PFG Investments LLC Acquires 54,226 Shares of Eagle Point Credit Company Inc. $ECC

Key Points

• PFG Investments LLC raised its stake in Eagle Point Credit Company Inc. by 7.9%, acquiring an additional 54,226 shares and now owns approximately 0.96% of the company valued at $5,670,000.
• Analysts have a consensus rating of Moderate Buy for Eagle Point Credit, with target prices set around $7.75 to $8.21, after several upgrades and downgrades from various financial institutions.
• The company announced a monthly dividend of $0.14 per share to be paid on November 28th, with an annualized dividend yield of 25.5%.

PFG Investments LLC lifted its holdings in shares of Eagle Point Credit Company Inc. (NYSE:ECC - Free Report) by 7.9% in the second quarter, according to its most recent filing with the SEC. The firm owned 740,183 shares of the investment management company's stock after acquiring an additional 54,226 shares during the period. PFG Investments LLC owned approximately 0.96% of Eagle Point Credit worth $5,670,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. AdvisorNet Financial Inc bought a new position in Eagle Point Credit during the first quarter worth about $25,000. Cape Investment Advisory Inc. lifted its position in shares of Eagle Point Credit by 91.2% during the 1st quarter. Cape Investment Advisory Inc. now owns 3,592 shares of the investment management company's stock worth $29,000 after buying an additional 1,713 shares during the period. NBC Securities Inc. bought a new position in shares of Eagle Point Credit during the 1st quarter worth approximately $32,000. N.E.W. Advisory Services LLC bought a new position in shares of Eagle Point Credit during the first quarter valued at $35,000. Finally, Farther Finance Advisors LLC bought a new position in shares of Eagle Point Credit during the second quarter valued at $35,000. Institutional investors own 19.50% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on ECC shares. Alliance Global Partners began coverage on Eagle Point Credit in a report on Thursday, September 18th. They set a "buy" rating and a $7.75 price objective for the company. LADENBURG THALM/SH SH raised shares of Eagle Point Credit to a "strong-buy" rating in a report on Wednesday, August 13th. Industrial Alliance Securities set a $7.75 target price on shares of Eagle Point Credit in a research note on Thursday, September 18th. Zacks Research cut shares of Eagle Point Credit from a "hold" rating to a "strong sell" rating in a research note on Friday, September 12th. Finally, Craig Hallum assumed coverage on shares of Eagle Point Credit in a research note on Thursday, September 18th. They issued a "buy" rating and a $7.75 target price for the company. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Eagle Point Credit currently has a consensus rating of "Moderate Buy" and a consensus price target of $8.21.

Eagle Point Credit Stock Performance

ECC stock opened at $6.60 on Wednesday. The company has a debt-to-equity ratio of 0.32, a current ratio of 2.23 and a quick ratio of 2.23. The company has a 50 day moving average price of $6.94 and a 200 day moving average price of $7.42. Eagle Point Credit Company Inc. has a fifty-two week low of $6.00 and a fifty-two week high of $10.00. The stock has a market capitalization of $507.86 million, a PE ratio of 60.01 and a beta of 0.38.

Eagle Point Credit Announces Dividend

The company also recently announced a monthly dividend, which will be paid on Friday, November 28th. Stockholders of record on Monday, November 10th will be given a dividend of $0.14 per share. The ex-dividend date is Monday, November 10th. This represents a c) dividend on an annualized basis and a dividend yield of 25.5%. Eagle Point Credit's payout ratio is presently 1,527.27%.

About Eagle Point Credit

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.

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