Wedbush Securities Inc. Buys 82,367 Shares of Eagle Point Credit Company Inc. (NYSE:ECC)

Wedbush Securities Inc. grew its position in Eagle Point Credit Company Inc. (NYSE:ECC) by 17.0% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 567,610 shares of the investment management company’s stock after purchasing an additional 82,367 shares during the quarter. Wedbush Securities Inc. owned approximately 0.74% of Eagle Point Credit worth $5,040,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of ECC. Arete Wealth Advisors LLC bought a new stake in Eagle Point Credit during the fourth quarter valued at about $140,000. World Investment Advisors bought a new position in Eagle Point Credit during the fourth quarter valued at about $194,000. Thomas J. Herzfeld Advisors Inc. raised its holdings in Eagle Point Credit by 66.0% in the 4th quarter. Thomas J. Herzfeld Advisors Inc. now owns 206,460 shares of the investment management company’s stock valued at $1,833,000 after acquiring an additional 82,061 shares in the last quarter. Brown Brothers Harriman & Co. bought a new stake in shares of Eagle Point Credit in the 4th quarter worth approximately $93,000. Finally, Summitry LLC acquired a new stake in shares of Eagle Point Credit during the 4th quarter worth approximately $107,000. 19.50% of the stock is currently owned by institutional investors and hedge funds.

Eagle Point Credit Price Performance

Shares of Eagle Point Credit stock opened at $7.22 on Friday. Eagle Point Credit Company Inc. has a twelve month low of $6.95 and a twelve month high of $10.49. The company has a debt-to-equity ratio of 0.18, a quick ratio of 2.27 and a current ratio of 2.27. The firm has a market cap of $555.18 million, a P/E ratio of 8.59 and a beta of 0.35. The firm’s 50-day simple moving average is $8.46 and its 200-day simple moving average is $9.02.

Eagle Point Credit (NYSE:ECC) last released its quarterly earnings data on Thursday, February 20th. The investment management company reported $0.27 earnings per share for the quarter, missing the consensus estimate of $0.28 by ($0.01). The company had revenue of $49.55 million during the quarter, compared to the consensus estimate of $49.76 million. Eagle Point Credit had a net margin of 44.67% and a return on equity of 12.53%. As a group, research analysts expect that Eagle Point Credit Company Inc. will post 1.1 EPS for the current fiscal year.

Eagle Point Credit Announces Dividend

The business also recently disclosed a dividend, which will be paid on Wednesday, April 30th. Shareholders of record on Thursday, April 10th will be issued a dividend of $0.14 per share. The ex-dividend date is Thursday, April 10th. Eagle Point Credit’s payout ratio is presently 200.00%.

Analyst Ratings Changes

Separately, B. Riley cut their target price on Eagle Point Credit from $12.00 to $11.00 and set a “buy” rating for the company in a research note on Tuesday, January 7th.

Insider Buying and Selling

In related news, CEO Thomas P. Majewski purchased 1,087 shares of Eagle Point Credit stock in a transaction that occurred on Friday, March 21st. The shares were acquired at an average price of $23.00 per share, for a total transaction of $25,001.00. Following the transaction, the chief executive officer now directly owns 1,087 shares in the company, valued at approximately $25,001. This represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. 0.22% of the stock is currently owned by corporate insiders.

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.