PRA Group, Inc. (PRAA) Stock Price Down 13.7% Following Weak Earnings
PRA Group, Inc. (NASDAQ:PRAA) was down 13.7% during mid-day trading on Wednesday following a dissappointing earnings announcement. The stock traded as low as $33.70 and last traded at $34.55, with a volume of 2,250,684 shares trading hands. The stock had previously closed at $40.05.
The business services provider reported $0.25 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.48 by $0.23. The firm had revenue of $200.30 million during the quarter, compared to the consensus estimate of $208.97 million. PRA Group had a net margin of 12.47% and a return on equity of 7.57%. The company’s revenue for the quarter was down 12.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.83 earnings per share.
Several analysts recently weighed in on PRAA shares. Zacks Investment Research upgraded shares of PRA Group from a “strong sell” rating to a “hold” rating in a research report on Tuesday, May 2nd. Keefe, Bruyette & Woods began coverage on shares of PRA Group in a research note on Wednesday, May 24th. They set an “outperform” rating and a $40.00 target price on the stock. Finally, BidaskClub raised shares of PRA Group from a “hold” rating to a “buy” rating in a research note on Thursday, June 29th. One research analyst has rated the stock with a sell rating, two have given a hold rating and three have given a buy rating to the company’s stock. PRA Group has an average rating of “Hold” and an average target price of $38.00.
In related news, Director Geir Olsen bought 142,000 shares of the stock in a transaction on Tuesday, May 23rd. The shares were purchased at an average price of $34.55 per share, with a total value of $4,906,100.00. Following the purchase, the director now owns 27,162 shares in the company, valued at $938,447.10. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 2.10% of the stock is currently owned by company insiders.
Institutional investors have recently added to or reduced their stakes in the stock. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of PRA Group by 12.0% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,829 shares of the business services provider’s stock valued at $107,000 after buying an additional 304 shares in the last quarter. Huntington National Bank boosted its position in shares of PRA Group by 5.5% in the second quarter. Huntington National Bank now owns 3,084 shares of the business services provider’s stock valued at $117,000 after buying an additional 162 shares in the last quarter. Parkside Financial Bank & Trust boosted its position in shares of PRA Group by 12.6% in the first quarter. Parkside Financial Bank & Trust now owns 3,243 shares of the business services provider’s stock valued at $107,000 after buying an additional 364 shares in the last quarter. Quantbot Technologies LP acquired a new position in shares of PRA Group during the first quarter valued at about $125,000. Finally, Ameritas Investment Partners Inc. acquired a new position in shares of PRA Group during the first quarter valued at about $132,000.
The firm has a market cap of $1.60 billion, a P/E ratio of 15.90 and a beta of 1.49. The stock has a 50-day moving average of $38.01 and a 200 day moving average of $36.35.
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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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