Clearbridge Investments LLC Lowers Holdings in Encore Capital Group, Inc. (NASDAQ:ECPG)

Clearbridge Investments LLC reduced its holdings in shares of Encore Capital Group, Inc. (NASDAQ:ECPG) by 1.7% during the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 388,013 shares of the asset manager’s stock after selling 6,773 shares during the period. Clearbridge Investments LLC’s holdings in Encore Capital Group were worth $16,192,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the business. Bridgeway Capital Management LLC grew its stake in shares of Encore Capital Group by 2.3% in the fourth quarter. Bridgeway Capital Management LLC now owns 275,564 shares of the asset manager’s stock worth $13,985,000 after acquiring an additional 6,144 shares in the last quarter. Bank of New York Mellon Corp boosted its holdings in Encore Capital Group by 0.9% in the second quarter. Bank of New York Mellon Corp now owns 182,117 shares of the asset manager’s stock valued at $7,600,000 after purchasing an additional 1,650 shares during the period. Norges Bank acquired a new position in Encore Capital Group during the 4th quarter worth $7,979,000. Marshall Wace LLP increased its holdings in Encore Capital Group by 221.1% during the 2nd quarter. Marshall Wace LLP now owns 130,127 shares of the asset manager’s stock worth $5,430,000 after purchasing an additional 89,596 shares during the period. Finally, Peregrine Capital Management LLC raised its position in Encore Capital Group by 27.8% in the 1st quarter. Peregrine Capital Management LLC now owns 120,586 shares of the asset manager’s stock valued at $5,500,000 after purchasing an additional 26,256 shares in the last quarter.

Encore Capital Group Price Performance

Encore Capital Group stock opened at $45.41 on Friday. The company has a current ratio of 1.27, a quick ratio of 1.27 and a debt-to-equity ratio of 3.50. The company has a fifty day simple moving average of $48.11 and a 200-day simple moving average of $45.32. The stock has a market cap of $1.08 billion, a P/E ratio of -5.29 and a beta of 1.55. Encore Capital Group, Inc. has a 12-month low of $34.74 and a 12-month high of $54.55.

Encore Capital Group (NASDAQ:ECPG) last announced its quarterly earnings results on Wednesday, August 7th. The asset manager reported $1.34 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.24 by $0.10. Encore Capital Group had a positive return on equity of 11.12% and a negative net margin of 15.43%. The company had revenue of $355.29 million during the quarter, compared to the consensus estimate of $346.06 million. During the same period in the previous year, the business earned $1.08 EPS. Encore Capital Group’s revenue for the quarter was up 10.0% on a year-over-year basis. Equities analysts expect that Encore Capital Group, Inc. will post 5.56 EPS for the current fiscal year.

Insider Buying and Selling

In other Encore Capital Group news, SVP Andrew Eric Asch sold 1,251 shares of the company’s stock in a transaction on Wednesday, July 17th. The shares were sold at an average price of $50.00, for a total value of $62,550.00. Following the completion of the transaction, the senior vice president now owns 18,075 shares in the company, valued at $903,750. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 2.63% of the stock is owned by company insiders.

Analysts Set New Price Targets

Separately, Truist Financial cut their target price on shares of Encore Capital Group from $70.00 to $64.00 and set a “buy” rating on the stock in a research note on Tuesday, August 20th.

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.