Pinnacle Associates Ltd. Boosts Stake in PRA Group, Inc. (NASDAQ:PRAA)

Pinnacle Associates Ltd. raised its holdings in PRA Group, Inc. (NASDAQ:PRAA) by 86.3% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 297,545 shares of the business services provider’s stock after acquiring an additional 137,799 shares during the period. Pinnacle Associates Ltd. owned approximately 0.75% of PRA Group worth $6,653,000 at the end of the most recent reporting period.

Other large investors have also recently modified their holdings of the company. Assenagon Asset Management S.A. raised its position in PRA Group by 353.3% during the second quarter. Assenagon Asset Management S.A. now owns 194,235 shares of the business services provider’s stock valued at $3,819,000 after purchasing an additional 151,389 shares in the last quarter. Global Alpha Capital Management Ltd. raised its holdings in shares of PRA Group by 5.4% during the 1st quarter. Global Alpha Capital Management Ltd. now owns 1,708,015 shares of the business services provider’s stock valued at $44,545,000 after buying an additional 86,800 shares in the last quarter. ClariVest Asset Management LLC bought a new stake in PRA Group in the 2nd quarter worth approximately $1,343,000. Cubist Systematic Strategies LLC purchased a new stake in PRA Group in the second quarter worth approximately $1,142,000. Finally, State Board of Administration of Florida Retirement System grew its position in PRA Group by 389.5% during the first quarter. State Board of Administration of Florida Retirement System now owns 53,977 shares of the business services provider’s stock valued at $1,408,000 after acquiring an additional 42,950 shares during the last quarter. Institutional investors own 97.22% of the company’s stock.

PRA Group Stock Performance

NASDAQ:PRAA opened at $19.99 on Thursday. PRA Group, Inc. has a fifty-two week low of $11.85 and a fifty-two week high of $31.43. The business has a 50 day moving average price of $21.49 and a 200-day moving average price of $22.11. The firm has a market cap of $788.01 million, a PE ratio of 199.92 and a beta of 1.49.

PRA Group (NASDAQ:PRAA) last issued its quarterly earnings data on Monday, August 5th. The business services provider reported $0.54 EPS for the quarter, beating the consensus estimate of $0.08 by $0.46. The firm had revenue of $284.20 million during the quarter, compared to the consensus estimate of $245.04 million. PRA Group had a net margin of 0.40% and a return on equity of 0.33%. The company’s quarterly revenue was up 35.9% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.10) earnings per share. Research analysts predict that PRA Group, Inc. will post 1.33 EPS for the current year.

Insider Activity at PRA Group

In related news, Director Geir Olsen bought 11,750 shares of the company’s stock in a transaction dated Wednesday, August 7th. The stock was purchased at an average cost of $21.39 per share, with a total value of $251,332.50. Following the transaction, the director now owns 11,750 shares in the company, valued at approximately $251,332.50. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 2.00% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on PRAA shares. StockNews.com upgraded shares of PRA Group from a “hold” rating to a “buy” rating in a report on Wednesday, October 16th. Truist Financial cut their price target on shares of PRA Group from $42.00 to $28.00 and set a “buy” rating for the company in a research report on Tuesday, August 20th.

PRA Group Company Profile

PRA Group, Inc, a financial and business services company, engages in the purchase, collection, and management of portfolios of nonperforming loans worldwide. It is involved in the purchase of accounts that are primarily the unpaid obligations of individuals owed to credit originators, which include banks and other types of consumer, retail, and auto finance companies.