Wedbush Securities Inc. Increases Stock Position in Eagle Point Credit Company Inc. (NYSE:ECC)

Wedbush Securities Inc. raised its position in shares of Eagle Point Credit Company Inc. (NYSE:ECC - Free Report) by 17.0% in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor 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 0.74% of Eagle Point Credit worth $5,040,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of ECC. Union Bancaire Privee UBP SA purchased a new position in shares of Eagle Point Credit during the 4th quarter valued at $27,000. Legacy Investment Solutions LLC purchased a new position in shares of Eagle Point Credit in the third quarter worth $39,000. McIlrath & Eck LLC bought a new position in shares of Eagle Point Credit during the third quarter worth $57,000. Brown Brothers Harriman & Co. purchased a new position in Eagle Point Credit during the fourth quarter valued at $93,000. Finally, Kingswood Wealth Advisors LLC purchased a new stake in shares of Eagle Point Credit in the fourth quarter worth about $98,000. 19.50% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, CEO Thomas P. Majewski acquired 1,087 shares of Eagle Point Credit stock in a transaction dated Friday, March 21st. The shares were acquired at an average cost of $23.00 per share, for a total transaction of $25,001.00. Following the completion of the purchase, the chief executive officer now owns 1,087 shares in the company, valued at approximately $25,001. The trade was a ∞ increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 0.22% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Separately, B. Riley reduced their price objective on Eagle Point Credit from $12.00 to $11.00 and set a "buy" rating on the stock in a research note on Tuesday, January 7th.

Eagle Point Credit Stock Performance

NYSE ECC traded down $0.51 during trading hours on Thursday, reaching $7.37. The stock had a trading volume of 2,012,307 shares, compared to its average volume of 1,059,971. Eagle Point Credit Company Inc. has a 52-week low of $6.54 and a 52-week 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 stock has a market cap of $567.41 million, a P/E ratio of 8.72 and a beta of 0.35. The stock has a fifty day moving average of $8.34 and a 200 day moving average of $8.95.

Eagle Point Credit (NYSE:ECC - Get Free Report) last posted its quarterly earnings data on Thursday, February 20th. The investment management company reported $0.27 earnings per share for the quarter, missing analysts' consensus estimates of $0.28 by ($0.01). The company had revenue of $49.55 million for the quarter, compared to analyst estimates of $49.76 million. Eagle Point Credit had a return on equity of 12.53% and a net margin of 44.67%. Sell-side analysts predict 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 declared a dividend, which will be paid on Wednesday, April 30th. Stockholders 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 dividend payout ratio is presently 200.00%.

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.