expect that ProAssurance Co. (NYSE:PRA) will post sales of $213.90 million for the current quarter, according to Zacks. Three analysts have issued estimates for ProAssurance’s earnings, with the highest sales estimate coming in at $220.40 million and the lowest estimate coming in at $203.11 million. ProAssurance reported sales of $216.54 million during the same quarter last year, which indicates a negative year over year growth rate of 1.2%. The firm is scheduled to announce its next quarterly earnings report after the market closes on Tuesday, November 6th.

According to Zacks, analysts expect that ProAssurance will report full-year sales of $873.90 million for the current financial year, with estimates ranging from $817.91 million to $902.69 million. For the next fiscal year, analysts expect that the firm will post sales of $879.44 million, with estimates ranging from $811.08 million to $930.25 million. Zacks Investment Research’s sales averages are an average based on a survey of research firms that that provide coverage for ProAssurance.

ProAssurance (NYSE:PRA) last announced its earnings results on Tuesday, August 7th. The insurance provider reported $0.48 earnings per share for the quarter, beating the consensus estimate of $0.39 by $0.09. ProAssurance had a net margin of 9.67% and a return on equity of 6.14%. The firm had revenue of $248.02 million during the quarter, compared to the consensus estimate of $219.98 million. During the same quarter in the previous year, the company posted $0.40 EPS.

PRA has been the subject of several analyst reports. Zacks Investment Research raised shares of ProAssurance from a “hold” rating to a “buy” rating and set a $54.00 target price for the company in a research note on Tuesday, September 11th. JMP Securities boosted their target price on shares of ProAssurance from $50.00 to $52.00 and gave the company a “market outperform” rating in a research note on Friday, September 21st. ValuEngine raised shares of ProAssurance from a “strong sell” rating to a “sell” rating in a research note on Thursday, August 2nd. Sandler O’Neill reissued a “hold” rating and issued a $44.00 target price on shares of ProAssurance in a research note on Thursday, August 9th. Finally, Boenning Scattergood reaffirmed a “hold” rating on shares of ProAssurance in a research note on Wednesday, August 8th. Seven equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus price target of $50.50.

Hedge funds and other institutional investors have recently bought and sold shares of the company. Dimensional Fund Advisors LP increased its stake in shares of ProAssurance by 11.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,029,596 shares of the insurance provider’s stock valued at $71,950,000 after acquiring an additional 209,147 shares during the last quarter. Bank of New York Mellon Corp increased its stake in shares of ProAssurance by 7.5% during the 2nd quarter. Bank of New York Mellon Corp now owns 669,796 shares of the insurance provider’s stock valued at $23,744,000 after acquiring an additional 46,762 shares during the last quarter. Tower Research Capital LLC TRC increased its stake in shares of ProAssurance by 92.1% during the 2nd quarter. Tower Research Capital LLC TRC now owns 8,131 shares of the insurance provider’s stock valued at $288,000 after acquiring an additional 3,898 shares during the last quarter. Millennium Management LLC increased its stake in shares of ProAssurance by 41.1% during the 1st quarter. Millennium Management LLC now owns 29,364 shares of the insurance provider’s stock valued at $1,426,000 after acquiring an additional 8,558 shares during the last quarter. Finally, Ramsey Quantitative Systems increased its stake in shares of ProAssurance by 57.7% during the 3rd quarter. Ramsey Quantitative Systems now owns 9,735 shares of the insurance provider’s stock valued at $457,000 after acquiring an additional 3,560 shares during the last quarter. 85.61% of the stock is owned by institutional investors.

PRA stock traded down $0.54 during trading on Thursday, hitting $43.38. The stock had a trading volume of 245,909 shares, compared to its average volume of 319,635. ProAssurance has a 1-year low of $34.95 and a 1-year high of $63.45. The company has a market capitalization of $2.39 billion, a price-to-earnings ratio of 21.48 and a beta of 0.63. The company has a current ratio of 0.35, a quick ratio of 0.35 and a debt-to-equity ratio of 0.18.

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, October 10th. Stockholders of record on Friday, September 28th were paid a dividend of $0.31 per share. This represents a $1.24 dividend on an annualized basis and a dividend yield of 2.86%. The ex-dividend date was Thursday, September 27th. ProAssurance’s dividend payout ratio is currently 61.39%.

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, and Lloyd's Syndicate segments. It offers professional liability insurance for healthcare professionals and facilities; professional liability insurance for attorneys; liability insurance for medical technology and life sciences risks; and workers' compensation insurance for employers, groups, and associations.

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