PRA Group (NASDAQ:PRAA) Upgraded by Zacks Research to “Strong-Buy” Rating

Zacks Research upgraded shares of PRA Group (NASDAQ:PRAA) from a hold rating to a strong-buy rating in a research note released on Monday morning,Zacks.com reports.

Several other brokerages have also weighed in on PRAA. Weiss Ratings reiterated a “sell (d)” rating on shares of PRA Group in a research report on Wednesday, June 24th. Wall Street Zen lowered PRA Group from a “strong-buy” rating to a “buy” rating in a research note on Sunday, June 7th. One analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $26.00.

PRA Group Price Performance

NASDAQ:PRAA opened at $18.74 on Monday. The firm has a market capitalization of $705.56 million, a price-to-earnings ratio of -2.78 and a beta of 1.11. The company’s 50-day moving average is $17.26 and its two-hundred day moving average is $16.64. PRA Group has a 1-year low of $10.25 and a 1-year high of $22.55.

PRA Group (NASDAQ:PRAA) last announced its quarterly earnings results on Thursday, August 6th. The business services provider reported $1.51 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.52 by $0.99. The business had revenue of $372.17 million during the quarter, compared to the consensus estimate of $299.99 million. PRA Group had a negative net margin of 19.91% and a positive return on equity of 15.56%. As a group, equities analysts anticipate that PRA Group will post 3.93 earnings per share for the current fiscal year.

Hedge Funds Weigh In On PRA Group

Several large investors have recently made changes to their positions in the stock. BlackRock Inc. acquired a new stake in shares of PRA Group in the second quarter valued at $84,183,000. Topline Capital Management LLC raised its holdings in shares of PRA Group by 168.3% in the 2nd quarter. Topline Capital Management LLC now owns 2,250,629 shares of the business services provider’s stock valued at $33,197,000 after buying an additional 1,411,707 shares during the period. Assenagon Asset Management S.A. lifted its stake in PRA Group by 401.6% during the 2nd quarter. Assenagon Asset Management S.A. now owns 601,444 shares of the business services provider’s stock worth $11,421,000 after acquiring an additional 481,538 shares in the last quarter. Millennium Management LLC lifted its stake in PRA Group by 242.6% during the 4th quarter. Millennium Management LLC now owns 464,320 shares of the business services provider’s stock worth $8,214,000 after acquiring an additional 328,804 shares in the last quarter. Finally, Jane Street Group LLC lifted its stake in PRA Group by 256.7% during the 4th quarter. Jane Street Group LLC now owns 397,207 shares of the business services provider’s stock worth $7,027,000 after acquiring an additional 285,858 shares in the last quarter. 97.22% of the stock is currently owned by institutional investors and hedge funds.

About PRA Group

PRA Group, Inc is a global specialty finance company focused on the acquisition and management of nonperforming loans. Founded in 1996 as Portfolio Recovery Associates, the company purchases defaulted consumer and commercial receivables at discounted rates from financial institutions, utilities and other creditors. By combining rigorous analytics with a consumer-centric ethos, PRA Group seeks to maximize recoveries while maintaining respectful and compliant interactions with debtors.

The company’s core activities include first-party and third-party collections across a range of asset classes such as credit cards, auto loans and utility receivables.