TIAA CREF Investment Management LLC cut its stake in PRA Group, Inc. (NASDAQ:PRAA) by 5.4% during the first quarter, according to its most recent disclosure with the SEC. The firm owned 125,002 shares of the business services provider’s stock after selling 7,157 shares during the period. TIAA CREF Investment Management LLC owned approximately 0.27% of PRA Group worth $4,144,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Russell Investments Group Ltd. acquired a new position in PRA Group during the fourth quarter valued at about $1,578,000. Norges Bank acquired a new position in PRA Group during the fourth quarter valued at about $18,549,000. HighPoint Advisor Group LLC acquired a new position in PRA Group during the fourth quarter valued at about $201,000. Teachers Advisors LLC boosted its position in PRA Group by 3.0% in the fourth quarter. Teachers Advisors LLC now owns 76,327 shares of the business services provider’s stock valued at $2,984,000 after buying an additional 2,201 shares during the last quarter. Finally, Nexus Investment Management Inc. boosted its position in PRA Group by 0.4% in the first quarter. Nexus Investment Management Inc. now owns 428,250 shares of the business services provider’s stock valued at $14,197,000 after buying an additional 1,650 shares during the last quarter.
Shares of PRA Group, Inc. (PRAA) opened at 38.25 on Friday. The firm has a market cap of $1.78 billion, a price-to-earnings ratio of 17.60 and a beta of 1.49. PRA Group, Inc. has a one year low of $23.15 and a one year high of $42.70. The stock has a 50 day moving average price of $38.01 and a 200 day moving average price of $36.35.
PRA Group (NASDAQ:PRAA) last released its quarterly earnings results on Tuesday, May 9th. The business services provider reported $0.38 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.44 by $0.06. The business had revenue of $206.56 million for the quarter, compared to analyst estimates of $198.48 million. PRA Group had a net margin of 12.47% and a return on equity of 7.57%. The company’s revenue for the quarter was down 8.1% on a year-over-year basis. During the same period in the prior year, the business earned $0.85 earnings per share. On average, equities research analysts forecast that PRA Group, Inc. will post $2.05 EPS for the current year.
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Several research analysts have recently issued reports on PRAA shares. Zacks Investment Research raised PRA Group from a “strong sell” rating to a “hold” rating in a research note on Tuesday, May 2nd. Keefe, Bruyette & Woods started coverage on PRA Group in a research note on Wednesday, May 24th. They issued an “outperform” rating and a $40.00 price target for the company. Finally, BidaskClub raised PRA Group from a “hold” rating to a “buy” rating in a research note on Thursday, June 29th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and three have issued a buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of $38.00.
In other news, Director Geir Olsen bought 142,000 shares of the stock in a transaction dated Tuesday, May 23rd. The stock was bought at an average cost of $34.55 per share, with a total value of $4,906,100.00. Following the purchase, the director now owns 27,162 shares of the company’s stock, valued at $938,447.10. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. 2.10% of the stock is currently owned by company insiders.
About PRA Group
PRA Group, Inc (PRA Group) is a financial and business services company with operations in the Americas and Europe. The Company’s primary business is the purchase, collection and management of portfolios of nonperforming loans. The Company operates through the account receivables management segment. It also provides fee-based services, such as vehicle location, skip tracing and collateral recovery for auto lenders, government entities and law enforcement; revenue administration, audit and revenue discovery/recovery services for local government entities; class action claims recovery services and purchases; servicing of consumer bankruptcy accounts in the United States, and contingent collections of nonperforming loans in Europe and South America.
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