Alpine Global Management LLC Sells 141,861 Shares of Eagle Point Credit Company Inc. $ECC

Alpine Global Management LLC cut its holdings in shares of Eagle Point Credit Company Inc. (NYSE:ECC) by 42.6% during the 4th quarter, Holdings Channel.com reports. The firm owned 191,472 shares of the investment management company’s stock after selling 141,861 shares during the quarter. Alpine Global Management LLC’s holdings in Eagle Point Credit were worth $1,103,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in ECC. Geneos Wealth Management Inc. purchased a new position in Eagle Point Credit during the second quarter valued at approximately $33,000. Ameriflex Group Inc. bought a new position in Eagle Point Credit in the 3rd quarter valued at $33,000. N.E.W. Advisory Services LLC grew its position in shares of Eagle Point Credit by 100.0% during 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 purchasing an additional 2,650 shares in the last quarter. Royal Bank of Canada grew its position in shares of Eagle Point Credit by 135.5% during the 4th quarter. Royal Bank of Canada now owns 5,600 shares of the investment management company’s stock valued at $32,000 after purchasing an additional 3,222 shares in the last quarter. Finally, TCTC Holdings LLC increased its holdings in shares of Eagle Point Credit by 45.5% in the fourth quarter. TCTC Holdings LLC now owns 8,000 shares of the investment management company’s stock worth $46,000 after purchasing an additional 2,500 shares during the period. Institutional investors own 19.50% of the company’s stock.

Eagle Point Credit Trading Up 2.1%

Shares of ECC stock opened at $3.69 on Friday. The stock has a market capitalization of $487.19 million, a PE ratio of 3.88 and a beta of 0.35. Eagle Point Credit Company Inc. has a 1-year low of $3.46 and a 1-year high of $7.83. The business has a 50-day moving average of $4.02 and a 200 day moving average of $4.62. 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 announced its quarterly earnings results on Tuesday, May 19th. The investment management company reported $0.20 earnings per share for the quarter, missing the consensus estimate of $0.23 by ($0.03). The firm had revenue of $42.40 million for the quarter, compared to analysts’ expectations of $48.79 million. Eagle Point Credit had a net margin of 12.33% and a return on equity of 13.47%. As a group, sell-side analysts anticipate that Eagle Point Credit Company Inc. will post 0.71 earnings per share for the current year.

Eagle Point Credit Announces Dividend

The company also recently disclosed a monthly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Thursday, September 10th will be paid a dividend of $0.06 per share. This represents a c) annualized dividend and a dividend yield of 19.5%. The ex-dividend date of this dividend is Thursday, September 10th. Eagle Point Credit’s dividend payout ratio is 151.58%.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on ECC shares. Zacks Research upgraded Eagle Point Credit from a “strong sell” rating to a “hold” rating in a research report on Friday, May 1st. Alliance Global Partners reaffirmed a “buy” rating on shares of Eagle Point Credit in a research note on Wednesday, April 15th. LADENBURG THALM/SH SH lowered shares of Eagle Point Credit from a “buy” rating to a “neutral” rating in a research report on Monday, March 2nd. Finally, B. Riley Financial cut their price target on shares of Eagle Point Credit from $7.00 to $4.25 and set a “buy” rating for the company in a research note on Monday, March 16th. Three equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $6.50.

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.