Wedge Capital Management L L P NC Purchases 7,287 Shares of Encore Capital Group, Inc. (NASDAQ:ECPG)

Wedge Capital Management L L P NC boosted its stake in Encore Capital Group, Inc. (NASDAQ:ECPG - Free Report) by 57.2% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 20,029 shares of the asset manager's stock after purchasing an additional 7,287 shares during the quarter. Wedge Capital Management L L P NC owned about 0.08% of Encore Capital Group worth $687,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Bank of America Corp DE raised its stake in Encore Capital Group by 13.9% in the fourth quarter. Bank of America Corp DE now owns 67,268 shares of the asset manager's stock valued at $3,213,000 after purchasing an additional 8,213 shares in the last quarter. Man Group plc acquired a new position in Encore Capital Group during the fourth quarter worth about $405,000. Deutsche Bank AG raised its stake in Encore Capital Group by 44.4% during the fourth quarter. Deutsche Bank AG now owns 21,535 shares of the asset manager's stock worth $1,029,000 after acquiring an additional 6,619 shares in the last quarter. Sigma Planning Corp raised its stake in Encore Capital Group by 317.0% during the fourth quarter. Sigma Planning Corp now owns 13,080 shares of the asset manager's stock worth $625,000 after acquiring an additional 9,943 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its stake in Encore Capital Group by 6.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 512,042 shares of the asset manager's stock worth $24,460,000 after acquiring an additional 30,545 shares in the last quarter.

Encore Capital Group Trading Down 1.9%

Shares of Encore Capital Group stock traded down $0.73 on Friday, reaching $38.12. 287,783 shares of the company's stock were exchanged, compared to its average volume of 210,852. The company has a market capitalization of $890.06 million, a P/E ratio of -4.86 and a beta of 1.61. Encore Capital Group, Inc. has a 52 week low of $26.45 and a 52 week high of $51.77. The firm's 50-day moving average is $35.89 and its two-hundred day moving average is $41.33. The company has a debt-to-equity ratio of 3.39, a quick ratio of 1.11 and a current ratio of 1.11.

Encore Capital Group (NASDAQ:ECPG - Get Free Report) last posted its quarterly earnings results on Wednesday, May 7th. The asset manager reported $1.93 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.24 by $0.69. The firm had revenue of $392.78 million for the quarter, compared to analysts' expectations of $374.49 million. Encore Capital Group had a positive return on equity of 12.70% and a negative net margin of 13.91%. The company's revenue for the quarter was up 19.6% compared to the same quarter last year. During the same period in the prior year, the business earned $0.95 EPS. Sell-side analysts predict that Encore Capital Group, Inc. will post 5.09 EPS for the current fiscal year.

Analyst Ratings Changes

Several analysts have recently weighed in on the company. Wall Street Zen upgraded Encore Capital Group from a "sell" rating to a "hold" rating in a report on Tuesday, May 13th. Truist Financial reduced their price target on Encore Capital Group from $64.00 to $57.00 and set a "buy" rating on the stock in a report on Thursday, February 27th. One analyst has rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus price target of $62.67.

Encore Capital Group Profile

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.