PRA Group (NASDAQ:PRAA) Price Target Raised to $31.00

PRA Group (NASDAQ:PRAA) had its price target upped by equities researchers at Truist Financial from $28.00 to $31.00 in a report released on Tuesday, Benzinga reports. The firm currently has a “buy” rating on the business services provider’s stock. Truist Financial’s price target indicates a potential upside of 30.20% from the company’s current price.

Separately, StockNews.com upgraded shares of PRA Group from a “hold” rating to a “buy” rating in a report on Wednesday, October 16th.

PRA Group Price Performance

Shares of PRAA traded up $3.25 during trading hours on Tuesday, hitting $23.81. The stock had a trading volume of 197,685 shares, compared to its average volume of 204,239. PRA Group has a 1-year low of $13.64 and a 1-year high of $31.43. The firm has a market capitalization of $938.59 million, a P/E ratio of 238.52 and a beta of 1.50. The firm has a 50 day simple moving average of $21.34 and a 200-day simple moving average of $22.03.

PRA Group (NASDAQ:PRAA) last announced its quarterly earnings data on Monday, November 4th. The business services provider reported $0.69 EPS for the quarter, beating analysts’ consensus estimates of $0.32 by $0.37. PRA Group had a return on equity of 0.33% and a net margin of 0.40%. The firm had revenue of $281.48 million during the quarter, compared to analysts’ expectations of $262.20 million. During the same quarter last year, the firm posted ($0.31) earnings per share. The company’s revenue for the quarter was up 30.1% compared to the same quarter last year. Equities analysts predict that PRA Group will post 1.33 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director Geir Olsen bought 11,750 shares of the company’s stock in a transaction dated Wednesday, August 7th. The shares were bought at an average price of $21.39 per share, for a total transaction of $251,332.50. Following the completion of the acquisition, the director now directly owns 11,750 shares of the company’s stock, valued at $251,332.50. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 2.00% of the company’s stock.

Hedge Funds Weigh In On PRA Group

Several institutional investors have recently modified their holdings of PRAA. Dimensional Fund Advisors LP lifted its holdings in PRA Group by 1.2% during the second quarter. Dimensional Fund Advisors LP now owns 1,743,076 shares of the business services provider’s stock worth $34,268,000 after acquiring an additional 20,519 shares during the period. Global Alpha Capital Management Ltd. raised its stake in shares of PRA Group by 5.4% during the 1st quarter. Global Alpha Capital Management Ltd. now owns 1,708,015 shares of the business services provider’s stock worth $44,545,000 after purchasing an additional 86,800 shares during the period. William Blair Investment Management LLC boosted its holdings in shares of PRA Group by 0.3% in the 1st quarter. William Blair Investment Management LLC now owns 1,061,093 shares of the business services provider’s stock worth $27,673,000 after buying an additional 2,864 shares during the last quarter. Pinnacle Associates Ltd. grew its position in PRA Group by 86.3% during the third quarter. Pinnacle Associates Ltd. now owns 297,545 shares of the business services provider’s stock valued at $6,653,000 after buying an additional 137,799 shares during the period. Finally, Assenagon Asset Management S.A. increased its holdings in PRA Group by 14.7% during the third quarter. Assenagon Asset Management S.A. now owns 222,817 shares of the business services provider’s stock worth $4,982,000 after buying an additional 28,582 shares during the last quarter. 97.22% of the stock is owned by institutional investors.

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.