Encore Cap Group Inc Stock Price, News & Analysis

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.

Encore Capital Group (NASDAQ: ECPG) has initiated a modified "Dutch auction" tender offer to repurchase up to $300 million of its common stock, at prices ranging from $52.00 to $60.00 per share. The tender offer will close on December 2, 2021. This offer aims to buy back shares using available cash or revolving credit. The company will determine the lowest price per share to fulfill the total consideration, with provisions for an additional 2% of outstanding shares if demand exceeds the initial amount. Shareholders should follow specific guidelines to participate.

Encore Capital Group reported strong Q3 2021 financial results, with collections of $567 million and GAAP EPS of $2.66, a 55% increase from Q3 2020. The company also returned capital through share repurchases totaling $41 million in Q3 and $88 million year-to-date. A $300 million tender offer for common shares is set to launch on November 4. Despite a 7% decline in estimated remaining collections, Encore's leverage ratio improved to 1.8x, below its target range, indicating a strong financial position with $700 million in liquidity.

Encore Capital Group (ECPG) will release its third-quarter 2021 financial results on November 3, 2021, after market close. The company will host a conference call at 2:00 p.m. PT (5:00 p.m. ET) featuring its CEO and CFO discussing the results. The public can access the webcast through Encore's Investor Relations page or listen by phone. A replay will be available for seven days post-call. Encore specializes in debt recovery solutions and operates globally, servicing portfolios from banks and utility providers.

Encore Capital Group (NASDAQ: ECPG) has amended its global senior secured revolving credit facility, reducing LIBOR and EURIBOR floors from 0.75% to 0.00% and extending the termination date to September 2025. This move showcases the strength of Encore's funding structure and reflects ongoing efforts to enhance its balance sheet. The company recently replaced legacy bonds from its European subsidiary, Cabot Credit Management, saving 325 basis points on interest expenses. These strategic financial adjustments aim to improve Encore's overall financial standing.

Encore Capital Group (ECPG) reported strong Q2 2021 results, with record collections of $612 million and GAAP net income of $97 million, translating to GAAP EPS of $3.07. The company reduced its leverage to 1.9x from 2.4x year-over-year. Portfolio purchases amounted to $143 million, down 4% compared to last year, due to lower market supply. Encore's operating expenses rose 23% to $253 million, impacting net income, which fell 26% year-over-year. The company continues to prioritize capital allocation, spending $27 million on share repurchases.

Encore Capital Group, Inc. (ECPG) will announce its Q2 2021 financial results on August 4, 2021, after market close. A conference call featuring CEO Ashish Masih and CFO Jonathan Clark will follow at 2:30 p.m. Pacific. The public can access the call via a live webcast on Encore's Investor Relations webpage or through telephone by dialing (855) 541-0982. A replay will be available for seven days post-call. Encore specializes in debt recovery solutions and manages portfolios of receivables from various financial sectors.

Encore Capital Group (NASDAQ: ECPG) has appointed Steve Carmichael as Senior Vice President and Chief Risk and Compliance Officer. Reporting to CEO Ashish Masih, Carmichael joins the Executive Leadership Team and will be accountable to the Board's Risk Committee. His experience includes leadership in risk management at Discover Financial Services and roles at Capital One, HSBC, and Wells Fargo. Masih emphasized Carmichael's expertise as crucial for enhancing Encore’s risk management programs, aligning with the company’s values of integrity and excellence.

Encore Capital Group (NASDAQ: ECPG) has successfully completed a £250 million senior secured note offering at 4.25% due 2028. Proceeds will be used to redeem £226.2 million of 7.50% notes due 2023, leading to significant interest savings. This refinancing strategy is expected to lower funding costs and extend maturities, with anticipated savings offsetting transaction costs by year-end 2021. The company has refined its debt portfolio, reducing legacy bonds by $1.2 billion, positioning it for favorable capital deployment opportunities.