Matrix Private Capital Group LLC cut its position in Eagle Point Credit Company Inc. (NYSE:ECC – Free Report) by 12.0% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 58,600 shares of the investment management company’s stock after selling 8,000 shares during the quarter. Matrix Private Capital Group LLC owned about 0.11% of Eagle Point Credit worth $655,000 at the end of the most recent reporting period.
Other institutional investors have also recently made changes to their positions in the company. CoreCap Advisors LLC bought a new stake in Eagle Point Credit in the 4th quarter valued at about $25,000. Ameritas Advisory Services LLC purchased a new position in shares of Eagle Point Credit in the first quarter worth about $29,000. Tower Research Capital LLC TRC raised its position in shares of Eagle Point Credit by 492.3% in the third quarter. Tower Research Capital LLC TRC now owns 2,843 shares of the investment management company’s stock valued at $31,000 after purchasing an additional 2,363 shares during the period. Money Concepts Capital Corp purchased a new stake in shares of Eagle Point Credit during the 4th quarter valued at approximately $50,000. Finally, Belpointe Asset Management LLC bought a new position in Eagle Point Credit in the 4th quarter worth approximately $84,000. Hedge funds and other institutional investors own 26.44% of the company’s stock.
Analysts Set New Price Targets
A number of brokerages have issued reports on ECC. Keefe, Bruyette & Woods lowered their target price on shares of Eagle Point Credit from $11.00 to $10.00 and set a “market perform” rating on the stock in a report on Thursday, August 17th. B. Riley dropped their price objective on Eagle Point Credit from $13.00 to $12.00 in a report on Tuesday, June 6th.
Eagle Point Credit Trading Down 0.2 %
Eagle Point Credit stock opened at $10.20 on Friday. Eagle Point Credit Company Inc. has a 1-year low of $9.96 and a 1-year high of $11.84. The firm has a market capitalization of $561.51 million, a PE ratio of 11.59 and a beta of 0.86. The firm’s 50 day simple moving average is $10.31 and its 200 day simple moving average is $10.69.
Eagle Point Credit (NYSE:ECC – Get Free Report) last released its quarterly earnings results on Tuesday, August 15th. The investment management company reported $0.32 earnings per share for the quarter, missing the consensus estimate of $0.40 by ($0.08). Eagle Point Credit had a return on equity of 15.46% and a net margin of 35.65%. The firm had revenue of $31.73 million during the quarter, compared to the consensus estimate of $35.40 million. During the same period in the previous year, the company posted $0.43 EPS. Research analysts forecast that Eagle Point Credit Company Inc. will post 1.46 earnings per share for the current year.
Eagle Point Credit Announces Dividend
The firm also recently disclosed a monthly dividend, which will be paid on Friday, December 29th. Stockholders of record on Monday, December 11th will be issued a dividend of $0.14 per share. This represents a $1.68 annualized dividend and a dividend yield of 16.47%. The ex-dividend date of this dividend is Friday, December 8th. Eagle Point Credit’s payout ratio is 190.91%.
Eagle Point Credit Company 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.
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