In a report released today, Robert Farnam from Boenning & Scattergood maintained a Hold rating on Pro-Assurance Corp (NYSE: PRA). The company’s shares closed yesterday at $42.20.
Farnam noted:
“We also expect earnings to decline over the next couple of years due to less favorable (albeit still very strong) prior-year reserve development. On the plus side, PRA continues to operate with very low leverage, and the board has declared special dividends in each of the last four years (and five of the last six). Given the excess capital, we would not be surprised to see additional special dividends in the future. Still, we believe investors should wait for a better opportunity to get into the stock and we maintain our Neutral rating.”
According to TipRanks.com, Farnam is a 1-star analyst with an average return of -2.4% and a 44.4% success rate. Farnam covers the Financial sector, focusing on stocks such as 1347 Property Insurance Holdings Inc, Hallmark Financial Services, and Selective Insurance Group.
Currently, the analyst consensus on Pro-Assurance Corp is a Hold with an average price target of $40.
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Pro-Assurance Corp’s market cap is currently $2.26B and has a P/E ratio of 29.31. The company has a Price to Book ratio of 1.44.
Based on the recent corporate insider activity of 88 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of PRA in relation to earlier this year.
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ProAssurance Corp. is a holding company for property and casualty insurance companies. It operates through the following business segments: Specialty Property and Casualty, Workers’ Compensation, Lloyd’s Syndicate, and Corporate.
