J.W. Cole Advisors Inc. Buys 52,782 Shares of Eagle Point Credit Company Inc. (NYSE:ECC)

J.W. Cole Advisors Inc. grew its stake in shares of Eagle Point Credit Company Inc. (NYSE:ECC) by 92.6% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 109,774 shares of the investment management company’s stock after purchasing an additional 52,782 shares during the period. J.W. Cole Advisors Inc.’s holdings in Eagle Point Credit were worth $1,082,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Main Street Financial Solutions LLC lifted its holdings in Eagle Point Credit by 95.6% in the second quarter. Main Street Financial Solutions LLC now owns 147,447 shares of the investment management company’s stock worth $1,482,000 after buying an additional 72,067 shares during the period. PFG Investments LLC lifted its stake in shares of Eagle Point Credit by 42.9% in the 3rd quarter. PFG Investments LLC now owns 553,506 shares of the investment management company’s stock valued at $5,458,000 after purchasing an additional 166,108 shares during the period. Worth Asset Management LLC boosted its position in shares of Eagle Point Credit by 359.7% during the third quarter. Worth Asset Management LLC now owns 65,647 shares of the investment management company’s stock valued at $647,000 after purchasing an additional 51,367 shares in the last quarter. Wedbush Securities Inc. grew its stake in Eagle Point Credit by 26.2% in the second quarter. Wedbush Securities Inc. now owns 438,276 shares of the investment management company’s stock worth $4,405,000 after purchasing an additional 91,058 shares during the period. Finally, Oxinas Partners Wealth Management LLC raised its holdings in Eagle Point Credit by 44.0% in the third quarter. Oxinas Partners Wealth Management LLC now owns 177,492 shares of the investment management company’s stock worth $1,750,000 after purchasing an additional 54,240 shares in the last quarter. Hedge funds and other institutional investors own 19.50% of the company’s stock.

Wall Street Analyst Weigh In

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

Eagle Point Credit Price Performance

Shares of ECC opened at $9.55 on Wednesday. Eagle Point Credit Company Inc. has a fifty-two week low of $8.75 and a fifty-two week high of $10.49. The firm’s 50-day simple moving average is $9.82 and its two-hundred day simple moving average is $9.98. The stock has a market cap of $734.47 million, a PE ratio of 5.13 and a beta of 0.76. The company has a debt-to-equity ratio of 0.19, a quick ratio of 2.98 and a current ratio of 2.98.

Eagle Point Credit (NYSE:ECC) last posted its quarterly earnings results on Tuesday, August 6th. The investment management company reported $0.28 earnings per share for the quarter, missing the consensus estimate of $0.36 by ($0.08). The company had revenue of $42.28 million during the quarter, compared to analysts’ expectations of $45.67 million. Eagle Point Credit had a return on equity of 12.87% and a net margin of 76.61%. Analysts anticipate that Eagle Point Credit Company Inc. will post 1.11 earnings per share for the current fiscal year.

Eagle Point Credit Dividend Announcement

The company also recently declared a monthly dividend, which will be paid on Tuesday, December 31st. Investors of record on Wednesday, December 11th will be paid a $0.14 dividend. This represents a $1.68 dividend on an annualized basis and a yield of 17.60%. The ex-dividend date is Wednesday, December 11th. Eagle Point Credit’s payout ratio is 90.32%.

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.