Encore Capital Group (ECPG) Trading Up 5.2% on Insider Buying Activity
Encore Capital Group, Inc. (NASDAQ:ECPG) shares were up 5.2% during trading on Tuesday following insider buying activity. The stock traded as high as $27.12 and last traded at $26.92. Approximately 975,521 shares were traded during trading, an increase of 219% from the average daily volume of 306,023 shares. The stock had previously closed at $25.58.
Specifically, insider Ashish Masih purchased 12,500 shares of the business’s stock in a transaction that occurred on Friday, November 9th. The stock was purchased at an average price of $24.26 per share, with a total value of $303,250.00. Following the completion of the acquisition, the insider now owns 114,187 shares in the company, valued at $2,770,176.62. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Jonathan C. Clark purchased 20,000 shares of the business’s stock in a transaction that occurred on Friday, November 9th. The stock was bought at an average cost of $24.04 per share, with a total value of $480,800.00. Following the acquisition, the chief financial officer now owns 89,774 shares of the company’s stock, valued at approximately $2,158,166.96. The disclosure for this purchase can be found here. Company insiders own 1.76% of the company’s stock.
ECPG has been the subject of several recent research reports. Oppenheimer reaffirmed a “buy” rating on shares of Encore Capital Group in a report on Monday, July 16th. ValuEngine cut Encore Capital Group from a “sell” rating to a “strong sell” rating in a report on Tuesday, August 7th. Northland Securities raised Encore Capital Group from a “market perform” rating to an “outperform” rating and set a $37.00 price target for the company in a report on Thursday, August 9th. William Blair reaffirmed an “outperform” rating on shares of Encore Capital Group in a report on Thursday, August 9th. Finally, BidaskClub cut Encore Capital Group from a “sell” rating to a “strong sell” rating in a report on Thursday, September 13th. Three equities research analysts have rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus price target of $47.33.
Encore Capital Group (NASDAQ:ECPG) last posted its earnings results on Wednesday, November 7th. The asset manager reported $1.19 earnings per share (EPS) for the quarter, hitting the consensus estimate of $1.19. The company had revenue of $336.77 million during the quarter, compared to analysts’ expectations of $342.33 million. Encore Capital Group had a return on equity of 19.38% and a net margin of 6.13%. The firm’s quarterly revenue was up 9.8% compared to the same quarter last year. During the same quarter last year, the firm earned $1.14 earnings per share. On average, research analysts anticipate that Encore Capital Group, Inc. will post 4.79 earnings per share for the current fiscal year.
Hedge funds have recently bought and sold shares of the business. Quantbot Technologies LP increased its stake in Encore Capital Group by 522.2% during the third quarter. Quantbot Technologies LP now owns 4,231 shares of the asset manager’s stock worth $151,000 after acquiring an additional 3,551 shares during the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS acquired a new stake in Encore Capital Group during the third quarter worth $219,000. Xact Kapitalforvaltning AB acquired a new stake in Encore Capital Group during the first quarter worth $228,000. Stevens Capital Management LP acquired a new stake in Encore Capital Group during the second quarter worth $334,000. Finally, Dynamic Technology Lab Private Ltd acquired a new stake in Encore Capital Group during the second quarter worth $343,000.
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Encore Capital Group Company Profile (NASDAQ:ECPG)
Encore Capital Group, Inc, a specialty finance company, together with its subsidiaries, provides debt recovery solutions and other related services for consumers across a range of 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.
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