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

Pinnacle Associates Ltd. lowered its holdings in shares of PRA Group, Inc. (NASDAQ:PRAA - Free Report) by 46.1% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 159,746 shares of the business services provider's stock after selling 136,576 shares during the quarter. Pinnacle Associates Ltd. owned 0.41% of PRA Group worth $3,141,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of PRAA. Global Alpha Capital Management Ltd. raised its position in shares of PRA Group by 17.2% during the fourth quarter. Global Alpha Capital Management Ltd. now owns 1,621,215 shares of the business services provider's stock worth $42,476,000 after purchasing an additional 237,800 shares during the period. Assenagon Asset Management S.A. raised its position in PRA Group by 353.3% in the 2nd quarter. Assenagon Asset Management S.A. now owns 194,235 shares of the business services provider's stock valued at $3,819,000 after buying an additional 151,389 shares during the last quarter. Redwood Investment Management LLC acquired a new stake in PRA Group in the 4th quarter valued at approximately $3,268,000. Charles Schwab Investment Management Inc. raised its position in PRA Group by 13.2% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 666,396 shares of the business services provider's stock valued at $17,460,000 after buying an additional 77,819 shares during the last quarter. Finally, State Board of Administration of Florida Retirement System raised its position in PRA Group by 389.5% in the 1st 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 buying an additional 42,950 shares during the last quarter. Institutional investors and hedge funds own 97.22% of the company's stock.

PRA Group Trading Up 0.2 %

NASDAQ PRAA traded up $0.05 during midday trading on Friday, hitting $23.32. The company had a trading volume of 118,537 shares, compared to its average volume of 196,709. The company has a market capitalization of $917.69 million, a PE ratio of -43.19 and a beta of 1.48. The firm has a 50-day moving average price of $22.15 and a 200-day moving average price of $23.29. PRA Group, Inc. has a twelve month low of $11.85 and a twelve month high of $31.43.

PRA Group (NASDAQ:PRAA - Get Free Report) last announced its quarterly earnings data on Monday, August 5th. The business services provider reported $0.54 earnings per share 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 analysts' expectations of $245.04 million. PRA Group had a return on equity of 0.33% and a net margin of 0.40%. The company's quarterly revenue was up 35.9% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.10) EPS. On average, equities analysts anticipate that PRA Group, Inc. will post 1.33 EPS for the current year.

Insider Transactions at PRA Group

In other PRA Group news, Director Geir Olsen acquired 11,750 shares of the company's stock in a transaction that occurred on Wednesday, August 7th. The stock was acquired at an average cost of $21.39 per share, for a total transaction of $251,332.50. Following the transaction, the director now directly owns 11,750 shares in the company, valued at $251,332.50. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 2.00% of the stock is owned by insiders.

Analyst Ratings Changes

PRAA has been the topic of a number of recent research reports. Truist Financial dropped their target price on PRA Group from $42.00 to $28.00 and set a "buy" rating on the stock in a research report on Tuesday, August 20th. StockNews.com upgraded PRA Group from a "hold" rating to a "buy" rating in a research note on Wednesday, August 7th. Finally, JMP Securities restated a "market outperform" rating and issued a $33.00 price target on shares of PRA Group in a research note on Tuesday, May 7th.

About PRA Group

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.