J.W. Cole Advisors Inc. grew its stake in Eagle Point Credit Company Inc. (NYSE:ECC - Free Report) by 75.6% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 266,515 shares of the investment management company's stock after buying an additional 114,706 shares during the quarter. J.W. Cole Advisors Inc. owned approximately 0.35% of Eagle Point Credit worth $2,159,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also bought and sold shares of ECC. Raymond James Financial Inc. purchased a new stake in Eagle Point Credit in the fourth quarter worth about $2,038,000. Commonwealth Equity Services LLC increased its position in Eagle Point Credit by 1.6% in the fourth quarter. Commonwealth Equity Services LLC now owns 103,691 shares of the investment management company's stock worth $921,000 after buying an additional 1,666 shares in the last quarter. Summitry LLC purchased a new stake in Eagle Point Credit in the fourth quarter worth about $107,000. Brown Brothers Harriman & Co. purchased a new stake in Eagle Point Credit in the fourth quarter worth about $93,000. Finally, Thomas J. Herzfeld Advisors Inc. increased its position in Eagle Point Credit by 66.0% in the fourth 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. Hedge funds and other institutional investors own 19.50% of the company's stock.
Analysts Set New Price Targets
A number of analysts have commented on the company. Keefe, Bruyette & Woods reduced their price target 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. Credit Suisse Group set a $7.50 target price on Eagle Point Credit in a research report on Thursday, May 29th.
Read Our Latest Stock Report on ECC
Eagle Point Credit Stock Performance
NYSE:ECC opened at $7.31 on Tuesday. 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 12-month low of $6.54 and a 12-month high of $10.06. The stock has a 50-day moving average price of $7.65 and a 200 day moving average price of $8.07. The stock has a market capitalization of $562.11 million, a P/E ratio of -18.26 and a beta of 0.41.
Eagle Point Credit (NYSE:ECC - Get Free Report) last released its earnings results on Wednesday, May 28th. The investment management company reported $0.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.26 by $0.02. Eagle Point Credit had a positive return on equity of 12.90% and a negative net margin of 27.15%. The firm had revenue of $52.30 million during the quarter, compared to analysts' expectations of $53.54 million. Equities research analysts forecast that Eagle Point Credit Company Inc. will post 1.1 EPS for the current fiscal year.
Eagle Point Credit Announces Dividend
The firm also recently announced a dividend, which will be paid on Thursday, July 31st. Investors of record on Monday, July 14th will be given a dividend of $0.14 per share. This represents a dividend yield of 21.79%. The ex-dividend date is Friday, July 11th. Eagle Point Credit's dividend payout ratio is currently -455.00%.
About Eagle Point Credit
(
Free Report)
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.
Further Reading
Want to see what other hedge funds are holding ECC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Eagle Point Credit Company Inc. (NYSE:ECC - Free Report).
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