Portfolio Recovery Associates (PRAA) CFO Buys 2,000 Shares
Executive Vice President, CFO, Treasurer, Assistant Secretary Kevin P. Stevenson bought 2,000 shares of PRAA stock on 08/08/2011 at the average price of 70. Kevin P. Stevenson owns at least 90,519 shares after this. The price of the stock has decreased by 4.06% since. Executive Vice President, General Counsel and Secretary Judith S. Scott sold 1,562 shares of PRAA stock on 02/24/2011 at the average price of $82.59. Judith S. Scott owns at least 11,500 shares after this. The price of the stock has decreased by 18.68% since. There are mixed trades from other insiders.
Kevin Stevenson is the co-founder of Portfolio Recovery Associates Inc. and has been its chief administrative officer since Oct. 25, 2005. He also holds a variety of other positions in the company, including executive vice president, principal accounting officer, chief financial officer, etc. He served as department manager of financial control and operations support at HRSC prior to his work at Portfolio Recovery Associates.
Portfolio Recovery Associates recently reported record second quarter results including net income of $25.6 million for the quarter ended June 30, 2011. The company's net income for the second quarter of 2011 increased 31% from $19.5 million in the same period a year earlier. Earnings per diluted share were $1.48 in the second quarter of 2011, up 30% from $1.14 in the second quarter of 2010. The company's second quarter 2011 earnings included ongoing non-cash equity-based compensation expense of $1.2 million, after tax, or $0.07 per share, and a gain from the sale of real property of $690,000, after tax, or $0.04 per share.
"Portfolio Recovery Associates ended the first half of 2011 with yet another record quarter, which saw strong growth in net income, earnings per share, revenues and cash collections," said Steven D. Fredrickson, chairman, president and chief executive officer. "Collections were a key driver of our second-quarter performance. Bankruptcy collections were up strongly in the quarter, internal and external legal collections both produced impressive growth, and our call centers performed well despite the difficult economy. Collector productivity advanced to another new record as well.