Encore Capital Group (ECPG) is Downgraded by Citigroup to Neutral

Encore Capital Group (ECPG) was Downgraded by Citigroup to ” Neutral”. Earlier the firm had a rating of “Buy ” on the company shares. Citigroup advised their investors in a research report released on Sep 20, 2016.

On the company’s financial health, Encore Capital Group reported $1.29 EPS for the quarter, beating the analyst consensus estimate by $ 0.09 according to the earnings call on Aug 4, 2016. Analyst had a consensus of $1.20. The company had revenue of $289.00 million for the quarter, compared to analysts expectations of $297.07 million. The company’s revenue was up 2.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.21 EPS.

Encore Capital Group opened for trading at $22.12 and hit $22.87 on the upside on Friday, eventually ending the session at $22.63, with a gain of 1.16% or 0.26 points. The heightened volatility saw the trading volume jump to 311,169 shares. Company has a market cap of $578 M.

In a different news, on Mar 4, 2016, Norman R Sorensen (director) purchased 2,000 shares at $26.58 per share price. According to the SEC, on Mar 2, 2016, Ashwini Gupta (director) purchased 5,000 shares at $23.12 per share price. On Mar 2, 2016, Ashish Masih (EVP, US Debt Purchasing Ops.) purchased 2,500 shares at $23.50 per share price, according to the Form-4 filing with the securities and exchange commission.

Encore Capital Group Inc. is a specialty finance company providing debt recovery solutions for consumers and property owners across a range of financial assets. The Company conducts business through two segments: portfolio purchasing and recovery and tax lien business. The Company’s portfolio purchasing and recovery segment purchases portfolios of defaulted consumer receivables at discounts and manages them by partnering with individuals as they repay their obligations and work toward financial recovery. Defaulted receivables are consumers’ unpaid financial commitments to credit originators including banks credit unions consumer finance companies commercial retailers and telecommunication companies. Defaulted receivables also include receivables subject to bankruptcy proceedings. It operates tax lien business segment through its subsidiary Propel Financial Services LLC which acquires and services residential and commercial tax liens on real property.

Encore Capital Group

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