PRA Group, Inc. (NASDAQ:PRAA) Shares Bought by Pinnacle Associates Ltd.

Pinnacle Associates Ltd. raised its stake in PRA Group, Inc. (NASDAQ:PRAA - Free Report) by 86.3% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 297,545 shares of the business services provider's stock after purchasing an additional 137,799 shares during the quarter. Pinnacle Associates Ltd. owned about 0.75% of PRA Group worth $6,653,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Point72 Asia Singapore Pte. Ltd. acquired a new stake in PRA Group during the 2nd quarter valued at $29,000. nVerses Capital LLC grew its stake in shares of PRA Group by 700.0% during the second quarter. nVerses Capital LLC now owns 1,600 shares of the business services provider's stock valued at $31,000 after acquiring an additional 1,400 shares in the last quarter. Innealta Capital LLC purchased a new stake in shares of PRA Group during the second quarter worth about $57,000. PNC Financial Services Group Inc. lifted its stake in shares of PRA Group by 11.9% in the fourth quarter. PNC Financial Services Group Inc. now owns 3,931 shares of the business services provider's stock worth $103,000 after acquiring an additional 419 shares in the last quarter. Finally, SG Americas Securities LLC purchased a new position in PRA Group in the first quarter valued at about $103,000. Hedge funds and other institutional investors own 97.22% of the company's stock.

Analysts Set New Price Targets

PRAA has been the topic of a number of recent analyst reports. Truist Financial cut 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 raised shares of PRA Group from a "hold" rating to a "buy" rating in a report on Wednesday, October 16th.

PRA Group Stock Performance

Shares of NASDAQ PRAA traded up $0.17 during trading on Thursday, reaching $20.16. The stock had a trading volume of 383,652 shares, compared to its average volume of 202,687. The firm's 50 day moving average price is $21.45 and its two-hundred day moving average price is $22.09. PRA Group, Inc. has a one year low of $11.85 and a one year high of $31.43. The stock has a market cap of $794.65 million, a PE ratio of 201.60 and a beta of 1.49.

PRA Group (NASDAQ:PRAA - Get Free Report) last posted its quarterly earnings results 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. PRA Group had a net margin of 0.40% and a return on equity of 0.33%. The business had revenue of $284.20 million during the quarter, compared to analyst estimates of $245.04 million. During the same period in the previous year, the business posted ($0.10) EPS. The company's quarterly revenue was up 35.9% on a year-over-year basis. On average, research analysts expect that PRA Group, Inc. will post 1.33 earnings per share for the current year.

Insider Activity at PRA Group

In related news, Director Geir Olsen bought 11,750 shares of the business's stock in a transaction on Wednesday, August 7th. The shares were bought at an average cost of $21.39 per share, for a total transaction of $251,332.50. Following the completion of the purchase, the director now owns 11,750 shares of the company's stock, valued at $251,332.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 2.00% of the company's stock.

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.