Here’s Why ProAssurance Corporation (PRA) Shares Increased by 25%
TimesSquare Capital Management, an equity investment management company, released its “U.S. Small Cap Growth Strategy” third-quarter investor letter. A copy of the same can be downloaded here. In the quarter the fund returned -3.67% (net), compared to -7.32% return for the Russell 2000 Growth Index. Year-to-date the fund returned 11.56% (net) compared to 9.59% return for the index. The third quarter saw a decline in global equities markets, but they remained positive YTD. Value has generally outperformed Growth, as demonstrated by the style factors and market indexes. 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 highlighted stocks like ProAssurance Corporation (NYSE:PRA) in the third quarter 2023 investor letter. Headquartered in Birmingham, Alabama, ProAssurance Corporation (NYSE:PRA) is a US-based insurance and reinsurance provider. On December 6, 2023, ProAssurance Corporation (NYSE:PRA) stock closed at $12.61 per share. One-month return of ProAssurance Corporation (NYSE:PRA) was -9.35%, and its shares lost 34.36% of their value over the last 52 weeks. ProAssurance Corporation (NYSE:PRA) has a market capitalization of $642.723 million.
TimesSquare Capital U.S. Small Cap Growth Strategy made the following comment about ProAssurance Corporation (NYSE:PRA) in its Q3 2023 investor letter:
"In the Financials sector we tend to avoid banks that face credit deterioration or rising deposit costs, preferring either asset managers or niche insurance companies. Another example was ProAssurance Corporation (NYSE:PRA), which provides medical liability insurance to practitioners throughout the U.S. ProAssurance reported revenues and earnings that outpaced expectations with gains in premiums written, higher investment income, and an active share repurchase program. That lifted its share price by 25%."
A close-up of a life insurance policy with a middle-and lower-income family in the background.
ProAssurance Corporation (NYSE:PRA) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 14 hedge fund portfolios held ProAssurance Corporation (NYSE:PRA)at the end of third quarter which was 13 in the previous quarter.
We discussed ProAssurance Corporation (NYSE:PRA) in another article and shared Third Avenue Small-Cap Value Fund's views on the company in the previous quarter. In addition, please check out our hedge fund investor letters Q3 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.
