Cetera Investment Advisers Boosts Stake in Eagle Point Credit Company Inc. $ECC

Key Points

• Cetera Investment Advisers increased its stake in Eagle Point Credit Company by 151.7%, acquiring an additional 42,637 shares to own a total of 70,746 shares valued at approximately $573,000.
• Several other institutional investors also boosted their holdings, with Wedbush Securities increasing its position by 31.3%, owning 745,271 shares valued at $6,037,000.
• Eagle Point Credit recently declared a monthly dividend of $0.14, representing an annualized yield of 25.1% and a high dividend payout ratio of 1,527.27%.

Cetera Investment Advisers boosted its stake in shares of Eagle Point Credit Company Inc. (NYSE:ECC - Free Report) by 151.7% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 70,746 shares of the investment management company's stock after acquiring an additional 42,637 shares during the quarter. Cetera Investment Advisers owned 0.09% of Eagle Point Credit worth $573,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently bought and sold shares of the company. Envestnet Asset Management Inc. raised its position in shares of Eagle Point Credit by 48.5% in the 4th quarter. Envestnet Asset Management Inc. now owns 246,876 shares of the investment management company's stock worth $2,192,000 after acquiring an additional 80,616 shares in the last quarter. Cerity Partners LLC purchased a new position in shares of Eagle Point Credit in the 4th quarter worth $165,000. Raymond James Financial Inc. purchased a new position in shares of Eagle Point Credit in the 4th quarter worth $2,038,000. Rockefeller Capital Management L.P. boosted its stake in shares of Eagle Point Credit by 25.5% in the 4th quarter. Rockefeller Capital Management L.P. now owns 97,105 shares of the investment management company's stock worth $862,000 after buying an additional 19,730 shares during the last quarter. Finally, Transce3nd LLC bought a new position in Eagle Point Credit in the 4th quarter worth $45,000. 19.50% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have commented on ECC. LADENBURG THALM/SH SH raised Eagle Point Credit to a "strong-buy" rating in a report on Wednesday, August 13th. Credit Suisse Group set a $7.50 price target on Eagle Point Credit in a research report on Thursday, May 29th. Finally, Keefe, Bruyette & Woods dropped their target price on Eagle Point Credit from $9.00 to $7.50 and set a "market perform" rating for the company in a research report on Thursday, May 29th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has issued a Hold rating to the company's stock. According to MarketBeat.com, Eagle Point Credit presently has a consensus rating of "Buy" and an average price target of $8.67.

Eagle Point Credit Stock Down 0.5%

Shares of ECC stock traded down $0.0350 during trading hours on Wednesday, reaching $6.7650. 645,512 shares of the company's stock were exchanged, compared to its average volume of 2,297,934. The stock's 50 day moving average is $7.24 and its 200-day moving average is $7.76. The company has a market cap of $520.57 million, a price-to-earnings ratio of 61.51 and a beta of 0.38. The company has a current ratio of 2.23, a quick ratio of 2.23 and a debt-to-equity ratio of 0.32. Eagle Point Credit Company Inc. has a fifty-two week low of $6.00 and a fifty-two week high of $10.06.

Eagle Point Credit (NYSE:ECC - Get Free Report) last issued its quarterly earnings results on Wednesday, May 28th. The investment management company reported $0.28 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.26 by $0.02. The business had revenue of $52.30 million for the quarter, compared to the consensus estimate of $53.54 million. Eagle Point Credit had a return on equity of 13.49% and a net margin of 6.73%. Analysts predict that Eagle Point Credit Company Inc. will post 1.1 earnings per share for the current fiscal year.

Eagle Point Credit Announces Dividend

The firm also recently declared a monthly dividend, which will be paid on Wednesday, December 31st. Stockholders of record on Thursday, December 11th will be given a dividend of $0.14 per share. The ex-dividend date of this dividend is Thursday, December 11th. This represents a c) dividend on an annualized basis and a dividend yield of 24.8%. Eagle Point Credit's dividend payout ratio is presently 1,527.27%.

Eagle Point Credit 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.