Welcome to our dedicated page for PRA Group news (Ticker: PRAA), a resource for investors and traders seeking the latest updates and insights on PRA Group stock.
PRA Group, Inc. (Nasdaq: PRAA) is a global leader in acquiring and collecting nonperforming loans. The company returns capital to banks and other creditors, helping to expand financial services for consumers in the Americas, Europe, and Australia. PRA Group is renowned for its comprehensive debt resolution services, providing a range of revenue and recovery solutions for business and government clients.
The company operates in two main portfolio segments: Core, which focuses on purchasing and collecting nonperforming loans that the original lenders have chosen not to pursue, and Insolvency, which deals with nonperforming loans involving customers in bankruptcy proceedings. Additionally, PRA Group offers fee-based services on class action claims recoveries in the United States.
With thousands of employees worldwide, PRA Group collaborates closely with customers to help them resolve their debt, fostering a spirit of cooperation and financial improvement. The company's commitment to excellence has earned it numerous accolades, including recognition as one of Fortune's 100 fastest-growing companies for three years and Forbes' Best Small Companies in America for eight consecutive years since 2007.
In line with its commitment to diversity and inclusion, PRA Group has launched several Employee Resource Groups (ERGs) to support its workforce. Noteworthy among them is the Black Excellence ERG, which celebrates and embraces Black culture globally. This ERG, along with others like Women in Business Advocates and the Mental and Emotional Well-Being ERG, underscores the company’s dedication to creating an inclusive environment.
Recent achievements include the financial results for the fourth quarter and full year of 2023, where PRA Group reported strong performance in its European sector and significant strides in improving its U.S. operations. The company purchased portfolios worth $285 million in the fourth quarter alone, demonstrating robust growth and investment discipline.
For those interested in the latest developments, PRA Group consistently updates its stakeholders through news releases and financial reports. Notable announcements include the appointment of Steve Macke as Global Operations Officer and the successful launch of the ¡Hola! ERG, aimed at supporting Hispanic and Latino employees.
For further information, visit their official website at www.pragroup.com or follow their latest news and updates.
PRA Group, Inc. (Nasdaq: PRAA) announced the retirement of Penelope W. Kyle from its Board of Directors, effective upon the upcoming annual meeting. Ms. Kyle has been a board member since 2005 and held various leadership roles, including chair of the Nominating and Corporate Governance Committee. The company chairman, Steve Fredrickson, acknowledged her contributions to establishing PRA Group as a leader in the nonperforming loan industry. The organization focuses on assisting banks and creditors in managing nonperforming loans globally.
PRA Group, Inc. (Nasdaq: PRAA) will announce its fourth quarter and full year 2020 results on February 25, 2021, after market close. A webcast and conference call will follow at 5 p.m. E.T. Investors can access the call via phone or through the company's website. Additionally, PRA Group plans to report its first quarter 2021 results after market close on May 6, 2021. The company specializes in acquiring and collecting nonperforming loans, supporting financial services for consumers in the Americas and Europe.
PRA Group (Nasdaq: PRAA) will present at the Bank of America Securities 2020 Leveraged Finance Virtual Conference on Nov. 30, 2020, at 11:15am ET. The event will be accessible via a webcast on PRA Group's Investor Relations website, with a replay available until Mar. 2, 2021. PRA Group is a leader in acquiring and collecting nonperforming loans, aiding financial services expansion for consumers in North America and Europe. For further details, visit their official site at www.pragroup.com.
PRA Group, Inc. (Nasdaq: PRAA) reported a significant financial performance for Q3 2020, with net income rising to $42.5 million from $25.0 million in Q3 2019. Diluted earnings per share increased to $0.92, up 67%. Global cash collections reached a record $519.3 million, marking a 15% increase compared to the previous year. Operating expenses decreased by $2.0 million year-over-year. Total portfolio purchases in the quarter were $177.6 million, with an estimated remaining collections (ERC) of $6.3 billion. The company expects rising charge-off rates due to current economic conditions.
PRA Group (Nasdaq: PRAA) will announce its third quarter 2020 results on November 5, 2020, after market close. A webcast and conference call will follow at 5 p.m. E.T.. Investors can access the conference by calling 844-835-9982 in the U.S. or 412-317-5267 internationally. Additionally, PRA Group plans to report its fourth quarter results on February 25, 2021. The company specializes in acquiring and collecting nonperforming loans, supporting financial services expansion.
PRA Group, Inc. (Nasdaq: PRAA) has announced a $210,000 donation to support financial literacy initiatives at West Virginia University (WVU). This partnership aims to fund two seminars focusing on financial literacy for community leaders and educators, positively impacting over 3,500 students. Since 2009, PRA Group has contributed over $7.8 million to similar causes. The partnership aligns with PRA Group's commitment to enhancing financial education, particularly in light of challenges posed by the COVID-19 pandemic.
PRA Group, Inc. (Nasdaq: PRAA) announced the extension and amendment of its North American credit facility on August 26, 2020. Key changes include an additional term loan of $55 million, raising the total term loan to $475 million, and a reduction in domestic revolving credit from $1.068 billion to $1 billion. The Canadian revolving credit facility increased from $50 million to $75 million. The extension moves the maturity date to May 5, 2024, while also adjusting various financial covenants. The CFO expressed optimism about funding for future investment opportunities.
PRA Group, Inc. (Nasdaq: PRAA) has priced $300 million of 7.375% Senior Notes due 2025. The offering, which is set to close around August 27, 2020, is exempt from Securities Act registration requirements. The proceeds will primarily be used to repay $295 million of existing revolving borrowings. The notes will be guaranteed by PRA Group's domestic subsidiaries involved in its North American Credit Agreement. This transaction aims to optimize PRA Group's debt structure while maintaining funding flexibility.
PRA Group, Inc. (Nasdaq: PRAA) has announced plans to offer $300 million in senior notes due 2025 in a private transaction. The offering, exempt from the registration requirements of the Securities Act, will be guaranteed by existing and future subsidiaries. Proceeds from the notes will primarily be used to repay $295 million of outstanding revolving borrowings under its North American Credit Agreement. This transaction aims to optimize the company’s financial structure and is directed at qualified institutional buyers.
PRA Group, Inc. (Nasdaq: PRAA) reported robust Q2 2020 results, with net income surging to $57.9 million, up 211% from Q2 2019. Diluted earnings per share reached $1.26, a 207% increase year-over-year. Global cash collections hit a record $509.9 million, reflecting an 8% increase compared to Q2 2019. Total revenues also achieved a record of $271.9 million. Despite a decrease in investment levels affecting Americas Insolvency collections, the overall performance demonstrates strong cash collection trends, particularly in the U.S.
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