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Portfolio Recovery Associates Inc
Portfolio Recovery Associates, LLC is a debt collector and purchaser of defaulted consumer debt. The company acquires and collects defaulted consumer receivables, primarily in the United States. The company's headquarters are in Norfolk, Virginia, U.S.A.
The company was founded in 1996. In June 2002, Portfolio Recovery Associates became a publicly traded entity through its initial public offering of common stock.
Portfolio Recovery Associates offers several consumer debt collection services to credit grantors who have sold their accounts to third-party collection agencies. The company also collects on judgments for various court systems, repossession services for collateral recovery and skip tracing services for locating debtors.
In September 2009, Portfolio Recovery Associates, Inc. completed its merger with RM Holdings Inc., otherwise known as Roni Morris & Associates, combining two industry leaders with over 30 years of aggregated experience in the consumer debt and debt collection business. On November 25, 2013, An affiliate of PRA Group, Inc. (Nasdaq: PRAA), a Portfolio Recovery Associates company, acquired the debt collection business of Diversified Consultants, Inc., no. DCI, a leading provider of accounts receivable management services to several industries.
On June 15, 2016, PRA Group, Inc. and Encore Capital Group announced that they had entered into a definitive merger agreement. Payments of approximately $39.45 in cash and 0.625 shares of PRA Group, Inc. common stock were made in exchange for each share of Encore's common stock. The deal was reportedly valued at about $1.2 billion in cash and stock.
According to Yahoo Finance, The all-time high for the stock is 44.32, which is 105.3% above the current share price. Portfolio Recovery Associates' share price has risen by 36% over the past six months, reaching a record high of 38.15 on Dec. 22, 2020.
There have been three acquisitions of PRA Group, Inc. (Portfolio Recovery Associates) in its history: Diversified Consultants, Inc. on Nov. 25, 2013, RM Holdings Inc. on September 10, 2009, and Roni Morris & Associates on September 10, 2009.
On November 30, 2022, PRA Group, Inc. (Nasdaq: PRAA), a company that focuses on debt collections and debt buying, reported that it is expanding its international presence by acquiring IQ2 and PCM (IQ2-PCM)
PRA Group, Inc. Common Stock (PRAA) has a closing share price of $34.85 on November 10, 2023. The all-time high PRA Group, Inc. stock closing price was 44.32 on December 22, 2020. The PRA Group, Inc. stock price has a 52-week high of $39.00, a 52-week low of $26.41, and a 52-week low of $26.41. During the past ten years, PRA Group, Inc. has declared an annual dividend of $1.12 (2.80% yield).
PRA Group, Inc. engages in the purchase, collection, and management of portfolios of defaulted consumer receivables worldwide. It also offers a range of debt collection services, including late-stage and early-stage collections, and an umbrella of other related services, such as its Roni Deutch Tax Center, RDX Processing LLC, and Attorney Network.
PRA Group, Inc. was initially founded as Portfolio Recovery Associates in 1996 and is headquartered in Norfolk, Virginia.