PFG Investments LLC boosted its position in Eagle Point Credit Company Inc. (NYSE:ECC - Free Report) by 42.9% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 553,506 shares of the investment management company's stock after purchasing an additional 166,108 shares during the period. PFG Investments LLC owned about 0.72% of Eagle Point Credit worth $5,458,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other institutional investors also recently added to or reduced their stakes in the business. Webster Bank N. A. acquired a new position in shares of Eagle Point Credit during the 3rd quarter worth $28,000. EverSource Wealth Advisors LLC purchased a new stake in shares of Eagle Point Credit during the 2nd quarter worth approximately $60,000. Sunbelt Securities Inc. grew its holdings in shares of Eagle Point Credit by 646.4% in the 2nd quarter. Sunbelt Securities Inc. now owns 7,464 shares of the investment management company's stock worth $75,000 after acquiring an additional 6,464 shares during the period. CFO4Life Group LLC purchased a new position in Eagle Point Credit in the 1st quarter valued at approximately $105,000. Finally, Silverleafe Capital Partners LLC acquired a new position in Eagle Point Credit during the second quarter worth $109,000. Hedge funds and other institutional investors own 19.50% of the company's stock.
Separately, Keefe, Bruyette & Woods lowered their target price on Eagle Point Credit from $10.50 to $10.00 and set a "market perform" rating on the stock in a report on Wednesday, August 7th.
Check Out Our Latest Stock Analysis on Eagle Point Credit
NYSE:ECC traded up $0.04 during mid-day trading on Friday, hitting $9.61. 806,203 shares of the company's stock traded hands, compared to its average volume of 831,415. Eagle Point Credit Company Inc. has a 1 year low of $8.60 and a 1 year high of $10.49. The company has a market cap of $739.47 million, a PE ratio of 5.16 and a beta of 0.76. The company has a debt-to-equity ratio of 0.19, a quick ratio of 2.98 and a current ratio of 2.98. The firm's 50 day simple moving average is $9.84 and its 200 day simple moving average is $9.99.
Eagle Point Credit (NYSE:ECC - Get Free Report) last released its quarterly earnings results on Tuesday, August 6th. The investment management company reported $0.28 earnings per share for the quarter, missing analysts' consensus estimates of $0.36 by ($0.08). The company had revenue of $42.28 million during the quarter, compared to analyst estimates of $45.67 million. Eagle Point Credit had a return on equity of 12.87% and a net margin of 76.61%. Sell-side analysts expect that Eagle Point Credit Company Inc. will post 1.11 EPS for the current year.
The firm also recently announced a monthly dividend, which will be paid on Tuesday, December 31st. Investors of record on Wednesday, December 11th will be given a dividend of $0.14 per share. The ex-dividend date is Wednesday, December 11th. This represents a $1.68 annualized dividend and a yield of 17.48%. Eagle Point Credit's dividend payout ratio (DPR) is presently 90.32%.
Eagle Point Credit Company Inc is a closed ended fund launched and managed by Eagle Point Credit Management LLC. It invests in fixed income markets of the United States. The fund invests equity and junior debt tranches of collateralized loan obligations consisting primarily of below investment grade U.S.
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