Money Concepts Capital Corp Has $427,000 Position in Eagle Point Credit Company Inc. $ECC

Money Concepts Capital Corp cut its holdings in Eagle Point Credit Company Inc. (NYSE:ECC) by 68.0% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 113,479 shares of the investment management company’s stock after selling 241,118 shares during the period. Money Concepts Capital Corp’s holdings in Eagle Point Credit were worth $427,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Geneos Wealth Management Inc. acquired a new stake in Eagle Point Credit during the second quarter worth approximately $33,000. N.E.W. Advisory Services LLC increased its position in Eagle Point Credit by 100.0% in the 4th quarter. N.E.W. Advisory Services LLC now owns 5,300 shares of the investment management company’s stock valued at $31,000 after buying an additional 2,650 shares in the last quarter. Royal Bank of Canada boosted its holdings in Eagle Point Credit by 135.5% in the fourth quarter. Royal Bank of Canada now owns 5,600 shares of the investment management company’s stock worth $32,000 after acquiring an additional 3,222 shares in the last quarter. TCTC Holdings LLC increased its holdings in shares of Eagle Point Credit by 45.5% during the fourth quarter. TCTC Holdings LLC now owns 8,000 shares of the investment management company’s stock valued at $46,000 after acquiring an additional 2,500 shares in the last quarter. Finally, Tower Research Capital LLC TRC acquired a new stake in Eagle Point Credit in the 2nd quarter valued at $65,000. Institutional investors own 19.50% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have weighed in on ECC shares. Zacks Research upgraded shares of Eagle Point Credit from a “strong sell” rating to a “hold” rating in a report on Friday, May 1st. B. Riley Financial decreased their price objective 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. Finally, Alliance Global Partners reissued a “buy” rating on shares of Eagle Point Credit in a research note on Wednesday, April 15th. Three equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat, Eagle Point Credit currently has a consensus rating of “Moderate Buy” and an average price target of $6.50.

Eagle Point Credit Trading Up 0.4%

Shares of Eagle Point Credit stock opened at $3.87 on Monday. Eagle Point Credit Company Inc. has a 1 year low of $3.46 and a 1 year high of $7.77. The firm has a market cap of $510.99 million, a PE ratio of 4.07 and a beta of 0.36. The stock has a fifty day moving average price of $3.95 and a 200-day moving average price of $4.37. The company has a debt-to-equity ratio of 0.02, a current ratio of 0.23 and a quick ratio of 0.23.

Eagle Point Credit (NYSE:ECC) last released 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 business had revenue of $42.40 million for the quarter, compared to the consensus estimate of $48.79 million. Eagle Point Credit had a negative return on equity of 1.09% and a negative net margin of 87.16%. Equities research analysts anticipate that Eagle Point Credit Company Inc. will post 0.71 EPS for the current year.

Eagle Point Credit Dividend Announcement

The business 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 $0.06 dividend. The ex-dividend date of this dividend is Thursday, September 10th. This represents a c) annualized dividend and a yield of 18.6%. Eagle Point Credit’s payout ratio is currently 151.58%.

Eagle Point Credit Profile

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.