Connor Clark & Lunn Investment Management Ltd. Buys Shares of 58,637 PRA Group, Inc. $PRAA

Key Points

• Connor Clark & Lunn Investment Management acquired 58,637 PRA Group shares valued at approximately $1.1 million, giving it a 0.16% stake. Institutional investors and hedge funds collectively own 97.22% of the company.
• PRA Group reported quarterly EPS of $1.51, substantially exceeding the $0.52 analyst consensus, while revenue of $372.17 million also surpassed estimates.
• PRAA shares opened at $19.14, compared with the analyst consensus price target of $26.00. Ratings are mixed, although Wall Street Zen and Zacks Research recently upgraded the stock to “strong buy.”

Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of PRA Group, Inc. (NASDAQ:PRAA - Free Report) during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 58,637 shares of the business services provider's stock, valued at approximately $1,114,000. Connor Clark & Lunn Investment Management Ltd. owned about 0.16% of PRA Group as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently modified their holdings of the company. Los Angeles Capital Management LLC acquired a new stake in shares of PRA Group during the 4th quarter valued at $27,000. EverSource Wealth Advisors LLC increased its holdings in PRA Group by 145.6% in the 4th quarter. EverSource Wealth Advisors LLC now owns 2,481 shares of the business services provider's stock worth $44,000 after purchasing an additional 1,471 shares in the last quarter. Meeder Asset Management Inc. acquired a new position in PRA Group in the 2nd quarter worth about $49,000. Larson Financial Group LLC raised its position in PRA Group by 146.8% in the fourth quarter. Larson Financial Group LLC now owns 2,848 shares of the business services provider's stock valued at $50,000 after purchasing an additional 1,694 shares during the last quarter. Finally, Tower Research Capital LLC TRC raised its position in PRA Group by 375.1% in the second quarter. Tower Research Capital LLC TRC now owns 4,784 shares of the business services provider's stock valued at $71,000 after purchasing an additional 3,777 shares during the last quarter. 97.22% of the stock is currently owned by institutional investors and hedge funds.

PRA Group Stock Performance

Shares of PRAA stock opened at $19.14 on Monday. The stock has a market cap of $720.58 million, a price-to-earnings ratio of -2.84 and a beta of 1.11. The stock has a 50-day moving average of $18.40 and a 200-day moving average of $17.22. 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 issued its quarterly earnings data on Thursday, August 6th. The business services provider reported $1.51 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.52 by $0.99. The company had revenue of $372.17 million during the quarter, compared to the consensus estimate of $299.99 million. PRA Group had a positive return on equity of 15.56% and a negative net margin of 19.91%. Sell-side analysts forecast that PRA Group, Inc. will post 3.93 earnings per share for the current year.

Analysts Set New Price Targets

PRAA has been the topic of several research reports. Wall Street Zen upgraded PRA Group from a "buy" rating to a "strong-buy" rating in a report on Saturday, August 15th. Weiss Ratings reiterated a "sell (d)" rating on shares of PRA Group in a report on Wednesday, June 24th. Finally, Zacks Research upgraded shares of PRA Group from a "hold" rating to a "strong-buy" rating in a research report on Monday, August 10th. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, PRA Group presently has an average rating of "Hold" and an average price target of $26.00.

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.

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