Granahan Investment Management Inc. MA Sells 21,891 Shares of PRA Group, Inc. (PRAA)
Granahan Investment Management Inc. MA cut its holdings in shares of PRA Group, Inc. (NASDAQ:PRAA) by 26.2% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 61,520 shares of the business services provider’s stock after selling 21,891 shares during the period. Granahan Investment Management Inc. MA owned approximately 0.14% of PRA Group worth $1,763,000 at the end of the most recent quarter.
A number of other hedge funds have also added to or reduced their stakes in the stock. Zions Bancorporation acquired a new stake in PRA Group during the third quarter valued at approximately $121,000. Turtle Creek Asset Management Inc. lifted its stake in PRA Group by 35.7% during the third quarter. Turtle Creek Asset Management Inc. now owns 5,955,965 shares of the business services provider’s stock valued at $170,638,000 after purchasing an additional 1,566,430 shares during the last quarter. Engineers Gate Manager LP acquired a new stake in PRA Group during the third quarter valued at approximately $805,000. Synovus Financial Corp acquired a new stake in PRA Group during the third quarter valued at approximately $616,000. Finally, Dimensional Fund Advisors LP lifted its stake in PRA Group by 8.8% during the third quarter. Dimensional Fund Advisors LP now owns 1,897,547 shares of the business services provider’s stock valued at $54,366,000 after purchasing an additional 152,883 shares during the last quarter.
A number of equities research analysts have recently issued reports on the stock. BidaskClub lowered shares of PRA Group from a “buy” rating to a “hold” rating in a report on Friday, August 18th. Citigroup lowered shares of PRA Group to an “underperform” rating in a report on Thursday, September 21st. Raymond James Financial restated an “underperform” rating on shares of PRA Group in a report on Thursday, September 21st. Janney Montgomery Scott lowered shares of PRA Group from a “neutral” rating to a “sell” rating in a report on Wednesday, October 4th. Finally, Keefe, Bruyette & Woods lowered shares of PRA Group from an “outperform” rating to a “market perform” rating and boosted their price target for the company from $36.00 to $40.00 in a report on Tuesday, October 10th. Two equities research analysts have rated the stock with a sell rating and four have given a hold rating to the company’s stock. The stock presently has an average rating of “Hold” and an average price target of $40.00.
PRA Group (NASDAQ:PRAA) last released its quarterly earnings results on Wednesday, November 8th. The business services provider reported $0.34 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.38 by ($0.04). The firm had revenue of $201.00 million for the quarter, compared to analyst estimates of $196.96 million. PRA Group had a net margin of 7.57% and a return on equity of 2.98%. The firm’s revenue was down 9.5% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.68 EPS. equities research analysts forecast that PRA Group, Inc. will post 1.38 earnings per share for the current fiscal year.
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PRA Group Profile
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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