Encore Capital Group (NASDAQ:ECPG) Reaches New 52-Week High Following Strong Earnings

Encore Capital Group Inc (NASDAQ:ECPG)’s share price hit a new 52-week high during mid-day trading on Thursday after the company announced better than expected quarterly earnings. The stock traded as high as $106.83 and last traded at $112.8610, with a volume of 1,166 shares traded. The stock had previously closed at $99.93.

The asset manager reported $5.57 earnings per share for the quarter, topping analysts’ consensus estimates of $3.35 by $2.22. Encore Capital Group had a return on equity of 29.83% and a net margin of 15.86%. The firm had revenue of $544.54 million during the quarter, compared to the consensus estimate of $466.80 million. During the same quarter in the prior year, the firm posted $3.17 EPS. The business’s revenue was up 18.3% on a year-over-year basis.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the company. Weiss Ratings upgraded Encore Capital Group from a “buy (b-)” rating to a “buy (b)” rating in a report on Thursday, October 8th. Citizens Jmp increased their target price on Encore Capital Group from $115.00 to $140.00 and gave the stock a “market outperform” rating in a report on Thursday. Citigroup reiterated a “market outperform” rating on shares of Encore Capital Group in a research note on Thursday. Zacks Research downgraded Encore Capital Group from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 5th. Finally, Northland Securities set a $124.00 target price on shares of Encore Capital Group in a research report on Tuesday, October 13th. Five equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Encore Capital Group currently has a consensus rating of “Moderate Buy” and an average price target of $109.50.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the business. Ashton Thomas Private Wealth LLC grew its position in shares of Encore Capital Group by 4.1% during the 3rd quarter. Ashton Thomas Private Wealth LLC now owns 2,825 shares of the asset manager’s stock valued at $267,000 after purchasing an additional 110 shares in the last quarter. Farther Finance Advisors LLC lifted its holdings in shares of Encore Capital Group by 40.4% in the 3rd quarter. Farther Finance Advisors LLC now owns 386 shares of the asset manager’s stock worth $36,000 after acquiring an additional 111 shares during the last quarter. Allworth Financial LP increased its holdings in shares of Encore Capital Group by 12.1% in the second quarter. Allworth Financial LP now owns 1,461 shares of the asset manager’s stock worth $136,000 after buying an additional 158 shares during the period. Signaturefd LLC grew its holdings in shares of Encore Capital Group by 185.9% in the third quarter. Signaturefd LLC now owns 366 shares of the asset manager’s stock worth $35,000 after purchasing an additional 238 shares during the last quarter. Finally, GAMMA Investing LLC raised its holdings in Encore Capital Group by 26.8% in the 3rd quarter. GAMMA Investing LLC now owns 1,339 shares of the asset manager’s stock worth $126,000 after purchasing an additional 283 shares in the last quarter.

Encore Capital Group Price Performance

The business has a fifty day simple moving average of $99.09 and a two-hundred day simple moving average of $83.57. The stock has a market cap of $2.54 billion, a PE ratio of 8.98 and a beta of 1.29. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 3.87.

About Encore Capital Group

Encore Capital Group, Inc is a specialty finance company that purchases portfolios of charged-off consumer receivables and provides debt recovery and management services. Through its operating businesses, the company works with consumers to resolve outstanding obligations through payment plans and other repayment arrangements.

Encore serves consumers and creditors across multiple markets, including the United States, the United Kingdom and other European countries. Its major operating platforms include Midland Credit Management in the United States and Cabot Credit Management in Europe.