ProAssurance price target lowered to $22 from $24 at JMP Securities

JMP Securities lowered the firm’s price target on ProAssurance to $22 from $24 and keeps an Outperform rating on the shares following Q4 results that missed expectations. The path back to normalized profitability will not happen overnight, but share repurchases at highly accretive levels should accelerate book value growth beyond what near-term estimated 3%-4% ROE implies, the analyst tells investors in a research note.