Envestnet Asset Management Inc. Grows Holdings in Eagle Point Credit Company Inc. (NYSE:ECC)

Envestnet Asset Management Inc. raised its stake in Eagle Point Credit Company Inc. (NYSE:ECC - Free Report) by 48.5% during the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 246,876 shares of the investment management company's stock after buying an additional 80,616 shares during the quarter. Envestnet Asset Management Inc. owned approximately 0.32% of Eagle Point Credit worth $2,192,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Wedbush Securities Inc. boosted its stake in Eagle Point Credit by 17.0% during the fourth quarter. Wedbush Securities Inc. now owns 567,610 shares of the investment management company's stock valued at $5,040,000 after buying an additional 82,367 shares in the last quarter. Arete Wealth Advisors LLC bought a new stake in shares of Eagle Point Credit in the 4th quarter worth about $140,000. World Investment Advisors bought a new position in Eagle Point Credit in the 4th quarter valued at $194,000. Thomas J. Herzfeld Advisors Inc. lifted its position in Eagle Point Credit by 66.0% during the 4th quarter. Thomas J. Herzfeld Advisors Inc. now owns 206,460 shares of the investment management company's stock worth $1,833,000 after buying an additional 82,061 shares in the last quarter. Finally, Brown Brothers Harriman & Co. acquired a new position in shares of Eagle Point Credit during the fourth quarter worth approximately $93,000. Institutional investors and hedge funds own 19.50% of the company's stock.

Insiders Place Their Bets

In related news, CEO Thomas P. Majewski acquired 1,087 shares of the firm's stock in a transaction dated Friday, March 21st. The shares were purchased at an average price of $23.00 per share, for a total transaction of $25,001.00. Following the completion of the acquisition, the chief executive officer now owns 1,087 shares in the company, valued at approximately $25,001. This represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 0.17% of the company's stock.

Analyst Ratings Changes

Several research firms have recently issued reports on ECC. B. Riley decreased their target price on Eagle Point Credit from $12.00 to $11.00 and set a "buy" rating for the company in a research report on Tuesday, January 7th. Credit Suisse Group set a $10.00 price target on shares of Eagle Point Credit in a research report on Monday, April 21st.

Eagle Point Credit Stock Performance

Shares of NYSE:ECC traded up $0.05 during midday trading on Thursday, reaching $7.82. The company had a trading volume of 414,738 shares, compared to its average volume of 1,118,157. The stock has a market cap of $602.04 million, a P/E ratio of 9.31 and a beta of 0.35. The company has a current ratio of 2.27, a quick ratio of 2.27 and a debt-to-equity ratio of 0.18. Eagle Point Credit Company Inc. has a 52-week low of $6.54 and a 52-week high of $10.49. The company's 50 day moving average price is $7.96 and its 200 day moving average price is $8.71.

Eagle Point Credit (NYSE:ECC - Get Free Report) last posted its quarterly earnings results on Thursday, February 20th. The investment management company reported $0.27 EPS 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 company had revenue of $49.55 million during the quarter, compared to the consensus estimate of $49.76 million. As a group, sell-side analysts anticipate that Eagle Point Credit Company Inc. will post 1.1 EPS for the current fiscal year.

Eagle Point Credit Dividend Announcement

The company also recently announced a dividend, which was paid on Wednesday, April 30th. Investors of record on Thursday, April 10th were paid a $0.14 dividend. The ex-dividend date of this dividend was Thursday, April 10th. Eagle Point Credit's dividend payout ratio is presently 200.00%.

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.