PRA Group Financial Performance and Stock Market Updates

PRA Group's financial performance has been a key factor in its success. The company reported net income of $341.5 million in 2020, a significant increase from $234.5 million in 2019.

PRA Group's stock has also experienced growth, with a high of $44.13 in 2020. This growth is a testament to the company's strong financial performance and investor confidence.

The company's revenue has consistently increased over the years, reaching $1.43 billion in 2020. This growth is driven by the company's expanding portfolio of assets and its ability to collect on delinquent accounts.

PRA Group's financial performance has been impacted by higher costs.

The company's bottom line has taken a hit due to these increased expenses.

Higher costs have likely resulted from the company's aggressive asset purchases.

PRA Group stock experienced a significant jump of 32% on Friday, a notable increase in the market.

This surge was likely driven by the company's potential to profit from a coronavirus-driven recession.

A recession could lead to more people struggling with debt, making it a prime opportunity for debt collectors like PRA Group.

This increase in stock value could be a good sign for investors, but it's essential to consider the underlying reasons behind the surge.

The financial performance of PRA Group is closely tied to the economic climate, making it a company to watch during times of economic uncertainty.

Higher costs are affecting profit for companies like PRA Group, a debt-collection specialist. They've made big asset purchases, which is a significant expense.

These purchases have increased their costs, leading to a negative impact on their bottom line. The exact numbers aren't specified in the article, but it's clear that higher costs are a challenge for the company.

PRA Group's decision to make big asset purchases is likely an attempt to grow their business, but it's not yielding the desired results. This is a common problem many companies face when trying to expand.

The increased costs are likely due to the high price of these asset purchases, which is putting pressure on the company's finances.

The S&P, a benchmark of the stock market's overall performance. It's been a wild ride, with the S&P showing a 24.66% gain over the past year.

The S&P's 5-year performance is even more impressive, with a 85.14% increase. This is a testament to the steady growth of the market over time.

In comparison to PRA Group's 5-year performance, the S&P's growth is quite remarkable. While PRA Group has seen a -39.98% decline, the S&P has seen a significant increase.

Here's a breakdown of the S&P's performance over the past 5 years:

The S&P's growth is not limited to the past 5 years. Since its IPO, the S&P has seen an incredible 582% increase. This is a remarkable feat, and a testament to the power of long-term investing.

PRA Group's financial performance is a key aspect to consider when evaluating the company.

The company's revenue has consistently increased over the years, with a notable jump from $1.2 billion in 2015 to $1.8 billion in 2020.

PRA Group's net income has also shown a significant growth trend, rising from $235 million in 2015 to $341 million in 2020.

The company's annual reports provide detailed insights into its financial performance, including revenue and net income breakdowns.

PRA Group's stock price has fluctuated over the years, with a high of $62.55 in 2018 and a low of $30.55 in 2020.

The company's quarterly earnings reports offer a more granular view of its financial performance, highlighting trends and shifts in revenue and net income.

PRA Group is a global leader in acquiring and collecting non-performing loans. The company was founded in 1996 by Paul Lawler and Artie Owens.

PRA Group, listed on the Nasdaq as PRAA, operates under specific industry classifications.

The NAICS code for PRA Group is 561440, which is a more specific classification within the broader industry category.

The company's NAICS codes also include 56144, 5614, and 56, each representing a different level of industry classification.

These codes are used to categorize businesses like PRA Group for statistical and regulatory purposes.

PRA Group's NAICS codes reflect its role in debt collection services, which is a key aspect of its business operations.

The company's classification under NAICS code 561440 indicates its focus on collection agencies and debt buying companies.

PRA Group, listed on Nasdaq as PRAA, has a SIC code of 73, specifically 732.

The SIC code is a crucial piece of information for investors and researchers alike, allowing them to quickly identify a company's industry and activities.

Knowing the SIC code for a company like PRA Group can be helpful in understanding its business operations and comparing it to other companies in the same industry.

PRA Group's SIC code of 732 is a specific classification within the broader category of 73.

PRA Group has a number of subsidiaries that help the company achieve its goals.

PRA Group's subsidiaries include Portfolio Recovery Associates, LLC, which purchases and collects debt.

PRA Receivables Management, LLC acquires and services bankrupt and insolvent accounts.

PRA Location Services helps auto lenders and insurance companies recover missing collateral.

Claims Compensation Bureau (CCB) monitors and files class action claims on behalf of institutional investors and corporate clients.

At PRA Group, leadership is all about empowering employees to succeed. The company's leadership team is made up of experienced professionals who have a deep understanding of the industry.

PRA Group's employees are its greatest asset, with over 1,800 team members worldwide. This diverse and talented workforce is the driving force behind the company's success.

With a strong focus on employee development, PRA Group offers a range of training programs to help its employees grow professionally and personally.

As we explore the leadership and employees of various companies, let's take a look at the employee count of companies listed on Nasdaq.

1,552 people are employed at PRA Group (Nasdaq: PRAA).

The number of employees at PRA Group is significant, highlighting the company's growth and expansion over the years.

This employee count is a testament to the company's commitment to providing opportunities for its workforce and contributing to the local economy.

Kevin Stevenson is the President and CEO of PRA Group (Nasdaq: PRAA). He's the leader at the helm of the company.

Effective leadership is crucial for any organization's success.

Having the right employees is crucial for any organization's success.

Effective leaders understand the importance of employee engagement, with 70% of employees saying they're more productive when they feel engaged at work.

A well-structured onboarding process can make a big difference, with 58% of new hires saying they're more likely to stay with a company that has a comprehensive onboarding program.

Employee recognition is also key, with 63% of employees saying they'd work harder if they felt their efforts were recognized and valued.

Companies that prioritize employee well-being see significant benefits, with 85% of employees reporting better well-being when their employer supports their mental health and physical health.

PRA Group was founded in March 1996 by Kevin Stevenson and Steve Fredrickson, two former collections employees at Household Finance.

The company started with a staff of four in Norfolk, Virginia, and began purchasing debt in May 1996.

In 2000, PRA purchased $1 billion of debt, making it the tenth largest debt buyer in the US.

PRA established a call center in Hutchinson, Kansas in 2000, which employed 75 bill collectors in 2001.

The main call center, located in the Riverside Commerce Center in Virginia Beach, Virginia, had 380 collectors and supervisors.

By 2002, PRA's debt portfolio had a value of $4.7 billion, based on money owed by 1.5 million individual debtors.

In 2002, PRA had 590 employees across all sites and divisions.

PRA went public on November 8, 2002, raising $50.7 million through the sale of 3.9 million shares of its stock at $13 per share.

The company's stock price rose to 60% above its offering price by February 2003.

In 2010, PRA secured a controlling interest in Claims Compensation Bureau, a company specializing in recovering funds and processing payments owed under class-action settlements.

PRA was listed as one of the top five debt buyers in the US in the Federal Trade Commission's 2013 report on the debt buying industry.

By 2017, PRA's revenue had reached $813 million, according to SEC filings.

In 2014, the company changed its name from Portfolio Recovery Associates, Inc. to PRA Group, Inc.

PRA Group expanded into Australia in 2020.

PRA Group has faced numerous regulatory and legal issues over the years. A 2014 settlement in New York required the company to abandon claims against debtors, change its collection practices, and pay a civil fine.

The company was ordered to pay $82,990,000 in punitive damages in 2015 for the malicious prosecution of a Kansas City woman who was pursued for a debt she didn't owe.

PRA was also fined $250,000 for violating the Fair Debt and Collection Practices Act in 2015. In the same year, the Consumer Financial Protection Bureau (CFPB) ordered the company to pay an $8m penalty and issue $19 million in consumer refunds.

The CFPB found that PRA engaged in several deceptive practices, including threatening and deceiving consumers to collect on inaccurate debts, and filing court cases without documentation to mislead consumers.

Here are some of the specific practices that were deemed unlawful:

In 2023, PRA was fined $24 million for continued illegal debt collection practices and consumer reporting violations. The director of the agency stated that following the 2015 action, PRA continued to violate the law through intimidation, deception, and illegal debt collection tactics and lawsuits.

A 2019 court case in the UK clarified law around statute-barred debt, ruling that creditors cannot pursue a debt if no action has been taken within six years of the initial default. In 2024, PRA paid $5.5 million to settle a class action lawsuit alleging the company violated North Carolina debt collection law.