Assenagon Asset Management S.A. Grows Holdings in PRA Group, Inc. $PRAA

Key Points

• Assenagon Asset Management increased its PRA Group stake by 401.6% in the second quarter, acquiring 481,538 additional shares and ending with 601,444 shares worth approximately $11.4 million.
• Institutional ownership remains substantial at 97.22%, with JPMorgan, Invesco and other funds also increasing their positions.
• PRA Group reported quarterly EPS of $1.51, beating the $0.52 consensus estimate, while revenue of $372.17 million exceeded forecasts. Despite the earnings beat, analysts’ average rating is “Hold,” with a $26 price target.

Assenagon Asset Management S.A. raised its stake in PRA Group, Inc. (NASDAQ:PRAA - Free Report) by 401.6% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 601,444 shares of the business services provider's stock after buying an additional 481,538 shares during the period. Assenagon Asset Management S.A. owned about 1.58% of PRA Group worth $11,421,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in PRAA. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in PRA Group by 4.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 23,081 shares of the business services provider's stock worth $476,000 after acquiring an additional 1,020 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in PRA Group by 3.8% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 109,004 shares of the business services provider's stock worth $2,248,000 after purchasing an additional 4,010 shares during the last quarter. Cetera Investment Advisers lifted its stake in PRA Group by 28.8% during the second quarter. Cetera Investment Advisers now owns 14,446 shares of the business services provider's stock worth $213,000 after purchasing an additional 3,229 shares during the last quarter. JPMorgan Chase & Co. boosted its holdings in shares of PRA Group by 59.1% in the 2nd quarter. JPMorgan Chase & Co. now owns 217,861 shares of the business services provider's stock worth $3,213,000 after purchasing an additional 80,945 shares in the last quarter. Finally, Invesco Ltd. boosted its holdings in shares of PRA Group by 15.5% in the 2nd quarter. Invesco Ltd. now owns 819,742 shares of the business services provider's stock worth $12,091,000 after purchasing an additional 109,857 shares in the last quarter. Hedge funds and other institutional investors own 97.22% of the company's stock.

Analyst Upgrades and Downgrades

PRAA has been the subject of several research reports. 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 reaffirmed 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 assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $26.00.

PRA Group Trading Down 4.2%

NASDAQ:PRAA opened at $18.96 on Tuesday. The company has a 50-day moving average price of $17.17 and a 200-day moving average price of $16.63. The stock has a market cap of $723.13 million, a price-to-earnings ratio of -2.82 and a beta of 1.11. PRA Group, Inc. has a 12 month low of $10.25 and a 12 month high of $22.55.

PRA Group (NASDAQ:PRAA - Get Free Report) last announced its earnings results on Thursday, August 6th. The business services provider reported $1.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.52 by $0.99. The firm had revenue of $372.17 million during the quarter, compared to analyst estimates of $299.99 million. PRA Group had a positive return on equity of 15.56% and a negative net margin of 19.91%. Equities analysts forecast that PRA Group, Inc. will post 2.52 EPS for the current fiscal year.

PRA Group Company Profile

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.

Want to see what other hedge funds are holding PRAA? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for PRA Group, Inc. (NASDAQ:PRAA - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source