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PRA Group, Inc. (NASDAQ:PRAA ) Q3 2024 Results Conference Call November 4, 2024 5:00 PM ET Company Participants Najim Mostamand - Vice President, Investor Relations Vik Atal - President and Chief Executive Officer Rakesh Sehgal - Executive Vice President and Chief Financial Officer Conference Call Participants David Scharf - Citizens JMP Mark Hughes - Truist Robert Dodd - Raymond James Operator Good evening and welcome the PRA Group Third Quarter 2024 Conference Call. All participants will be in a listen-only mode.
PRA Group (PRAA) came out with quarterly earnings of $0.49 per share, beating the Zacks Consensus Estimate of $0.34 per share. This compares to loss of $0.31 per share a year ago.
PRAA's third-quarter results are likely to reflect growing cash collections and higher portfolio income.
Say what you want to say about collections, PRA is making huge profits for investors that continue to grow.
PRAA benefits from increased portfolio purchases and better pricing, especially in the United States, leading to improved portfolio income.
PRA Group (PRAA) reported earnings 30 days ago. What's next for the stock?
The mean of analysts' price targets for PRA Group (PRAA) points to a 28.4% upside in the stock. While this highly sought-after metric has not proven reasonably effective, strong agreement among analysts in raising earnings estimates does indicate an upside in the stock.
If you are looking for stocks that have gained strong momentum recently but are still trading at reasonable prices, PRA Group (PRAA) could be a great choice. It is one of the several stocks that passed through our 'Fast-Paced Momentum at a Bargain' screen.
PRA Group is one of the few countercyclical stocks out there, proven in the 2007-2009 recession. The stock struggled recently with losses in 2023 due to poor pricing on its purchases of charged-off loans from 2020 to 2022. Pricing is now much improved due to a surge in charge-offs and higher balances for credit cards and other unsecured consumer loans.
The consensus price target hints at a 49.3% upside potential for PRA Group (PRAA). While empirical research shows that this sought-after metric is hardly effective, an upward trend in earnings estimate revisions could mean that the stock will witness an upside in the near term.
PRA Group's (PRAA) second-quarter results reflect increased cash collections from the United States and Europe, partly offset by elevated compensation and employee services costs.