Welcome to our dedicated page for Encore Capital Group news (Ticker: ECPG), a resource for investors and traders seeking the latest updates and insights on Encore Capital Group stock.
Encore Capital Group, Inc. (NASDAQ: ECPG) is a prominent, international specialty finance company headquartered in San Diego, California. The company provides a comprehensive suite of debt management and recovery solutions for consumers and property owners across a diverse range of financial assets.
Encore operates primarily through its subsidiaries, purchasing portfolios of consumer receivables from major financial institutions such as banks, credit unions, and utility providers. The company collaborates closely with individuals to help them repay their obligations and work toward achieving financial recovery. Encore's unique approach focuses on building a partnership with consumers, enhancing their financial health over time.
One of Encore’s significant subsidiaries, Propel Financial Services, specializes in assisting property owners who are behind on their property taxes by structuring affordable monthly payment plans. Additionally, Encore's Midland Credit Management (MCM) focuses on overseeing the recovery of purchased receivables.
Encore reported strong results for the third quarter of 2023, with robust purchasing for its U.S. business at favorable returns and stable collections performance across key markets. The company’s U.S. portfolio supply has grown, driven by increased credit card lending and rising charge-off rates, leading to improved portfolio pricing and returns.
In Europe, Encore's Cabot business faces a competitive portfolio purchasing market, causing the company to reallocate capital to the more favorable U.S. market. Despite these challenges, Encore's disciplined strategy and robust balance sheet have resulted in a record year of capital deployment in the U.S. for 2023, with expectations for continued strong returns into 2024.
Apart from its core business activities, Encore is committed to corporate social responsibility. The company has partnered with Junior Achievement USA to support financial literacy and education across several U.S. locations, aligning with its mission to promote economic freedom.
As a publicly traded company, Encore Capital Group is listed on the NASDAQ Global Select Market and is a component of the Russell 2000, S&P SmallCap 600, and the Wilshire 4500 indices. With a strategic focus on sustainable financial recovery solutions, Encore continues to play a vital role in the consumer credit ecosystem.
Encore Capital Group (NASDAQ: ECPG) has announced the promotion of Andrew Asch to Senior Vice President, General Counsel, effective August 15, 2022. Asch has been with the company since 2010 and previously served as Senior Vice President, General Counsel of Midland Credit Management. He replaces Greg Call, who is retiring after 12 years at Encore and will assist with the transition until September 1, 2022. Asch's extensive experience is expected to support Encore's mission to help consumers restore financial health.
Encore Capital Group (NASDAQ: ECPG) reported a GAAP net income of $176 million, marking an 86% increase compared to Q1 2021. The company's earnings per share reached $6.40, up 115% from the previous year. Driven by better-than-expected collections of $519 million, the company raised its future collection expectations, contributing an additional $167 million to revenue. Despite a 14% decline in collections year-over-year, revenues still rose 20% to $499.7 million. Encore also repurchased $26 million in shares, reflecting strong cash flows and a low leverage ratio of 1.9x.
Encore Capital Group (ECPG) will announce its financial results for Q1 2022 on May 4, 2022, after market close. A conference call will follow at 2:00 p.m. Pacific / 5:00 p.m. Eastern, featuring CEO Ashish Masih and CFO Jonathan Clark discussing the results.
The public can access the live webcast on Encore’s Investor Relations page or by phone. A replay will be available for seven days. Encore Capital Group specializes in debt recovery solutions, acquiring and servicing receivables from various financial institutions globally.
Encore Capital Group (NASDAQ: ECPG) announced an amendment to its global senior secured revolving credit facility, increasing its size by $90 million to $1.14 billion and extending the termination date to September 2026. The CFO noted that this change reflects the strength of their balance sheet and the reduction of capital costs, along with the retirement of $311 million in convertible notes. Additionally, 23% of common shares were repurchased in 2021 for $390 million, enhancing liquidity for future opportunities.
Encore Capital Group (Nasdaq:ECPG) has announced that key executives, including CEO Ashish Masih and CFO Jonathan Clark, will meet with investors at the Raymond James 43rd Annual Institutional Investors Conference on March 8, 2022. Masih will present at 1:40 PM Eastern Time. A live webcast and presentation materials will be available on the company's investor page. Encore Capital Group specializes in debt recovery solutions, assisting consumers with financial recovery while adhering to its unique Consumer Bill of Rights, enhancing consumer commitments.
Encore Capital Group, Inc. (NASDAQ: ECPG) reported record collections, earnings, and returns for 2021, achieving a GAAP net income of $351 million, up 66% from 2020, and a GAAP EPS of $11.26, up 69%. The company's collections rose 9% to $2.31 billion, while revenues increased 8% to $1.61 billion. Portfolio purchases held steady at $664 million. Share buybacks reached $390 million, representing 23% of outstanding shares. Looking ahead, Encore aims to leverage its strong balance sheet and capital allocation strategy to capitalize on emerging opportunities.
Encore Capital Group (ECPG) will announce its financial results for Q4 and full year 2021 on February 23, 2022, post market closure. A conference call featuring CEO Ashish Masih and CFO Jonathan Clark will occur at 2:00 p.m. Pacific time. Investors can access the live webcast on Encore's Investor Relations page. For those unable to attend, a replay will be available for one week following the call. Encore specializes in debt recovery solutions, acquiring debt portfolios from banks and credit unions, and is a component of several indices including the Russell 2000.
Encore Capital Group (NASDAQ: ECPG) announced the completion of its modified Dutch auction tender offer, which aimed to purchase up to $300 million worth of its common stock. The tender offer expired on December 2, 2021, with 4,471,995 shares validly tendered at or below $60.00 per share. Encore accepted all tendered shares at this price, costing approximately $268.3 million. This represents about 15% of the company’s total outstanding shares. Following this, Encore highlighted its strong financial position and plans for future opportunities, maintaining low leverage and liquidity.
Encore Capital Group (NASDAQ: ECPG) has announced the preliminary results of its modified Dutch auction tender offer, which aimed to procure up to $300 million in shares. The offer, which ended on December 2, 2021, saw a total of 4,474,814 shares tendered at a price of $60.00 each, amounting to a total cost of approximately $268.5 million. This represents around 15% of the total outstanding shares as of October 28, 2021. The final results will be confirmed after a guaranteed delivery period, with purchases funded through cash and credit facilities.
Encore Capital Group has released its first Economic Freedom Study, surveying 2,600 adults across the U.S. and U.K. The findings indicate that while a majority of respondents feel positive about their personal financial futures (57% in the U.S. and 55% in the U.K.), there is significant pessimism regarding the broader economy. Notably, credit card debt remains a major source of stress. Both countries prioritize establishing an emergency fund, and over 60% of respondents express confidence in managing their debts. The study emphasizes the need for support in achieving economic freedom.
FAQ
What is the current stock price of Encore Capital Group (ECPG)?
What is the market cap of Encore Capital Group (ECPG)?
What does Encore Capital Group, Inc. do?
Where is Encore Capital Group headquartered?
What are some of Encore Capital Group's subsidiaries?
What was a recent achievement for Encore Capital Group?
How does Encore Capital Group assist property owners?
What indices is Encore Capital Group a component of?
How does Encore Capital Group support financial literacy?
What was the financial highlight for Encore in Q3 2023?
What is Encore Capital Group's largest business segment?
How does Encore Capital Group view its role in the consumer credit ecosystem?
