Private Wealth Strategies L.L.C. Buys 9,382 Shares of Eagle Point Credit Company Inc. (NYSE:ECC)

Private Wealth Strategies L.L.C. grew its stake in shares of Eagle Point Credit Company Inc. (NYSE:ECC) by 44.7% in the 2nd quarter, HoldingsChannel.com reports. The fund owned 30,382 shares of the investment management company’s stock after acquiring an additional 9,382 shares during the period. Private Wealth Strategies L.L.C.’s holdings in Eagle Point Credit were worth $305,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. NBC Securities Inc. purchased a new position in shares of Eagle Point Credit during the first quarter valued at $31,000. Nadler Financial Group Inc. purchased a new stake in shares of Eagle Point Credit in the 1st quarter worth approximately $101,000. CFO4Life Group LLC bought a new position in shares of Eagle Point Credit during the first quarter valued at approximately $105,000. Silverleafe Capital Partners LLC purchased a new position in Eagle Point Credit during the second quarter valued at approximately $109,000. Finally, J.W. Cole Advisors Inc. bought a new position in Eagle Point Credit in the first quarter worth approximately $114,000. Institutional investors own 19.50% of the company’s stock.

Analysts Set New Price Targets

Separately, Keefe, Bruyette & Woods decreased their price target on shares of Eagle Point Credit from $10.50 to $10.00 and set a “market perform” rating for the company in a research report on Wednesday, August 7th.

Eagle Point Credit Stock Performance

ECC stock traded up $0.05 during midday trading on Monday, hitting $9.99. 1,005,200 shares of the stock traded hands, compared to its average volume of 828,719. The stock’s fifty day simple moving average is $9.96 and its 200-day simple moving average is $10.06. The firm has a market cap of $768.73 million, a P/E ratio of 5.37 and a beta of 0.77. Eagle Point Credit Company Inc. has a 1-year low of $8.60 and a 1-year high of $10.52. The company has a debt-to-equity ratio of 0.20, a current ratio of 4.55 and a quick ratio of 4.55.

Eagle Point Credit (NYSE:ECC) last issued its quarterly earnings results on Tuesday, August 6th. The investment management company reported $0.28 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.08). The business had revenue of $42.28 million for the quarter, compared to analysts’ expectations of $45.67 million. Eagle Point Credit had a return on equity of 13.47% and a net margin of 76.61%. On average, analysts expect that Eagle Point Credit Company Inc. will post 1.28 earnings per share for the current year.

Eagle Point Credit Dividend Announcement

The business also recently disclosed a monthly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Wednesday, December 11th will be issued a dividend of $0.14 per share. This represents a $1.68 annualized dividend and a yield of 16.82%. The ex-dividend date of this dividend is Wednesday, December 11th. Eagle Point Credit’s payout ratio is 90.32%.

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.