Wells Fargo & Company MN cut its stake in shares of PRA Group, Inc. (NASDAQ:PRAA) by 2.8% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 120,834 shares of the business services provider’s stock after selling 3,516 shares during the quarter. Wells Fargo & Company MN owned approximately 0.26% of PRA Group worth $4,579,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently modified their holdings of the company. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in PRA Group by 12.0% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,829 shares of the business services provider’s stock worth $107,000 after acquiring an additional 304 shares in the last quarter. Huntington National Bank boosted its stake in PRA Group by 5.5% during the second quarter. Huntington National Bank now owns 3,084 shares of the business services provider’s stock worth $117,000 after acquiring an additional 162 shares in the last quarter. Ameritas Investment Partners Inc. bought a new position in PRA Group during the first quarter worth $132,000. UBS Group AG boosted its stake in PRA Group by 101.1% during the first quarter. UBS Group AG now owns 5,172 shares of the business services provider’s stock worth $171,000 after acquiring an additional 2,600 shares in the last quarter. Finally, CIBC Asset Management Inc bought a new position in PRA Group during the second quarter worth $223,000.
PRA Group, Inc. (PRAA) opened at 28.75 on Friday. The company has a market capitalization of $1.30 billion, a price-to-earnings ratio of 17.53 and a beta of 1.49. The company’s 50-day moving average is $28.85 and its 200 day moving average is $33.71. PRA Group, Inc. has a 52 week low of $23.15 and a 52 week high of $42.70.
PRA Group (NASDAQ:PRAA) last released its 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 during the quarter, compared to analysts’ expectations of $208.97 million. PRA Group had a return on equity of 4.69% and a net margin of 9.76%. The firm’s quarterly revenue was down 12.3% compared to the same quarter last year. During the same period in the prior year, the company earned $0.83 earnings per share. On average, analysts forecast that PRA Group, Inc. will post $1.86 EPS for the current fiscal year.
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Several brokerages recently issued reports on PRAA. Janney Montgomery Scott lowered shares of PRA Group from a “neutral” rating to a “sell” rating in a research note on Wednesday, October 4th. BidaskClub raised shares of PRA Group from a “hold” rating to a “buy” rating in a research note on Thursday, August 10th. Keefe, Bruyette & Woods lowered shares of PRA Group from an “outperform” rating to a “market perform” rating and increased their target price for the stock from $36.00 to $40.00 in a research note on Tuesday. Zacks Investment Research lowered shares of PRA Group from a “hold” rating to a “sell” rating in a research note on Thursday, July 13th. Finally, Citigroup Inc. lowered shares of PRA Group to an “underperform” rating in a research note on Thursday, September 21st. Four analysts have rated the stock with a sell rating and three have given a hold rating to the company’s stock. The company has an average rating of “Sell” and a consensus target price of $36.00.
About PRA Group
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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