Here’s Why ProAssurance Corporation (PRA) Fell in Q4
TimesSquare Capital Management, an equity investment management company, released its “U.S. Small Cap Growth Strategy” fourth-quarter investor letter. A copy of the same can be downloaded here. In the quarter the fund returned 9.15% (net), compared to a 12.75% return for the Russell 2000 Growth Index. For the year, the fund returned 15.96% (net) compared to 18.66% for the index. In addition, please check the fund’s top five holdings to know its best picks in 2023.
TimesSquare Capital U.S. Small Cap Growth Strategy featured stocks like ProAssurance Corporation (NYSE:PRA) in the fourth quarter 2023 investor letter. Headquartered in Birmingham, Alabama, ProAssurance Corporation (NYSE:PRA) is a US-based insurance and reinsurance provider. On March 20, 2024, ProAssurance Corporation (NYSE:PRA) stock closed at $12.43 per share. One-month return of ProAssurance Corporation (NYSE:PRA) was -5.33%, and its shares lost 29.01% of their value over the last 52 weeks. ProAssurance Corporation (NYSE:PRA) has a market capitalization of $633.563 million.
TimesSquare Capital U.S. Small Cap Growth Strategy stated the following regarding ProAssurance Corporation (NYSE:PRA) in its fourth quarter 2023 investor letter:
"This sector was also home to the quarter’s greatest detractor—ProAssurance Corporation (NYSE:PRA) and its -27% showing. Providing medical liability insurance to practitioners throughout the U.S., ProAssurance’s earnings fell short of expectations. Although its primary malpractice insurance business was good, its smaller workers’ compensation business fared poorly as it faced notable medical cost inflation. That was enough to weigh on overall underwriting results. We had trimmed the position prior to the report in the face of potential risks, and did so again afterward, though the company’s valuation based on the malpractice business remained very attractive."
A nurse talking on the phone with a client while assisting them in filling out paperwork for a medical insurance policy, demonstrating the company's dedication to customer service.
ProAssurance Corporation (NYSE:PRA) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, ProAssurance Corporation (NYSE:PRA) was held by 14 hedge fund portfolios, compared to 14 in the previous quarter, according to our database.
We discussed ProAssurance Corporation (NYSE:PRA) in another article and shared Third Avenue Management Small-Cap Value Fund's views on the company. In addition, please check out our hedge fund investor letters Q4 2023 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
