![]() ![]() The consensus mark for EGP’s 2023 earnings has moved 1.3% north in the past 30 days. The same for revenues suggests growth of 13.2% from the prior-year tally. The Zacks Consensus Estimate for EGP’s 2023 earnings suggests an improvement of 7.7% from the year-ago reported figure. The consensus mark for MRCC’s 2023 earnings has moved 7.6% north in the past 30 days.ĮastGroup Properties’ earnings outpaced estimates in three of the trailing four quarters and met the mark once, the average surprise being 1.29%. The same for revenues suggests growth of 16.8% from the prior-year reported number. The Zacks Consensus Estimate for MRCC’s 2023 earnings suggests an improvement of 9.8% from the year-ago reported figure. The bottom line of Monroe Capital outpaced estimates in two of the trailing four quarters, matched the mark once and missed the same on the remaining one occasion, the average surprise being 5.85%. You can see the complete list of today’s Zacks #1 Rank stocks here. While Monroe Capital currently sports a Zacks Rank #1 (Strong Buy), EastGroup Properties and Portman Ridge Finance carry a Zacks Rank #2 (Buy). ( EGP Quick Quote EGP - Free Report) and Portman Ridge Finance Corporation ( PTMN Quick Quote PTMN - Free Report). Some better-ranked stocks in the Finance space are Monroe Capital Corporation ( MRCC Quick Quote MRCC - Free Report), EastGroup Properties, Inc. Image Source: Zacks Investment Research Stocks to Consider ECPG currently carries a Zacks Rank #3 (Hold). Nevertheless, its strong fundamentals are likely to help shares bounce back in the days ahead. Shares of Encore Capital have declined 6.4% year to date against the industry’s 0.4% growth. As of Mar 31, 2023, cash and cash equivalents increased 10.3% from the 2022-end level. portfolio purchases to stay close to the first-quarter 2023 level.Īpart from a strong revolving credit facility, Encore Capital boasts a growing cash balance that further substantiates the sound financial position of the international specialty finance company. ECPG anticipates second-quarter 2023 U.S. This, in turn, is likely to boost the revenue generated from debt purchasing and recovery activities.Įncore Capital pursued portfolio purchases of $276 million in the first quarter of 2023, which surged 63% year over year and the majority contribution to the overall volume was a result of record purchases conducted in the United States. Encore Capital had resorted to a facility upsize of $90 million in 2022 as well.Ī favorable portfolio purchase environment bodes well since the primary line of business for ECPG remains to purchase defaulted consumer receivable portfolios at high discounts and subsequently, manage them to enable repayment of unpaid financial obligations to credit originators. The outstanding borrowings pursuant to its global senior facility stood at $752.1 million as of Mar 31, 2023.Īs management remains optimistic about portfolio supply growth throughout the United States, the recent extension of the credit facility seems to be time opportune. With no significant debt maturities until 2025, the credit facility can be leveraged to tap booming portfolio purchase opportunities and benefit from lucrative returns as well. The latest move reflects ECPG’s sincere efforts to further solidify its balance sheet in order to boost liquidity position and financial flexibility. Simultaneously, the maturity date of the facility was extended by a year from September 2026. ( ECPG Quick Quote ECPG - Free Report) recently scaled up the size of its global senior secure revolving credit facility from $1.14 billion to $1.18 billion. ![]()
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