Arrowstreet Capital Limited Partnership Sells 80,362 Shares of PRA Group, Inc. $PRAA

Key Points

• Arrowstreet Capital cut its PRA Group stake by 40.7%, selling 80,362 shares and retaining 117,104 shares valued at approximately $2.05 million. Institutional investors collectively own 97.22% of the company.
• Analyst sentiment is mixed, with one Buy, three Hold, and one Sell rating; the consensus rating is Hold with an average price target of $26.00.
• PRA Group shares opened at $17.19, while the company’s latest quarterly results exceeded expectations, reporting $0.73 in EPS versus a $0.51 estimate and revenue of $314.53 million versus $295.90 million expected.

Arrowstreet Capital Limited Partnership reduced its stake in shares of PRA Group, Inc. (NASDAQ:PRAA - Free Report) by 40.7% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 117,104 shares of the business services provider's stock after selling 80,362 shares during the period. Arrowstreet Capital Limited Partnership owned 0.31% of PRA Group worth $2,049,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Topline Capital Management LLC lifted its holdings in PRA Group by 168.3% during the second quarter. Topline Capital Management LLC now owns 2,250,629 shares of the business services provider's stock valued at $33,197,000 after purchasing an additional 1,411,707 shares in the last quarter. State Street Corp increased its stake in PRA Group by 0.3% in the 4th quarter. State Street Corp now owns 1,499,488 shares of the business services provider's stock worth $26,526,000 after buying an additional 4,895 shares in the last quarter. Wellington Management Group LLP raised its holdings in PRA Group by 13.7% during the fourth quarter. Wellington Management Group LLP now owns 1,296,830 shares of the business services provider's stock valued at $22,941,000 after acquiring an additional 156,520 shares during the period. Invesco Ltd. raised its holdings in PRA Group by 15.5% during the second quarter. Invesco Ltd. now owns 819,742 shares of the business services provider's stock valued at $12,091,000 after acquiring an additional 109,857 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its position in shares of PRA Group by 14.5% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 752,064 shares of the business services provider's stock valued at $13,304,000 after acquiring an additional 95,179 shares in the last quarter. 97.22% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research firms have recently weighed in on PRAA. Wall Street Zen lowered PRA Group from a "strong-buy" rating to a "buy" rating in a research note on Sunday, June 7th. Weiss Ratings reissued a "sell (d)" rating on shares of PRA Group in a research note on Wednesday, June 24th. One equities research analyst has rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, PRA Group has a consensus rating of "Hold" and an average target price of $26.00.

PRA Group Stock Performance

Shares of NASDAQ PRAA opened at $17.19 on Thursday. The company has a market cap of $655.63 million, a P/E ratio of -2.40 and a beta of 1.11. The firm's fifty day moving average is $16.94 and its two-hundred day moving average is $16.57. PRA Group, Inc. has a 52-week low of $10.25 and a 52-week high of $22.55.

PRA Group (NASDAQ:PRAA - Get Free Report) last announced its quarterly earnings results on Thursday, May 7th. The business services provider reported $0.73 EPS for the quarter, topping the consensus estimate of $0.51 by $0.22. The business had revenue of $314.53 million for the quarter, compared to analysts' expectations of $295.90 million. PRA Group had a negative net margin of 22.51% and a positive return on equity of 13.19%. As a group, analysts forecast that PRA Group, Inc. will post 2.52 EPS for the current fiscal year.

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.

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