Pra Group Inc Stock Price, News & Analysis

PRA Group, Inc. (PRAA) reported its Q3 2021 financial results, with net income of $34.5 million, down from $42.5 million in Q3 2020. Diluted earnings per share fell to $0.76 from $0.92. Total portfolio purchases surged to $391.9 million, marking a 78% increase from Q2 2021. Europe accounted for $219.6 million of purchases, reflecting strong demand. Estimated remaining collections rose to $6.1 billion. Operating expenses increased by $6.9 million, impacting profitability. The company repurchased $74 million in stock and expanded its buyback program to $230 million.

PRA Group, Inc. (Nasdaq: PRAA) has announced an $80 million increase to its existing share repurchase authorization, reflecting its strong capital position and commitment to enhancing shareholder value. This expansion aligns with recent credit facility amendments and will be managed while balancing the company's investment pipeline and growth targets. The program has no expiration date and is subject to market conditions and regulatory requirements, with purchases made at the discretion of the Board of Directors.

PRA Group, Inc. (Nasdaq: PRAA) is set to report its third quarter 2021 results on November 8, 2021, following a conference call at 5 p.m. E.T.. Investors can access the results via webcast or phone. The company also plans to announce its fourth quarter results after market close on February 24, 2022. As a leading firm in acquiring and collecting nonperforming loans, PRAA aims to support financial services for consumers across the Americas, Europe, and Australia.

PRA Group, Inc. (Nasdaq: PRAA) has priced its upsized offering of $350 million 5.00% Senior Notes due 2029, increased from $300 million. The offering is to close around September 22, 2021, pending customary conditions. The notes will be guaranteed by PRA Group's domestic subsidiaries. Net proceeds will be used to repay approximately $345.5 million of revolving borrowings under its Credit Agreement, maintaining borrowing capacity. This private offering is exempt from registration under the Securities Act.

PRA Group, Inc. (Nasdaq: PRAA) announced a proposed offering of $300 million in senior notes due 2029, subject to market conditions. The notes will be guaranteed by existing and future domestic subsidiaries. The company plans to use proceeds to repay approximately $296 million of revolving credit under its North American Credit Agreement, without affecting the overall borrowing capacity. This offering is aimed at qualified institutional buyers and will not be registered under the Securities Act.

PRA Group, Inc. (PRAA) reported Q2 2021 net income of $56 million, a slight decrease from $57.9 million in Q2 2020. Diluted EPS was $1.22, down from $1.26. However, net income for the first half of 2021 reached $114.4 million, up from $77 million YoY. Total cash collections increased 7% to $543.8 million, while revenues rose 5% to $285.6 million. Debt to Adjusted EBITDA improved to 1.69x. The company announced a $150 million share repurchase program, highlighting strong performance and portfolio purchases of $219.7 million, a 38% increase from Q1.

PRA Group, Inc. (NASDAQ: PRAA) announced on August 2, 2021, that it amended and extended its North American Credit Agreement, effective July 30, 2021. Key changes include increased limits on stock repurchases and convertible notes, reduced interest rates for various loans, and an extended maturity date to July 30, 2026. These amendments improve financial flexibility and decrease overall costs. CFO Pete Graham noted the favorable market conditions enabling these adjustments, which aim to diversify the maturity profile and strengthen PRA's financial position.

PRA Group, Inc. (Nasdaq: PRAA) has authorized a new share repurchase program allowing the purchase of up to $150 million in outstanding common stock. The company believes this initiative will enhance shareholder value while maintaining its capital position. This program is open-ended, with repurchases subject to market conditions and regulatory requirements. PRA Group aims to balance this initiative with ongoing investments and capital allocation strategies to ensure continued growth.

PRA Group, Inc. (Nasdaq: PRAA), a leader in acquiring nonperforming loans, will report its second quarter 2021 financial results after market close on August 5, 2021. This will be followed by a webcast and conference call at 5 p.m. E.T. Investors can access the webcast via their official website. The company also plans to announce its third quarter results on November 8, 2021. As part of its operations, PRA Group collaborates globally to help resolve consumer debt and enhance financial services.