Eagle Point Credit Company Inc. (NYSE:ECC) Shares Sold by CoreCap Advisors LLC

CoreCap Advisors LLC reduced its holdings in Eagle Point Credit Company Inc. (NYSE:ECC) by 48.0% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 4,800 shares of the investment management company’s stock after selling 4,436 shares during the period. CoreCap Advisors LLC’s holdings in Eagle Point Credit were worth $43,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. Legacy Investment Solutions LLC lifted its position in shares of Eagle Point Credit by 20,306.0% during the 4th quarter. Legacy Investment Solutions LLC now owns 847,871 shares of the investment management company’s stock valued at $7,580,000 after buying an additional 843,716 shares in the last quarter. Raymond James Financial Inc. purchased a new position in Eagle Point Credit during the fourth quarter valued at $2,038,000. Money Concepts Capital Corp purchased a new position in Eagle Point Credit during the fourth quarter valued at $1,696,000. Balboa Wealth Partners acquired a new stake in shares of Eagle Point Credit in the fourth quarter valued at about $839,000. Finally, Wedbush Securities Inc. increased its stake in shares of Eagle Point Credit by 17.0% during the fourth quarter. Wedbush Securities Inc. now owns 567,610 shares of the investment management company’s stock worth $5,040,000 after purchasing an additional 82,367 shares in the last quarter. 19.50% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, CEO Thomas P. Majewski purchased 1,087 shares of Eagle Point Credit stock in a transaction dated Friday, March 21st. The shares were acquired at an average price of $23.00 per share, for a total transaction of $25,001.00. Following the acquisition, the chief executive officer now directly owns 1,087 shares in the company, valued at approximately $25,001. The trade was a ∞ increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.17% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Separately, Credit Suisse Group set a $10.00 price target on shares of Eagle Point Credit in a research note on Monday, April 21st.

Eagle Point Credit Stock Down 1.8%

Shares of ECC opened at $7.70 on Thursday. The stock has a 50 day moving average price of $7.80 and a 200 day moving average price of $8.59. The company has a debt-to-equity ratio of 0.18, a quick ratio of 2.27 and a current ratio of 2.27. The stock has a market capitalization of $592.50 million, a price-to-earnings ratio of 9.17 and a beta of 0.46. Eagle Point Credit Company Inc. has a one year low of $6.54 and a one year high of $10.49.

Eagle Point Credit (NYSE:ECC) last announced its quarterly earnings data on Thursday, February 20th. The investment management company reported $0.27 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.28 by ($0.01). Eagle Point Credit had a net margin of 44.67% and a return on equity of 12.53%. The business had revenue of $49.55 million for the quarter, compared to analysts’ expectations of $49.76 million. Equities research analysts forecast that Eagle Point Credit Company Inc. will post 1.1 earnings per share for the current fiscal year.

Eagle Point Credit Dividend Announcement

The business also recently disclosed a dividend, which will be paid on Friday, May 30th. Investors of record on Tuesday, May 13th will be given a dividend of $0.14 per share. The ex-dividend date is Monday, May 12th. This represents a yield of 21.08%. Eagle Point Credit’s payout ratio is 200.00%.

Eagle Point Credit 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.