Topline Capital Increases Stake in PRA Group by 16.2%

Topline Capital Management LLC has increased its investment in PRA Group, Inc. by 16.2% during the third quarter of 2023, according to its recent filing with the Securities and Exchange Commission. The firm now holds 2,615,711 shares of the business services provider, following the acquisition of an additional 365,082 shares during the quarter. This investment represents approximately 6.9% of Topline Capital’s total holdings, making PRA Group its fifth-largest position.

As of the end of the last quarter, Topline Capital owned about 6.70% of PRA Group, valued at approximately $40.39 million. Other institutional investors have also adjusted their stakes in the company. For instance, GAMMA Investing LLC boosted its holdings in PRA Group by an impressive 301.0% during the same quarter, bringing its total to 1,684 shares, valued at about $26,000.

CWM LLC increased its stake in PRA Group by 140.0%, now holding 4,618 shares worth $71,000 after purchasing an additional 2,694 shares. Tower Research Capital LLC also expanded its position significantly, growing its stake by 375.1% during the second quarter and holding 4,784 shares valued at $71,000.

In addition, Advent Capital Management DE and Globeflex Capital L P entered the picture by purchasing new stakes in PRA Group, valued at $84,000 and $102,000, respectively. Overall, institutional investors and hedge funds now control approximately 97.22% of PRA Group’s stock.

PRA Group’s shares opened at $16.73 on Friday, reflecting a 0.8% decline. The stock has seen fluctuations over the past year, with a low of $10.25 and a high of $22.01. The company’s market capitalization stands at $643.27 million, with a price-to-earnings ratio of -2.14 and a beta of 1.23.

Analyst Perspectives on PRA Group

Recent analyst reports indicate a mixed outlook for PRA Group. Citigroup downgraded the stock from an “outperform” rating to a “market perform” rating on January 28, 2023. Similarly, Zacks Research reduced its rating from a “strong buy” to a “hold” on January 5, 2023. Weiss Ratings maintained a “sell (d)” rating on the shares as of December 29, 2022.

Another downgrade came from Citizens JMP, which also shifted its rating from “market outperform” to “market perform” on January 28, 2023. Currently, one analyst has rated the stock as a “Buy,” while three have given it a “Hold” rating, and one has assigned a “Sell” rating. According to data from MarketBeat, PRA Group holds an average rating of “Hold” with a target price of $25.00.

About PRA Group, Inc.

PRA Group, Inc. is a global specialty finance company that specializes in the acquisition and management of nonperforming loans. Founded in 1996 as Portfolio Recovery Associates, the firm purchases defaulted consumer and commercial receivables at discounted rates from financial institutions, utilities, and other creditors.

By utilizing rigorous analytics and a consumer-centric approach, PRA Group aims to maximize its recoveries while ensuring respectful and compliant interactions with debtors. The company’s core operations encompass first-party and third-party collections across various asset classes, including credit cards, auto loans, and utility receivables.

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