NORFOLK, VA - PRA Group Inc. (NASDAQ:PRAA), a company specializing in short-term business credit institutions, announced the upcoming resignation of board member Danielle M. Brown. The departure, effective August 1, 2024, was disclosed in a recent SEC filing.
Brown, who has served on PRA Group's Board of Directors, cited expanded professional responsibilities as the reason for her resignation. According to the company's statement, her decision to step down is not due to any disagreement with the company's operations, policies, or practices.
The announcement comes as part of the company's regulatory filings with the SEC, specifically an 8-K form, which companies use to notify shareholders of events that may be important to them. The form, filed on Monday, indicates changes in the company's governance structure and provides transparency to investors and the public.
PRA Group, formerly known as Portfolio Recovery Associates Inc., is headquartered in Norfolk, Virginia, and operates under Delaware incorporation. The company's fiscal year ends on December 31.
The news of Brown's resignation follows the standard procedure for publicly traded companies to report significant corporate changes. Her departure will prompt the company to seek a suitable replacement to maintain the board's strategic guidance and oversight.
In other recent news, PRA Group has seen significant developments. The company's first-quarter earnings for 2024 revealed a 7% increase in portfolio purchases and total revenues of $256 million, driven by strong performance in the US and Brazil. PRA Group also priced a $400 million offering in senior notes, set to mature in 2030, with the intention of repaying approximately $396 million of its existing debts.
In addition, PRA Group's annual stockholders' meeting resulted in the election of all nine nominees for the board of directors and the ratification of Ernst & Young LLP as the company's independent auditor. The company's shareholders also approved the compensation of the named executive officers.
PRA Group announced the nomination of Dame Jayne-Anne Gadhia as a new independent director, pending approval at the company's Annual Meeting of stockholders. These are among the latest developments for PRA Group, reflecting the company's ongoing strategic and financial operations.
InvestingPro Insights
As PRA Group Inc. (NASDAQ:PRAA) navigates the upcoming changes to its board composition, investors might be interested in the company's financial outlook and market performance. According to real-time data from InvestingPro, PRA Group's market capitalization stands at $990.88 million. The company's revenue growth over the last twelve months as of Q1 2024 is reported at 2.41%, with a notable quarterly revenue growth of 64.4% in Q1 2024. This financial growth is mirrored in the company's stock performance, with a significant return over the last week of 10.23% and a strong return over the last month of 29.91%.
InvestingPro Tips highlight that net income is expected to grow this year, and two analysts have revised their earnings upwards for the upcoming period, indicating a positive outlook on the company's profitability. Additionally, while PRA Group does not pay a dividend, analysts predict the company will be profitable this year. For those looking to dive deeper into PRA Group's financials and stock performance, InvestingPro offers numerous additional tips. To access these insights and enhance your investment strategy, consider using the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription.
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