PRA Group, Inc. (NASDAQ:PRAA) Stake Increased by Pitcairn Co.
Pitcairn Co. raised its stake in PRA Group, Inc. (NASDAQ:PRAA) by 9.1% during the second quarter, Holdings Channel reports. The fund owned 11,442 shares of the business services provider’s stock after buying an additional 953 shares during the period. Pitcairn Co.’s holdings in PRA Group were worth $434,000 at the end of the most recent reporting period.
A number of other institutional investors have also added to or reduced their stakes in PRAA. Wedbush Securities Inc. boosted its position in PRA Group by 4.2% in the second quarter. Wedbush Securities Inc. now owns 9,229 shares of the business services provider’s stock valued at $350,000 after buying an additional 374 shares during the last quarter. Boston Partners boosted its position in PRA Group by 2.0% in the second quarter. Boston Partners now owns 414,651 shares of the business services provider’s stock valued at $15,715,000 after buying an additional 8,027 shares during the last quarter. Schwab Charles Investment Management Inc. boosted its position in PRA Group by 8.7% in the second quarter. Schwab Charles Investment Management Inc. now owns 287,170 shares of the business services provider’s stock valued at $10,884,000 after buying an additional 22,999 shares during the last quarter. Texas Permanent School Fund boosted its position in PRA Group by 0.8% in the second quarter. Texas Permanent School Fund now owns 33,836 shares of the business services provider’s stock valued at $1,282,000 after buying an additional 283 shares during the last quarter. Finally, Investment Counselors of Maryland LLC acquired a new position in PRA Group during the second quarter valued at about $4,915,000.
Shares of PRA Group, Inc. (NASDAQ PRAA) opened at 31.80 on Tuesday. The firm has a market cap of $1.44 billion, a PE ratio of 19.39 and a beta of 1.49. PRA Group, Inc. has a 12-month low of $23.15 and a 12-month high of $42.70. The company has a 50 day moving average price of $38.01 and a 200-day moving average price of $36.24.
PRA Group (NASDAQ:PRAA) last released its quarterly earnings results on Tuesday, August 8th. The business services provider reported $0.25 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.48 by $0.23. The business had revenue of $200.30 million for the quarter, compared to the consensus estimate of $208.97 million. PRA Group had a net margin of 9.76% and a return on equity of 4.69%. The business’s quarterly revenue was down 12.3% on a year-over-year basis. During the same period last year, the firm posted $0.83 EPS. Analysts expect that PRA Group, Inc. will post $2.37 EPS for the current year.
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Several equities analysts have issued reports on the company. BidaskClub upgraded PRA Group from a “hold” rating to a “buy” rating in a research report on Thursday, August 10th. Zacks Investment Research cut PRA Group from a “hold” rating to a “sell” rating in a research report on Thursday, July 13th. Finally, Keefe, Bruyette & Woods assumed coverage on PRA Group in a research report on Wednesday, May 24th. They set an “outperform” rating and a $40.00 target price on the stock. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and four have issued a buy rating to the company’s stock. PRA Group has an average rating of “Buy” and a consensus price target of $38.00.
In related news, Director Geir Olsen acquired 142,000 shares of the stock in a transaction that occurred on Tuesday, May 23rd. The shares were acquired at an average price of $34.55 per share, for a total transaction of $4,906,100.00. Following the completion of the purchase, the director now directly owns 27,162 shares of the company’s stock, valued at $938,447.10. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 2.10% of the stock is owned by company insiders.
PRA Group Company Profile
PRA Group, Inc (PRA Group) is a financial and business services company with operations in the Americas and Europe. The Company’s primary business is the purchase, collection and management of portfolios of nonperforming loans. The Company operates through the account receivables management segment. It also provides fee-based services, such as vehicle location, skip tracing and collateral recovery for auto lenders, government entities and law enforcement; revenue administration, audit and revenue discovery/recovery services for local government entities; class action claims recovery services and purchases; servicing of consumer bankruptcy accounts in the United States, and contingent collections of nonperforming loans in Europe and South America.
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