Commonwealth Equity Services LLC Increases Holdings in Eagle Point Credit Company Inc. (NYSE:ECC)

Commonwealth Equity Services LLC grew its holdings in Eagle Point Credit Company Inc. (NYSE:ECC) by 1.6% during the fourth quarter, HoldingsChannel reports. The fund owned 103,691 shares of the investment management company’s stock after purchasing an additional 1,666 shares during the period. Commonwealth Equity Services LLC’s holdings in Eagle Point Credit were worth $921,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Raymond James Financial Inc. purchased a new position in Eagle Point Credit in the fourth quarter valued at approximately $2,038,000. Money Concepts Capital Corp acquired a new position in shares of Eagle Point Credit in the 4th quarter valued at $1,696,000. Balboa Wealth Partners purchased a new position in shares of Eagle Point Credit in the 4th quarter valued at $839,000. PFG Investments LLC raised its stake in Eagle Point Credit by 11.9% during the 4th quarter. PFG Investments LLC now owns 619,399 shares of the investment management company’s stock worth $5,500,000 after acquiring an additional 65,893 shares in the last quarter. Finally, Freestone Capital Holdings LLC lifted its position in Eagle Point Credit by 26.1% in the fourth quarter. Freestone Capital Holdings LLC now owns 222,083 shares of the investment management company’s stock valued at $1,972,000 after acquiring an additional 46,006 shares during the last quarter. Institutional investors and hedge funds own 19.50% of the company’s stock.

Eagle Point Credit Price Performance

Shares of NYSE ECC opened at $8.20 on Wednesday. The company has a current ratio of 2.27, a quick ratio of 2.27 and a debt-to-equity ratio of 0.18. The stock has a market cap of $630.59 million, a P/E ratio of 9.76 and a beta of 0.73. The stock has a 50 day moving average of $8.52 and a two-hundred day moving average of $9.06. Eagle Point Credit Company Inc. has a twelve month low of $7.36 and a twelve month high of $10.49.

Eagle Point Credit (NYSE:ECC) last issued its quarterly earnings results on Thursday, February 20th. The investment management company reported $0.27 earnings per share for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.01). Eagle Point Credit had a return on equity of 12.53% and a net margin of 44.67%. The business had revenue of $49.55 million for the quarter, compared to analyst estimates of $49.76 million. On average, research analysts forecast that Eagle Point Credit Company Inc. will post 1.1 earnings per share for the current year.

Eagle Point Credit Dividend Announcement

The business also recently declared a dividend, which will be paid on Wednesday, April 30th. Investors of record on Thursday, April 10th will be issued a dividend of $0.14 per share. The ex-dividend date is Thursday, April 10th. Eagle Point Credit’s dividend payout ratio is currently 200.00%.

Insider Activity at Eagle Point Credit

In related news, CEO Thomas P. Majewski bought 1,087 shares of the stock in a transaction on Friday, March 21st. The shares were bought at an average cost of $23.00 per share, for a total transaction of $25,001.00. Following the purchase, the chief executive officer now owns 1,087 shares of the company’s stock, valued at $25,001. This trade represents a ∞ increase in their position. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. 0.22% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Separately, B. Riley dropped their price objective on Eagle Point Credit from $12.00 to $11.00 and set a “buy” rating on the stock in a report on Tuesday, January 7th.

Eagle Point Credit Company Profile

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.