Cetera Investment Advisers Boosts Holdings in Eagle Point Credit Company Inc. (NYSE:ECC)

Cetera Investment Advisers grew its stake in Eagle Point Credit Company Inc. (NYSE:ECC) by 151.7% during the 1st quarter, Holdings Channel reports. The firm owned 70,746 shares of the investment management company’s stock after purchasing an additional 42,637 shares during the quarter. Cetera Investment Advisers’ holdings in Eagle Point Credit were worth $573,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of ECC. Wedbush Securities Inc. boosted its stake in shares of Eagle Point Credit by 31.3% in the first quarter. Wedbush Securities Inc. now owns 745,271 shares of the investment management company’s stock worth $6,037,000 after acquiring an additional 177,661 shares during the last quarter. PFG Investments LLC lifted its holdings in Eagle Point Credit by 10.7% in the 1st quarter. PFG Investments LLC now owns 685,957 shares of the investment management company’s stock valued at $5,556,000 after purchasing an additional 66,558 shares in the last quarter. Money Concepts Capital Corp lifted its holdings in Eagle Point Credit by 61.3% in the 1st quarter. Money Concepts Capital Corp now owns 308,196 shares of the investment management company’s stock valued at $2,496,000 after purchasing an additional 117,157 shares in the last quarter. J.W. Cole Advisors Inc. boosted its stake in Eagle Point Credit by 75.6% during the 1st quarter. J.W. Cole Advisors Inc. now owns 266,515 shares of the investment management company’s stock worth $2,159,000 after purchasing an additional 114,706 shares during the last quarter. Finally, Envestnet Asset Management Inc. grew its holdings in shares of Eagle Point Credit by 48.5% during the fourth quarter. Envestnet Asset Management Inc. now owns 246,876 shares of the investment management company’s stock worth $2,192,000 after buying an additional 80,616 shares in the last quarter. Institutional investors and hedge funds own 19.50% of the company’s stock.

Eagle Point Credit Stock Up 0.6%

Shares of NYSE:ECC opened at $6.70 on Friday. The company has a quick ratio of 2.23, a current ratio of 2.23 and a debt-to-equity ratio of 0.32. The business has a fifty day moving average of $7.30 and a two-hundred day moving average of $7.80. The stock has a market cap of $515.55 million, a P/E ratio of 60.91 and a beta of 0.38. Eagle Point Credit Company Inc. has a 52-week low of $6.00 and a 52-week high of $10.06.

Eagle Point Credit (NYSE:ECC) last issued its earnings results 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. The company had revenue of $52.30 million during the quarter, compared to analysts’ expectations of $53.54 million. Eagle Point Credit had a return on equity of 13.49% and a net margin of 6.73%. On average, research analysts expect that Eagle Point Credit Company Inc. will post 1.1 earnings per share for the current year.

Eagle Point Credit Announces Dividend

The business also recently announced a monthly dividend, which will be paid on Wednesday, December 31st. Shareholders of record on Thursday, December 11th will be issued a $0.14 dividend. This represents a c) annualized dividend and a yield of 25.1%. The ex-dividend date is Thursday, December 11th. Eagle Point Credit’s dividend payout ratio is presently 1,527.27%.

Analyst Ratings Changes

ECC has been the subject of a number of research reports. LADENBURG THALM/SH SH raised shares of Eagle Point Credit to a “strong-buy” rating in a report on Wednesday. Credit Suisse Group set a $7.50 target price on shares of Eagle Point Credit in a report on Thursday, May 29th. Finally, Keefe, Bruyette & Woods dropped 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 report on Thursday, May 29th.

Eagle Point Credit Company 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.