Eagle Point Credit Company Inc. (NYSE:ECC) Position Cut by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. trimmed its stake in Eagle Point Credit Company Inc. (NYSE:ECC) by 18.5% during the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 50,600 shares of the investment management company’s stock after selling 11,450 shares during the quarter. PNC Financial Services Group Inc. owned approximately 0.09% of Eagle Point Credit worth $481,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Financial Advocates Investment Management lifted its stake in Eagle Point Credit by 4.5% in the fourth quarter. Financial Advocates Investment Management now owns 26,823 shares of the investment management company’s stock valued at $255,000 after buying an additional 1,157 shares during the last quarter. Kestra Advisory Services LLC lifted its stake in Eagle Point Credit by 7.8% in the third quarter. Kestra Advisory Services LLC now owns 28,478 shares of the investment management company’s stock valued at $289,000 after buying an additional 2,062 shares during the last quarter. Arlington Capital Management Inc. bought a new stake in Eagle Point Credit in the fourth quarter valued at $506,000. Parisi Gray Wealth Management lifted its stake in Eagle Point Credit by 71.4% in the fourth quarter. Parisi Gray Wealth Management now owns 60,000 shares of the investment management company’s stock valued at $570,000 after buying an additional 25,000 shares during the last quarter. Finally, Kestra Private Wealth Services LLC raised its stake in shares of Eagle Point Credit by 10.8% during the fourth quarter. Kestra Private Wealth Services LLC now owns 68,986 shares of the investment management company’s stock valued at $655,000 after purchasing an additional 6,700 shares in the last quarter. 19.50% of the stock is currently owned by institutional investors.

Eagle Point Credit Price Performance

Shares of NYSE ECC opened at $10.05 on Friday. Eagle Point Credit Company Inc. has a fifty-two week low of $8.60 and a fifty-two week high of $10.58. The firm’s 50-day simple moving average is $10.15 and its 200 day simple moving average is $10.00. The company has a quick ratio of 6.60, a current ratio of 6.60 and a debt-to-equity ratio of 0.22. The stock has a market cap of $773.35 million, a P/E ratio of 5.40 and a beta of 0.78.

Eagle Point Credit (NYSE:ECC) last issued its quarterly earnings data on Tuesday, May 21st. The investment management company reported $0.29 earnings per share for the quarter, missing analysts’ consensus estimates of $0.35 by ($0.06). Eagle Point Credit had a net margin of 88.90% and a return on equity of 14.21%. The company had revenue of $40.81 million for the quarter, compared to the consensus estimate of $42.30 million. Equities analysts expect that Eagle Point Credit Company Inc. will post 1.34 EPS for the current year.

Eagle Point Credit Announces Dividend

The business also recently disclosed a monthly dividend, which will be paid on Monday, September 30th. Investors of record on Tuesday, September 10th will be paid a dividend of $0.14 per share. This represents a $1.68 dividend on an annualized basis and a dividend yield of 16.72%. The ex-dividend date of this dividend is Tuesday, September 10th. Eagle Point Credit’s dividend payout ratio is currently 90.32%.

About Eagle Point Credit

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.