Bank of New York Mellon Corp Buys New Position in PRA Group, Inc. $PRAA

Key Points

• Bank of New York Mellon bought 126,569 PRA Group shares worth approximately $2.4 million, while institutional investors collectively own 97.22% of the company.
• PRA Group significantly beat quarterly expectations, reporting $1.51 in earnings per share versus the $0.52 consensus estimate and revenue of $372.17 million versus $299.99 million expected.
• PRAA shares opened at $19.02, below the analyst consensus price target of $26.00. Analyst sentiment is mixed, resulting in an overall “Hold” consensus rating.

Bank of New York Mellon Corp purchased a new position in shares of PRA Group, Inc. (NASDAQ:PRAA - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 126,569 shares of the business services provider's stock, valued at approximately $2,404,000. Bank of New York Mellon Corp owned 0.33% of PRA Group as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. GSA Capital Partners LLP purchased a new position in shares of PRA Group during the second quarter worth approximately $951,000. Walleye Capital LLC acquired a new position in shares of PRA Group in the 2nd quarter valued at $384,000. Assenagon Asset Management S.A. raised its position in PRA Group by 401.6% in the 2nd quarter. Assenagon Asset Management S.A. now owns 601,444 shares of the business services provider's stock valued at $11,421,000 after purchasing an additional 481,538 shares during the last quarter. Bank of America Corp DE raised its position in PRA Group by 16.3% in the 1st quarter. Bank of America Corp DE now owns 111,155 shares of the business services provider's stock valued at $1,945,000 after purchasing an additional 15,538 shares during the last quarter. Finally, Amundi acquired a new stake in PRA Group during the 1st quarter worth $298,000. Hedge funds and other institutional investors own 97.22% of the company's stock.

PRA Group Stock Performance

Shares of PRAA opened at $19.02 on Tuesday. The stock has a market capitalization of $716.10 million, a P/E ratio of -2.83 and a beta of 1.11. The company's fifty day moving average is $18.52 and its two-hundred day moving average is $17.56. PRA Group, Inc. has a 1 year low of $10.25 and a 1 year high of $22.55.

PRA Group (NASDAQ:PRAA - Get Free Report) last released its earnings results on Thursday, August 6th. The business services provider reported $1.51 EPS for the quarter, topping the consensus estimate of $0.52 by $0.99. PRA Group had a negative net margin of 19.91% and a positive return on equity of 15.56%. The company had revenue of $372.17 million during the quarter, compared to analysts' expectations of $299.99 million. Sell-side analysts predict that PRA Group, Inc. will post 3.93 EPS for the current year.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on PRAA. Weiss Ratings reissued a "sell (d)" rating on shares of PRA Group in a research report on Wednesday, June 24th. Zacks Research raised PRA Group from a "hold" rating to a "strong-buy" rating in a report on Monday, August 10th. Finally, Wall Street Zen cut PRA Group from a "strong-buy" rating to a "buy" rating in a research report on Saturday. One analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and an average target price of $26.00.

PRA Group 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.