Thomas J. Herzfeld Advisors Inc. Raises Stake in Eagle Point Credit Company Inc. (NYSE:ECC)

Thomas J. Herzfeld Advisors Inc. grew its holdings in Eagle Point Credit Company Inc. (NYSE:ECC) by 66.0% in the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 206,460 shares of the investment management company’s stock after buying an additional 82,061 shares during the period. Thomas J. Herzfeld Advisors Inc.’s holdings in Eagle Point Credit were worth $1,833,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in ECC. Raymond James Financial Inc. purchased a new stake in Eagle Point Credit during the 4th quarter valued at approximately $2,038,000. Money Concepts Capital Corp acquired a new position in shares of Eagle Point Credit in the fourth quarter valued at approximately $1,696,000. Balboa Wealth Partners purchased a new stake in shares of Eagle Point Credit during the fourth quarter worth approximately $839,000. PFG Investments LLC lifted its holdings 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 during the period. Finally, Freestone Capital Holdings LLC grew its position in Eagle Point Credit by 26.1% in the 4th quarter. Freestone Capital Holdings LLC now owns 222,083 shares of the investment management company’s stock valued at $1,972,000 after buying an additional 46,006 shares during the last quarter. Institutional investors and hedge funds own 19.50% of the company’s stock.

Insiders Place Their Bets

In related news, CEO Thomas P. Majewski acquired 1,087 shares of the firm’s stock in a transaction that occurred on Friday, March 21st. The shares were purchased at an average price of $23.00 per share, with a total value of $25,001.00. Following the completion of the acquisition, the chief executive officer now owns 1,087 shares in the company, valued at approximately $25,001. This represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 0.22% of the company’s stock.

Eagle Point Credit Price Performance

Shares of NYSE:ECC opened at $8.09 on Tuesday. The company has a quick ratio of 2.27, a current ratio of 2.27 and a debt-to-equity ratio of 0.18. The company has a 50-day moving average price of $8.54 and a 200 day moving average price of $9.07. Eagle Point Credit Company Inc. has a 52 week low of $7.36 and a 52 week high of $10.49. The company has a market cap of $622.12 million, a P/E ratio of 9.63 and a beta of 0.73.

Eagle Point Credit (NYSE:ECC) last posted its quarterly earnings results on Thursday, February 20th. The investment management company reported $0.27 EPS for the quarter, missing the consensus estimate of $0.28 by ($0.01). Eagle Point Credit had a net margin of 44.67% and a return on equity of 12.53%. The business had revenue of $49.55 million during the quarter, compared to analyst estimates of $49.76 million. Research 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 announced a dividend, which will be paid on Wednesday, April 30th. Shareholders of record on Thursday, April 10th will be given a dividend of $0.14 per share. The ex-dividend date of this dividend is Thursday, April 10th. Eagle Point Credit’s payout ratio is currently 200.00%.

Analyst Ratings Changes

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

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.