PFG Investments Increases Stake in Eagle Point Credit Company

PFG Investments LLC has increased its investment in Eagle Point Credit Company Inc. (NYSE:ECC) by 42.9% during the third quarter, as reported in its latest Form 13F filing with the Securities and Exchange Commission. After acquiring an additional 166,108 shares, the firm now holds a total of 553,506 shares in the investment management company. This represents about 0.72% of Eagle Point Credit, valued at approximately $5,458,000 based on the latest filing.

Other institutional investors have also made changes to their positions in Eagle Point Credit. For instance, Webster Bank N.A. established a new investment in the company during the third quarter valued at around $28,000. Similarly, EverSource Wealth Advisors LLC purchased shares valued at about $60,000 in the second quarter. Sunbelt Securities Inc. has significantly increased its holdings in Eagle Point Credit by 646.4% in the second quarter, now owning 7,464 shares worth $75,000 after acquiring an additional 6,464 shares.

Additionally, CFO4Life Group LLC bought a new position in Eagle Point Credit worth approximately $105,000 in the first quarter, while Silverleafe Capital Partners LLC acquired shares valued at around $109,000 during the second quarter. As a collective, hedge funds and institutional investors control 19.50% of the company’s stock.

Recent Analyst Ratings

In related news, Keefe, Bruyette & Woods adjusted their target price for Eagle Point Credit from $10.50 to $10.00 and maintained a "market perform" rating on the stock in a report released on August 7.

Eagle Point Credit's Stock Performance

On Friday, shares of Eagle Point Credit Company Inc. (NYSE:ECC) rose by $0.04 to reach $9.61 during mid-day trading. The trading volume was 806,203 shares, compared to an average of 831,415 shares. The stock has experienced a one-year low of $8.60 and a high of $10.49. Currently, the company boasts a market capitalization of $739.47 million, a price-to-earnings (PE) ratio of 5.16, and a beta value of 0.76. Its debt-to-equity ratio stands at 0.19, while both the quick and current ratios are reported at 2.98. The average price over the last 50 days is approximately $9.84, and over the last 200 days, it is around $9.99.

Eagle Point Credit released its latest quarterly earnings results on August 6, reporting earnings per share of $0.28, which fell short of analysts' expectations of $0.36 by $0.08. The company’s revenue for the quarter totaled $42.28 million, below the forecasted $45.67 million. Eagle Point Credit registered a return on equity of 12.87% and a net margin of 76.61%. Analysts project that the company will achieve an EPS of 1.11 for the current fiscal year.

Dividend Announcement from Eagle Point Credit

The company has also declared a monthly dividend expected to be paid on December 31. Shareholders on record as of December 11 will receive a dividend of $0.14 per share, with the ex-dividend date set for December 11. This equates to an annualized dividend of $1.68, yielding 17.48%. Notably, the dividend payout ratio (DPR) is currently at 90.32%.

Company Background

Eagle Point Credit Company Inc. is a closed-end fund managed by Eagle Point Credit Management LLC. The firm focuses on investments in fixed-income markets within the United States, particularly in equity and junior debt tranches of collateralized loan obligations that primarily consist of below-investment-grade U.S. securities.

Investments, Stock, Finance