Investors Buy High Volume of ProAssurance Put Options (NYSE:PRA)

ProAssurance Co. (NYSE:PRA) saw unusually large options trading activity on Thursday. Investors purchased 2,330 put options on the stock. This represents an increase of 1,202% compared to the typical volume of 179 put options.

ProAssurance Trading Up 0.4 %

ProAssurance stock traded up $0.06 during trading hours on Thursday, reaching $15.20. 26,364 shares of the company’s stock were exchanged, compared to its average volume of 189,521. The firm has a market capitalization of $777.38 million, a PE ratio of 18.30 and a beta of 0.29. The company has a quick ratio of 0.28, a current ratio of 0.28 and a debt-to-equity ratio of 0.35. The firm’s 50 day simple moving average is $16.22 and its 200 day simple moving average is $14.41. ProAssurance has a twelve month low of $10.76 and a twelve month high of $17.79.

Hedge Funds Weigh In On ProAssurance

Institutional investors have recently added to or reduced their stakes in the business. Point72 Hong Kong Ltd bought a new stake in shares of ProAssurance in the 2nd quarter valued at $28,000. nVerses Capital LLC bought a new stake in ProAssurance in the third quarter valued at $44,000. Point72 Asia Singapore Pte. Ltd. raised its holdings in shares of ProAssurance by 94.3% during the third quarter. Point72 Asia Singapore Pte. Ltd. now owns 8,347 shares of the insurance provider’s stock valued at $126,000 after purchasing an additional 4,052 shares during the period. Susquehanna Fundamental Investments LLC bought a new position in shares of ProAssurance during the 2nd quarter worth about $166,000. Finally, FMR LLC boosted its position in shares of ProAssurance by 197.8% during the 3rd 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. 85.58% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on PRA. Truist Financial lifted their price target on ProAssurance from $14.00 to $18.00 and gave the company a “hold” rating in a research note on Tuesday, November 12th. 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. Finally, StockNews.com upgraded shares of ProAssurance from a “hold” rating to a “buy” rating in a research report on Thursday, December 26th.

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.