Eagle Point Credit Company Inc. $ECC Shares Sold by PFG Investments LLC

PFG Investments LLC reduced its holdings in Eagle Point Credit Company Inc. (NYSE:ECC) by 22.4% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 651,765 shares of the investment management company’s stock after selling 187,698 shares during the period. PFG Investments LLC’s holdings in Eagle Point Credit were worth $2,451,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of the stock. International Assets Investment Management LLC increased its stake in Eagle Point Credit by 201.8% during the 4th quarter. International Assets Investment Management LLC now owns 1,278,195 shares of the investment management company’s stock worth $7,362,000 after buying an additional 854,625 shares in the last quarter. Freestone Capital Holdings LLC increased its position in Eagle Point Credit by 58.7% during the fourth quarter. Freestone Capital Holdings LLC now owns 528,356 shares of the investment management company’s stock worth $3,043,000 after purchasing an additional 195,503 shares during the last quarter. Jane Street Group LLC increased its holdings in shares of Eagle Point Credit by 167.6% during the 4th quarter. Jane Street Group LLC now owns 460,318 shares of the investment management company’s stock worth $2,651,000 after buying an additional 288,314 shares during the last quarter. Rivernorth Capital Management LLC acquired a new stake in Eagle Point Credit during the fourth quarter worth $2,616,000. Finally, Money Concepts Capital Corp raised its holdings in Eagle Point Credit by 13.2% in the 4th quarter. Money Concepts Capital Corp now owns 354,597 shares of the investment management company’s stock valued at $2,042,000 after buying an additional 41,391 shares during the period. Institutional investors and hedge funds own 19.50% of the company’s stock.

Eagle Point Credit Stock Performance

Shares of ECC opened at $3.85 on Friday. Eagle Point Credit Company Inc. has a 12-month low of $3.46 and a 12-month high of $7.83. The company has a current ratio of 0.23, a quick ratio of 0.23 and a debt-to-equity ratio of 0.02. The firm has a market cap of $508.35 million, a PE ratio of 4.05 and a beta of 0.36. The company’s 50 day simple moving average is $3.97 and its 200-day simple moving average is $4.45.

Eagle Point Credit (NYSE:ECC) last announced its earnings results on Tuesday, May 19th. The investment management company reported $0.20 EPS for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.03). The firm had revenue of $42.40 million for the quarter, compared to analyst estimates of $48.79 million. As a group, equities analysts predict that Eagle Point Credit Company Inc. will post 0.71 EPS for the current year.

Eagle Point Credit Dividend Announcement

The company also recently disclosed a monthly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Thursday, September 10th will be given a dividend of $0.06 per share. The ex-dividend date is Thursday, September 10th. This represents a c) dividend on an annualized basis and a yield of 18.7%. Eagle Point Credit’s dividend payout ratio is presently 151.58%.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on ECC shares. Alliance Global Partners reissued a “buy” rating on shares of Eagle Point Credit in a research report on Wednesday, April 15th. Zacks Research raised shares of Eagle Point Credit from a “strong sell” rating to a “hold” rating in a report on Friday, May 1st. Finally, B. Riley Financial decreased their price target on Eagle Point Credit from $7.00 to $4.25 and set a “buy” rating for the company in a report on Monday, March 16th. Three investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $6.50.

About Eagle Point Credit

Eagle Point Credit Company is a closed-end, non-diversified management investment company that seeks to generate attractive risk-adjusted returns primarily through investments in collateralized loan obligations (CLOs) and related structured credit instruments. The firm is externally managed by Eagle Point Credit Management, LLC, a specialized credit asset manager focused on the structured credit markets. Eagle Point Credit Company’s shares trade on the New York Stock Exchange under the ticker symbol ECC.

The company’s investment strategy centers on acquiring both equity and debt tranches of actively managed CLOs alongside opportunistic positions in senior secured loans, high-yield bonds and credit derivatives.