Truist Financial Forecasts Strong Price Appreciation for Encore Capital Group (NASDAQ:ECPG) Stock

Encore Capital Group (NASDAQ:ECPG) had its price target boosted by investment analysts at Truist Financial from $112.00 to $122.00 in a note issued to investors on Thursday, Benzinga reports. The brokerage presently has a “buy” rating on the asset manager’s stock. Truist Financial‘s price objective indicates a potential upside of 7.19% from the company’s current price.

A number of other analysts have also weighed in on the company. Zacks Research lowered Encore Capital Group from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 5th. Citizens Jmp increased their target price on shares of 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. Weiss Ratings upgraded shares of Encore Capital Group from a “buy (b-)” rating to a “buy (b)” rating in a research note on Thursday, October 8th. Finally, Northland Securities set a $124.00 target price on 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 assigned a Hold rating to the stock. According to data from MarketBeat.com, Encore Capital Group presently has an average rating of “Moderate Buy” and an average price target of $112.00.

Encore Capital Group Stock Up 13.9%

Shares of NASDAQ:ECPG traded up $13.89 during midday trading on Thursday, hitting $113.82. 127,338 shares of the stock were exchanged, compared to its average volume of 302,347. Encore Capital Group has a 52-week low of $46.80 and a 52-week high of $120.94. The business’s fifty day simple moving average is $99.09 and its two-hundred day simple moving average is $83.57. The company has a debt-to-equity ratio of 3.87, a quick ratio of 0.96 and a current ratio of 0.96. The company has a market capitalization of $2.41 billion, a PE ratio of 8.52 and a beta of 1.29.

Encore Capital Group (NASDAQ:ECPG) last posted its earnings results on Wednesday, November 4th. The asset manager reported $5.57 earnings per share for the quarter, beating the consensus estimate of $3.35 by $2.22. The company had revenue of $544.54 million for the quarter, compared to analyst estimates of $466.80 million. Encore Capital Group had a return on equity of 29.83% and a net margin of 15.86%. The business’s revenue was up 18.3% compared to the same quarter last year. During the same period last year, the company earned $3.17 earnings per share. As a group, research analysts predict that Encore Capital Group will post 13.52 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Encore Capital Group

Institutional investors and hedge funds have recently made changes to their positions in the stock. BlackRock Inc. bought a new stake in Encore Capital Group in the second quarter worth $343,229,000. Heartland Advisors Inc. bought a new stake in shares of Encore Capital Group in the 2nd quarter valued at about $33,848,000. Amundi grew its position in shares of Encore Capital Group by 3,134.1% in the 2nd quarter. Amundi now owns 304,202 shares of the asset manager’s stock worth $28,379,000 after buying an additional 294,796 shares during the last quarter. Arrowstreet Capital Limited Partnership grew its position in shares of Encore Capital Group by 658.2% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 334,018 shares of the asset manager’s stock worth $23,421,000 after buying an additional 289,964 shares during the last quarter. Finally, Bank of New York Mellon Corp acquired a new position in shares of Encore Capital Group during the second quarter worth $11,664,000.

Key Encore Capital Group News

Here are the key news stories impacting Encore Capital Group this week:

• Positive Sentiment: Third-quarter EPS rose 76% year over year to $5.57, topping the roughly $3.35 analyst consensus. Revenue increased 18.3% to $544.5 million, also above estimates. Encore Capital Group Q3 results
• Positive Sentiment: Collections rose 14% to a record $754 million, while portfolio purchases totaled $390 million, including $310 million in the U.S. Management said U.S. purchasing conditions remain favorable, supporting the company’s ability to acquire portfolios and generate future collections. Third-quarter financial results
• Positive Sentiment: Citizens JMP raised its price target to $140 from $115 and maintained a “market outperform” rating, signaling increased analyst confidence after the results. Citizens JMP rating

Encore Capital Group Company Profile

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.