Eagle Point Credit Company Inc. $ECC Shares Purchased by Cetera Investment Advisers

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 first quarter, according to its most recent disclosure with the SEC. The firm owned 70,746 shares of the investment management company's stock after acquiring an additional 42,637 shares during the period. Cetera Investment Advisers owned about 0.09% of Eagle Point Credit worth $573,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. AdvisorNet Financial Inc acquired a new position in Eagle Point Credit during the first quarter worth $25,000. NBC Securities Inc. acquired a new position in Eagle Point Credit during the first quarter worth $32,000. Transce3nd LLC acquired a new position in Eagle Point Credit during the fourth quarter worth $45,000. Ameriflex Group Inc. acquired a new position in Eagle Point Credit during the fourth quarter worth $70,000. Finally, Stephens Inc. AR raised its position in shares of Eagle Point Credit by 50.0% in the first quarter. Stephens Inc. AR now owns 15,000 shares of the investment management company's stock valued at $122,000 after buying an additional 5,000 shares during the last quarter. 19.50% of the stock is currently owned by institutional investors and hedge funds.

Eagle Point Credit Stock Up 0.1%

ECC stock traded up $0.0050 during midday trading on Tuesday, reaching $6.7650. 511,970 shares of the company were exchanged, compared to its average volume of 1,446,820. The company has a debt-to-equity ratio of 0.32, a quick ratio of 2.23 and a current ratio of 2.23. Eagle Point Credit Company Inc. has a 1-year low of $6.00 and a 1-year high of $10.06. The stock's 50-day simple moving average is $7.28 and its 200 day simple moving average is $7.77. The company has a market cap of $520.55 million, a price-to-earnings ratio of 61.51 and a beta of 0.38.

Eagle Point Credit (NYSE:ECC - Get Free Report) last announced its earnings results on Wednesday, May 28th. The investment management company reported $0.28 EPS for the quarter, beating analysts' consensus estimates of $0.26 by $0.02. Eagle Point Credit had a net margin of 6.73% and a return on equity of 13.49%. The business had revenue of $52.30 million for the quarter, compared to analysts' expectations of $53.54 million. On average, equities 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 company also recently disclosed a monthly dividend, which will be paid on Wednesday, December 31st. Investors of record on Thursday, December 11th will be given a $0.14 dividend. This represents a c) dividend on an annualized basis and a yield of 24.8%. The ex-dividend date is Thursday, December 11th. Eagle Point Credit's dividend payout ratio (DPR) is 1,527.27%.

Wall Street Analysts Forecast Growth

ECC has been the subject of a number of recent research reports. LADENBURG THALM/SH SH upgraded shares of Eagle Point Credit to a "strong-buy" rating in a research report on Wednesday, August 13th. Credit Suisse Group set a $7.50 target price on shares of Eagle Point Credit in a research report on Thursday, May 29th. Finally, Keefe, Bruyette & Woods reduced their target price on shares of 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 given a Hold rating to the company. According to data from MarketBeat, Eagle Point Credit has a consensus rating of "Buy" and an average price target of $8.67.

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.