Encore Capital Group (NASDAQ:ECPG) Shares Up 6.4% on Strong Earnings

Encore Capital Group, Inc. (NASDAQ:ECPG)’s share price shot up 6.4% during mid-day trading on Thursday following a stronger than expected earnings report. The company traded as high as $47.86 and last traded at $46.00. 13,361 shares were traded during trading, a decline of 92% from the average session volume of 165,224 shares. The stock had previously closed at $43.24.

The asset manager reported $0.95 EPS for the quarter, topping the consensus estimate of $0.94 by $0.01. Encore Capital Group had a positive return on equity of 9.46% and a negative net margin of 16.89%. The business had revenue of $328.39 million for the quarter, compared to analyst estimates of $330.83 million. During the same quarter in the previous year, the company earned $0.94 EPS. The company’s quarterly revenue was up 5.0% on a year-over-year basis.

Analyst Ratings Changes

Several research analysts have recently issued reports on ECPG shares. TheStreet downgraded Encore Capital Group from a “c-” rating to a “d+” rating in a research note on Monday, March 18th. JMP Securities reaffirmed a “market outperform” rating and issued a $60.00 price target on shares of Encore Capital Group in a report on Monday.

Insider Buying and Selling

In related news, insider Ryan B. Bell sold 5,500 shares of the company’s stock in a transaction on Friday, March 8th. The stock was sold at an average price of $50.00, for a total value of $275,000.00. Following the completion of the transaction, the insider now directly owns 42,404 shares in the company, valued at $2,120,200. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 2.90% of the stock is owned by company insiders.

Hedge Funds Weigh In On Encore Capital Group

Several hedge funds and other institutional investors have recently modified their holdings of the company. Assetmark Inc. raised its stake in shares of Encore Capital Group by 19.4% in the 4th quarter. Assetmark Inc. now owns 1,422 shares of the asset manager’s stock valued at $72,000 after acquiring an additional 231 shares during the period. Assenagon Asset Management S.A. purchased a new position in Encore Capital Group in the fourth quarter valued at about $206,000. Mutual of America Capital Management LLC acquired a new position in shares of Encore Capital Group during the fourth quarter worth about $209,000. M&T Bank Corp purchased a new stake in shares of Encore Capital Group in the fourth quarter worth about $223,000. Finally, Campbell & CO Investment Adviser LLC acquired a new stake in shares of Encore Capital Group in the third quarter valued at about $211,000.

Encore Capital Group Trading Up 8.7 %

The firm has a fifty day moving average of $44.69 and a 200 day moving average of $46.42. The firm has a market capitalization of $1.11 billion, a PE ratio of -5.33 and a beta of 1.38. The company has a debt-to-equity ratio of 3.54, a quick ratio of 0.83 and a current ratio of 0.83.

About Encore Capital Group

Encore Capital Group, Inc, a specialty finance company, provides debt recovery solutions and other related services for consumers across financial assets worldwide. The company purchases portfolios of defaulted consumer receivables at deep discounts to face value, as well as manages them by working with individuals as they repay their obligations and works toward financial recovery.