Parisi Gray Wealth Management Raises Holdings in Eagle Point Credit Company Inc. (NYSE:ECC)

Parisi Gray Wealth Management lifted its holdings in shares of Eagle Point Credit Company Inc. (NYSE:ECC) by 71.4% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 60,000 shares of the investment management company’s stock after purchasing an additional 25,000 shares during the period. Parisi Gray Wealth Management’s holdings in Eagle Point Credit were worth $570,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of ECC. Penserra Capital Management LLC purchased a new stake in Eagle Point Credit in the 3rd quarter worth approximately $14,629,000. Black Swift Group LLC grew its stake in shares of Eagle Point Credit by 970.9% in the third quarter. Black Swift Group LLC now owns 972,370 shares of the investment management company’s stock valued at $96,000 after buying an additional 881,570 shares in the last quarter. PNC Financial Services Group Inc. acquired a new stake in shares of Eagle Point Credit in the first quarter valued at about $846,000. Morgan Stanley grew its stake in shares of Eagle Point Credit by 33.7% in the fourth quarter. Morgan Stanley now owns 234,347 shares of the investment management company’s stock valued at $2,372,000 after buying an additional 59,027 shares in the last quarter. Finally, Royal Bank of Canada grew its stake in shares of Eagle Point Credit by 68.1% in the first quarter. Royal Bank of Canada now owns 115,971 shares of the investment management company’s stock valued at $1,525,000 after buying an additional 46,964 shares in the last quarter. 19.50% of the stock is owned by hedge funds and other institutional investors.

Eagle Point Credit Stock Performance

NYSE ECC remained flat at $10.13 during mid-day trading on Thursday. The company’s stock had a trading volume of 110,943 shares, compared to its average volume of 674,188. Eagle Point Credit Company Inc. has a 12-month low of $8.60 and a 12-month high of $11.79. The firm’s fifty day simple moving average is $10.04 and its two-hundred day simple moving average is $9.79. The company has a current ratio of 6.60, a quick ratio of 6.60 and a debt-to-equity ratio of 0.22. The stock has a market capitalization of $557.66 million, a P/E ratio of 5.69 and a beta of 0.77.

Eagle Point Credit (NYSE:ECC) last issued its earnings results on Thursday, February 22nd. The investment management company reported $0.33 EPS for the quarter, missing the consensus estimate of $0.38 by ($0.05). The firm had revenue of $39.39 million during the quarter, compared to analyst estimates of $39.10 million. Eagle Point Credit had a return on equity of 14.27% and a net margin of 84.05%. During the same quarter in the previous year, the business posted $0.29 EPS. Equities research analysts forecast that Eagle Point Credit Company Inc. will post 1.42 earnings per share for the current fiscal year.

Eagle Point Credit Dividend Announcement

The firm also recently announced a monthly dividend, which will be paid on Friday, June 28th. Shareholders of record on Monday, June 10th will be paid a dividend of $0.14 per share. This represents a $1.68 annualized dividend and a yield of 16.58%. The ex-dividend date of this dividend is Monday, June 10th. Eagle Point Credit’s payout ratio is currently 94.38%.

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.