ProAssurance (PRA) Declares $0.05 Dividend
ProAssurance said on March 8, 2023 that its board of directors declared a regular quarterly dividend of $0.05 per share ($0.20 annualized). Previously, the company paid $0.05 per share.
Shares must be purchased before the ex-div date of March 28, 2023 to qualify for the dividend. Shareholders of record as of March 29, 2023 will receive the payment on April 13, 2023.
At the current share price of $19.04 / share, the stock's dividend yield is 1.05%. Looking back five years and taking a sample every week, the average dividend yield has been 3.95%, the lowest has been 0.72%, and the highest has been 16.56%. The standard deviation of yields is 4.47 (n=237).
The current dividend yield is 0.65 standard deviations below the historical average.
Additionally, the company's dividend payout ratio is -26.85. The payout ratio tells us how much of a company's income is paid out in dividends. A payout ratio of one (1.0) means 100% of the company's income is paid in a dividend. A payout ratio greater than one means the company is dipping into savings in order to maintain its dividend - not a healthy situation. Companies with few growth prospects are expected to pay out most of their income in dividends, which typically means a payout ratio between 0.5 and 1.0. Companies with good growth prospects are expected to retain some earnings in order to invest in those growth prospects, which translates to a payout ratio of zero to 0.5.
The company's 3-Year dividend growth rate is -0.84%.
Learn to Harvest Dividends
Buy Stock. Capture Dividend. Sell Stock. Repeat. This is the essence of dividend harvesting and you can do it easily with Fintel's Dividend Capture Calendar.
Analyst Price Forecast Suggests 28.57% Upside
As of March 10, 2023, the average one-year price target for ProAssurance is $24.48. The forecasts range from a low of $21.21 to a high of $31.50. The average price target represents an increase of 28.57% from its latest reported closing price of $19.04.
See our leaderboard of companies with the largest price target upside.
The projected annual revenue for ProAssurance is $1,130MM, an increase of 2.11%. The projected annual non-GAAP EPS is $1.13.
What is the Fund Sentiment?
There are 466 funds or institutions reporting positions in ProAssurance. This is a decrease of 8 owner(s) or 1.69% in the last quarter. Average portfolio weight of all funds dedicated to PRA is 0.13%, a decrease of 0.07%. Total shares owned by institutions decreased in the last three months by 0.69% to 55,944K shares. The put/call ratio of PRA is 0.06, indicating a bullish outlook.
What are Large Shareholders Doing?
IJR - iShares Core S&P Small-Cap ETF holds 3,526K shares representing 6.53% ownership of the company. No change in the last quarter.
Wellington Management Group Llp holds 3,438K shares representing 6.37% ownership of the company. In it's prior filing, the firm reported owning 2,788K shares, representing an increase of 18.91%. The firm increased its portfolio allocation in PRA by 3.96% over the last quarter.
Polar Capital Holdings holds 2,250K shares representing 4.17% ownership of the company. In it's prior filing, the firm reported owning 2,038K shares, representing an increase of 9.44%. The firm increased its portfolio allocation in PRA by 23.69% over the last quarter.
TimesSquare Capital Management holds 1,739K shares representing 3.22% ownership of the company. In it's prior filing, the firm reported owning 945K shares, representing an increase of 45.70%. The firm increased its portfolio allocation in PRA by 68.71% over the last quarter.
VTSMX - Vanguard Total Stock Market Index Fund Investor Shares holds 1,649K shares representing 3.06% ownership of the company. In it's prior filing, the firm reported owning 1,625K shares, representing an increase of 1.45%. The firm decreased its portfolio allocation in PRA by 16.09% over the last quarter.
Proassurance Background Information
(This description is provided by the company.)
ProAssurance Corporation is an industry-leading specialty insurer with extensive expertise in healthcare professional liability, products liability for medical technology and life sciences, legal professional liability, and workers' compensation insurance. ProAssurance Group is rated 'A' (Excellent) by AM Best; ProAssurance and its operating subsidiaries are rated 'A-' (Strong) by Fitch Ratings.
This story originally appeared on Fintel.