PRA Group, Inc. $PRAA Stock Sold by Assenagon Asset Management S.A.

Key Points

• Assenagon Asset Management cut its PRA Group stake by 77.2% in the third quarter, selling 464,295 shares and retaining 137,149 shares valued at approximately $2.67 million.
• PRAA shares opened at $20.55, up 3.7%, while the company’s latest quarterly results exceeded expectations with earnings of $1.51 per share versus a $0.52 consensus estimate and revenue of $372.17 million.
• Analysts maintain a consensus “Hold” rating with an average price target of $26.00; institutional investors own 97.22% of the company.

Assenagon Asset Management S.A. decreased its holdings in PRA Group, Inc. (NASDAQ:PRAA - Free Report) by 77.2% in the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 137,149 shares of the business services provider's stock after selling 464,295 shares during the quarter. Assenagon Asset Management S.A. owned 0.36% of PRA Group worth $2,673,000 as of its most recent filing with the SEC.

Several other large investors also recently modified their holdings of the stock. BlackRock Inc. bought a new stake in shares of PRA Group in the 2nd quarter worth about $84,183,000. Bank of America Corp DE bought a new stake in PRA Group during the second quarter worth about $3,112,000. Susquehanna International Group LLP grew its stake in PRA Group by 288.0% during the second quarter. Susquehanna International Group LLP now owns 200,848 shares of the business services provider's stock worth $3,814,000 after buying an additional 149,078 shares during the last quarter. Bank of New York Mellon Corp acquired a new stake in shares of PRA Group during the second quarter worth approximately $2,404,000. Finally, Hsbc Holdings PLC acquired a new stake in shares of PRA Group during the second quarter worth approximately $2,275,000. 97.22% of the stock is currently owned by institutional investors.

PRA Group Stock Up 3.7%

PRAA stock opened at $20.55 on Thursday. PRA Group, Inc. has a twelve month low of $10.25 and a twelve month high of $22.55. The company has a market cap of $773.67 million, a P/E ratio of -3.05 and a beta of 1.13. The business has a fifty day moving average of $19.68 and a 200-day moving average of $18.39.

PRA Group (NASDAQ:PRAA - Get Free Report) last issued its earnings results on Thursday, August 6th. The business services provider reported $1.51 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.52 by $0.99. The company had revenue of $372.17 million for the quarter, compared to analyst estimates of $299.99 million. PRA Group had a negative net margin of 19.91% and a positive return on equity of 15.56%. As a group, equities research analysts anticipate that PRA Group, Inc. will post 3.93 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on PRAA shares. Weiss Ratings raised PRA Group from a "sell (d)" rating to a "sell (d+)" rating in a research note on Thursday, October 8th. Wall Street Zen upgraded PRA Group from a "buy" rating to a "strong-buy" rating in a report on Saturday, September 26th. Finally, Zacks Research lowered PRA Group from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, October 6th. One research analyst has rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, PRA Group has a consensus rating of "Hold" and an average price target of $26.00.

About PRA Group

PRA Group, Inc is a global financial services company that purchases and manages portfolios of defaulted consumer accounts. The company works with individuals to help resolve outstanding obligations and provides account management, customer service and debt recovery solutions for acquired portfolios.

The company serves consumers and financial institutions across North America, Europe and Australia. Its activities include acquiring nonperforming consumer debt from banks, credit card companies and other financial institutions, as well as servicing portfolios on behalf of third parties in selected markets.

PRA Group was founded in 1996 and is headquartered in Norfolk, Virginia.

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