Bank of New York Mellon Corp Cuts Holdings in Encore Capital Group Inc (NASDAQ:ECPG)

Bank of New York Mellon Corp lowered its holdings in Encore Capital Group Inc (NASDAQ:ECPG - Free Report) by 7.7% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 145,013 shares of the asset manager's stock after selling 12,051 shares during the period. Bank of New York Mellon Corp owned approximately 0.61% of Encore Capital Group worth $4,971,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Nomura Asset Management Co. Ltd. raised its position in shares of Encore Capital Group by 120.8% in the fourth quarter. Nomura Asset Management Co. Ltd. now owns 530 shares of the asset manager's stock valued at $25,000 after purchasing an additional 290 shares during the period. Meeder Asset Management Inc. bought a new stake in shares of Encore Capital Group in the fourth quarter valued at approximately $28,000. Sterling Capital Management LLC raised its position in shares of Encore Capital Group by 827.2% in the fourth quarter. Sterling Capital Management LLC now owns 751 shares of the asset manager's stock valued at $36,000 after purchasing an additional 670 shares during the period. Huntington National Bank raised its position in shares of Encore Capital Group by 152.5% in the fourth quarter. Huntington National Bank now owns 1,333 shares of the asset manager's stock valued at $64,000 after purchasing an additional 805 shares during the period. Finally, Quantbot Technologies LP bought a new stake in shares of Encore Capital Group in the fourth quarter valued at approximately $150,000.

Encore Capital Group Price Performance

NASDAQ:ECPG traded down $0.26 during mid-day trading on Monday, hitting $38.34. 184,092 shares of the stock traded hands, compared to its average volume of 217,586. The business's 50-day moving average price is $38.97 and its 200 day moving average price is $39.44. The company has a market cap of $895.24 million, a PE ratio of -7.84 and a beta of 1.59. Encore Capital Group Inc has a 12-month low of $26.45 and a 12-month high of $51.77. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 4.63.

Encore Capital Group (NASDAQ:ECPG - Get Free Report) last issued its quarterly earnings data on Wednesday, May 7th. The asset manager reported $1.93 EPS for the quarter, beating the consensus estimate of $1.24 by $0.69. The company had revenue of $392.78 million during the quarter, compared to analysts' expectations of $374.49 million. Encore Capital Group had a negative net margin of 8.38% and a positive return on equity of 16.18%. Encore Capital Group's revenue for the quarter was up 19.6% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.95 earnings per share. On average, analysts expect that Encore Capital Group Inc will post 5.09 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen raised shares of Encore Capital Group from a "sell" rating to a "hold" rating in a research note on Tuesday, May 13th. One research analyst has rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus price target of $62.67.

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.