Money Concepts Capital Corp Sells 241,118 Shares of Eagle Point Credit Company Inc. $ECC

Money Concepts Capital Corp cut its holdings in Eagle Point Credit Company Inc. (NYSE:ECC) by 68.0% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 113,479 shares of the investment management company’s stock after selling 241,118 shares during the quarter. Money Concepts Capital Corp owned approximately 0.09% of Eagle Point Credit worth $427,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Geneos Wealth Management Inc. acquired a new stake in shares of Eagle Point Credit in the 2nd quarter valued at approximately $33,000. N.E.W. Advisory Services LLC lifted its stake 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 purchasing an additional 2,650 shares during the last quarter. Royal Bank of Canada lifted its stake in Eagle Point Credit by 135.5% in 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 during the last quarter. TCTC Holdings LLC boosted its position in 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 valued at $46,000 after buying an additional 2,500 shares in the last quarter. Finally, Tower Research Capital LLC TRC bought a new stake in shares of Eagle Point Credit during the second quarter worth $65,000. Institutional investors own 19.50% of the company’s stock.

Eagle Point Credit Stock Performance

NYSE ECC opened at $3.87 on Monday. The company has a market capitalization of $510.99 million, a price-to-earnings ratio of 4.07 and a beta of 0.36. The company has a quick ratio of 0.23, a current ratio of 0.23 and a debt-to-equity ratio of 0.02. Eagle Point Credit Company Inc. has a twelve month low of $3.46 and a twelve month high of $7.77. The stock has a fifty day simple moving average of $3.95 and a 200 day simple moving average of $4.37.

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 the consensus estimate of $0.23 by ($0.03). Eagle Point Credit had a negative return on equity of 1.09% and a negative net margin of 87.16%.The company had revenue of $42.40 million for the quarter, compared to analyst estimates of $48.79 million. Sell-side analysts expect that Eagle Point Credit Company Inc. will post 0.71 EPS for the current year.

Eagle Point Credit Announces Dividend

The company also recently declared a monthly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Thursday, September 10th will be issued a dividend of $0.06 per share. The ex-dividend date is Thursday, September 10th. This represents a c) annualized dividend and a yield of 18.6%. Eagle Point Credit’s dividend payout ratio (DPR) is presently 151.58%.

Analysts Set New Price Targets

ECC has been the subject of a number of research reports. Zacks Research upgraded Eagle Point Credit from a “strong sell” rating to a “hold” rating in a research note on Friday, May 1st. B. Riley Financial lowered their target price 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 reiterated a “buy” rating on shares of Eagle Point Credit in a research report on Wednesday, April 15th. Three research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, Eagle Point Credit 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.