In a report released today, Robert Farnam from Boenning & Scattergood maintained a Hold rating on ProAssurance Corporation (PRA). The company’s shares closed yesterday at $36.10, close to its 52-week low of $34.49.
Farnam said:
“We expected 10.8 percentage points of favorable development, or $0.32/share after tax. Excluding the difference in reserve development, normalized EPS missed by only $0.05/share, mostly due to lower equity in earnings of unconsolidated subsidiaries and weaker “other” income. Normalized underwriting results were actually better-than-expected – both the current accident year loss ratio (81.7%) and the expense ratio (29.5%) were better than we projected.”
According to TipRanks.com, Farnam is ranked 0 out of 5 stars with an average return of -7.0% and a 36.2% success rate. Farnam covers the Financial sector, focusing on stocks such as Argo Group International Holdings Ltd, 1347 Property Insurance Holdings Inc, and Hallmark Financial Services.
The word on The Street in general, suggests a Hold analyst consensus rating for ProAssurance Corporation.
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Based on ProAssurance Corporation’s latest earnings release for the quarter ending December 31, the company reported a quarterly GAAP net loss of $24.45 million. In comparison, last year the company had a net profit of $11.86 million.
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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 Insurance, Lloyd’s Syndicate, Segregated Portfolio Cell Reinsurance and Corporate.
