PFG Investments LLC Boosts Stake in Eagle Point Credit Company Inc. (NYSE:ECC)

PFG Investments LLC increased its holdings in shares of Eagle Point Credit Company Inc. (NYSE:ECC - Free Report) by 10.7% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 685,957 shares of the investment management company's stock after acquiring an additional 66,558 shares during the period. PFG Investments LLC owned approximately 0.89% of Eagle Point Credit worth $5,556,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. AdvisorNet Financial Inc acquired a new stake in Eagle Point Credit in the first quarter valued at approximately $25,000. Union Bancaire Privee UBP SA purchased a new position in shares of Eagle Point Credit during the 4th quarter valued at approximately $27,000. NBC Securities Inc. purchased a new position in shares of Eagle Point Credit during the 1st quarter valued at approximately $32,000. Transce3nd LLC acquired a new stake in Eagle Point Credit in the 4th quarter valued at $45,000. Finally, Ameriflex Group Inc. purchased a new stake in Eagle Point Credit in the 4th quarter worth $70,000. Hedge funds and other institutional investors own 19.50% of the company's stock.

Analyst Upgrades and Downgrades

ECC has been the subject of a number of research analyst reports. Keefe, Bruyette & Woods reduced their price objective 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. Credit Suisse Group set a $7.50 target price on shares of Eagle Point Credit in a research note on Thursday, May 29th.

Eagle Point Credit Stock Performance

NYSE ECC opened at $7.55 on Friday. 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 stock's 50 day simple moving average is $7.68 and its 200-day simple moving average is $8.28. The company has a market cap of $580.59 million, a PE ratio of -18.86 and a beta of 0.42. Eagle Point Credit Company Inc. has a 1-year low of $6.54 and a 1-year high of $10.32.

Eagle Point Credit (NYSE:ECC - Get Free Report) last announced its quarterly earnings data on Wednesday, May 28th. The investment management company reported $0.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.26 by $0.02. Eagle Point Credit had a negative net margin of 27.15% and a positive return on equity of 12.90%. The company had revenue of $52.30 million during the quarter, compared to analysts' expectations of $53.54 million. As a group, equities research 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 disclosed a monthly dividend, which will be paid on Tuesday, September 30th. Investors of record on Wednesday, September 10th will be issued a $0.14 dividend. This represents a $1.68 dividend on an annualized basis and a dividend yield of 22.27%. The ex-dividend date of this dividend is Wednesday, September 10th. Eagle Point Credit's dividend payout ratio is currently -420.00%.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.