M&T Bank Corp Cuts Stock Holdings in Encore Capital Group, Inc. (NASDAQ:ECPG)

M&T Bank Corp reduced its position in Encore Capital Group, Inc. (NASDAQ:ECPG) by 6.5% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 4,748 shares of the asset manager’s stock after selling 329 shares during the period. M&T Bank Corp’s holdings in Encore Capital Group were worth $225,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Huntington National Bank increased its holdings in shares of Encore Capital Group by 8,700.0% in the 3rd quarter. Huntington National Bank now owns 528 shares of the asset manager’s stock worth $25,000 after purchasing an additional 522 shares in the last quarter. Meeder Asset Management Inc. purchased a new stake in shares of Encore Capital Group during the second quarter valued at $33,000. nVerses Capital LLC increased its holdings in Encore Capital Group by 450.0% in the 2nd quarter. nVerses Capital LLC now owns 1,100 shares of the asset manager’s stock worth $46,000 after buying an additional 900 shares in the last quarter. KBC Group NV raised its position in Encore Capital Group by 54.9% in the 3rd quarter. KBC Group NV now owns 1,365 shares of the asset manager’s stock worth $65,000 after buying an additional 484 shares during the last quarter. Finally, Innealta Capital LLC bought a new position in Encore Capital Group during the 2nd quarter valued at about $60,000.

Encore Capital Group Stock Performance

Shares of NASDAQ ECPG opened at $47.41 on Friday. Encore Capital Group, Inc. has a 12-month low of $39.64 and a 12-month high of $54.55. The firm has a market capitalization of $1.12 billion, a price-to-earnings ratio of -6.04 and a beta of 1.55. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 3.39. The firm has a 50 day moving average of $47.89 and a 200 day moving average of $46.66.

Encore Capital Group (NASDAQ:ECPG) last released its earnings results on Wednesday, November 6th. The asset manager reported $1.26 earnings per share for the quarter, missing the consensus estimate of $1.48 by ($0.22). The company had revenue of $367.07 million for the quarter, compared to analysts’ expectations of $360.70 million. Encore Capital Group had a negative net margin of 13.91% and a positive return on equity of 12.70%. Encore Capital Group’s revenue for the quarter was up 18.6% on a year-over-year basis. During the same quarter last year, the firm posted $0.79 earnings per share. On average, research analysts anticipate that Encore Capital Group, Inc. will post 5.09 earnings per share for the current year.

Analysts Set New Price Targets

Several research analysts have recently weighed in on ECPG shares. Northland Capmk raised shares of Encore Capital Group from a “hold” rating to a “strong-buy” rating in a report on Thursday, October 17th. Northland Securities raised shares of Encore Capital Group from a “market perform” rating to an “outperform” rating and lifted their target price for the stock from $55.00 to $58.00 in a research report on Thursday, October 17th. StockNews.com raised Encore Capital Group from a “hold” rating to a “buy” rating in a report on Friday, November 29th. Finally, JMP Securities raised their price target on Encore Capital Group from $60.00 to $65.00 and gave the stock a “market outperform” rating in a research note on Thursday, November 7th. Four analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus price target of $62.33.

Insider Activity

In other Encore Capital Group news, Director Laura Olle sold 1,340 shares of the firm’s stock in a transaction that occurred on Wednesday, November 27th. The shares were sold at an average price of $49.16, for a total transaction of $65,874.40. Following the sale, the director now owns 32,381 shares in the company, valued at approximately $1,591,849.96. This trade represents a 3.97 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 2.63% of the company’s stock.

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.