Truist Financial Forecasts Strong Price Appreciation for PRA Group (NASDAQ:PRAA) Stock

PRA Group (NASDAQ:PRAA) had its price objective lifted by investment analysts at Truist Financial from $28.00 to $31.00 in a research report issued to clients and investors on Tuesday, Benzinga reports. The brokerage currently has a “buy” rating on the business services provider’s stock. Truist Financial’s price target would suggest a potential upside of 25.40% from the stock’s previous close.

Separately, StockNews.com raised PRA Group from a “hold” rating to a “buy” rating in a research report on Wednesday, October 16th.

PRA Group Trading Up 3.7 %

Shares of PRAA opened at $24.72 on Tuesday. The company’s 50 day simple moving average is $21.40 and its 200-day simple moving average is $22.04. The firm has a market cap of $974.46 million, a PE ratio of 22.47 and a beta of 1.50. PRA Group has a 12-month low of $15.63 and a 12-month high of $31.43.

PRA Group (NASDAQ:PRAA) last posted its quarterly earnings data on Monday, November 4th. The business services provider reported $0.69 EPS for the quarter, beating analysts’ consensus estimates of $0.32 by $0.37. PRA Group had a net margin of 4.16% and a return on equity of 2.94%. The company had revenue of $281.48 million for the quarter, compared to analyst estimates of $262.20 million. During the same period in the previous year, the business posted ($0.31) earnings per share. PRA Group’s quarterly revenue was up 30.1% on a year-over-year basis. As a group, equities research analysts forecast that PRA Group will post 1.33 EPS for the current fiscal year.

Institutional Trading of PRA Group

Hedge funds have recently made changes to their positions in the company. Assenagon Asset Management S.A. increased its stake in shares of PRA Group by 353.3% during the second quarter. Assenagon Asset Management S.A. now owns 194,235 shares of the business services provider’s stock worth $3,819,000 after acquiring an additional 151,389 shares during the period. Pinnacle Associates Ltd. increased its position in PRA Group by 86.3% during the 3rd quarter. Pinnacle Associates Ltd. now owns 297,545 shares of the business services provider’s stock worth $6,653,000 after purchasing an additional 137,799 shares during the period. Global Alpha Capital Management Ltd. raised its stake in shares of PRA Group by 5.4% during the 1st quarter. Global Alpha Capital Management Ltd. now owns 1,708,015 shares of the business services provider’s stock worth $44,545,000 after buying an additional 86,800 shares in the last quarter. ClariVest Asset Management LLC acquired a new stake in shares of PRA Group in the 2nd quarter valued at approximately $1,343,000. Finally, Cubist Systematic Strategies LLC purchased a new stake in shares of PRA Group in the second quarter valued at approximately $1,142,000. Institutional investors and hedge funds own 97.22% of the company’s stock.

About PRA Group

PRA Group, Inc, a financial and business services company, engages in the purchase, collection, and management of portfolios of nonperforming loans worldwide. It is involved in the purchase of accounts that are primarily the unpaid obligations of individuals owed to credit originators, which include banks and other types of consumer, retail, and auto finance companies.