ProAssurance Corp. (PRA) Declares $0.30 Quarterly Dividend; $100M Stock Buyback Plan

ProAssurance Corp. (NYSE: PRA) declared a quarterly dividend of $0.30 per share, or $1.2 annualized. The dividend will be payable on July 11, 2014, to stockholders of record on June 27, 2014, with an ex-dividend date of June 25, 2014. The annual yield on the dividend is 2.7 percent.

the Board also authorized an additional $100 million to be used for share repurchase or debt retirement. This brings the outstanding authorization to $202 million as of May 27, 2014.

"With this increase in our share repurchase authorization we are affirming the importance of share repurchase in our overall capital management strategy. Through May 27, 2014, this year's repurchases total 2.2 million shares at a cost of approximately $100.6 million and, since January 1, 2007, we have repurchased 15.1 million shares, including the effect of our December, 2012 two-for-one stock split, at a cost of $453.7 million. We continually and carefully evaluate our capital management strategy to ensure that we are enhancing shareholder value while maintaining a level of capital that allows us to fund operations, address possible risks and pursue future growth opportunities," said ProAssurance Chairman and Chief Executive Officer W. Stancil Starnes.

For a dividend history and other dividend-related data on ProAssurance Corp. (PRA) click here.

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