Envestnet Asset Management Inc. Raises Position in Eagle Point Credit Company Inc. (NYSE:ECC)

Envestnet Asset Management Inc. lifted its stake in shares of Eagle Point Credit Company Inc. (NYSE:ECC) by 48.5% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 246,876 shares of the investment management company’s stock after buying an additional 80,616 shares during the quarter. Envestnet Asset Management Inc. owned 0.32% of Eagle Point Credit worth $2,192,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. PFG Investments LLC lifted its position in shares of Eagle Point Credit by 11.9% during the fourth quarter. PFG Investments LLC now owns 619,399 shares of the investment management company’s stock worth $5,500,000 after purchasing an additional 65,893 shares in the last quarter. Wedbush Securities Inc. lifted its holdings in Eagle Point Credit by 17.0% in the 4th quarter. Wedbush Securities Inc. now owns 567,610 shares of the investment management company’s stock worth $5,040,000 after buying an additional 82,367 shares in the last quarter. Raymond James Financial Inc. purchased a new position in Eagle Point Credit in the 4th quarter valued at about $2,038,000. Freestone Capital Holdings LLC grew its stake in shares of Eagle Point Credit by 26.1% during the fourth quarter. Freestone Capital Holdings LLC now owns 222,083 shares of the investment management company’s stock valued at $1,972,000 after acquiring an additional 46,006 shares in the last quarter. Finally, Thomas J. Herzfeld Advisors Inc. grew its stake in shares of Eagle Point Credit by 66.0% during the fourth 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. Hedge funds and other institutional investors own 19.50% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently commented on ECC shares. B. Riley reduced their price target on Eagle Point Credit from $12.00 to $11.00 and set a “buy” rating for the company in a report on Tuesday, January 7th. Credit Suisse Group set a $10.00 target price on Eagle Point Credit in a research note on Monday, April 21st.

Insider Buying and Selling at Eagle Point Credit

In other Eagle Point Credit news, CEO Thomas P. Majewski purchased 1,087 shares of Eagle Point Credit stock in a transaction dated Friday, March 21st. The shares were bought at an average cost of $23.00 per share, for a total transaction of $25,001.00. Following the transaction, the chief executive officer now owns 1,087 shares in the company, valued at $25,001. This represents a ∞ increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.17% of the stock is owned by insiders.

Eagle Point Credit Stock Performance

Shares of Eagle Point Credit stock opened at $7.79 on Friday. The firm has a market cap of $599.04 million, a PE ratio of 9.27 and a beta of 0.35. Eagle Point Credit Company Inc. has a 1 year low of $6.54 and a 1 year high of $10.49. The firm’s 50-day simple moving average is $8.02 and its 200-day simple moving average is $8.75. The company has a debt-to-equity ratio of 0.18, a quick ratio of 2.27 and a current ratio of 2.27.

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

Eagle Point Credit Announces Dividend

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

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.