PFG Investments LLC Trims Stake in Eagle Point Credit Company Inc. $ECC

PFG Investments LLC decreased its stake in Eagle Point Credit Company Inc. (NYSE:ECC) by 22.4% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 651,765 shares of the investment management company’s stock after selling 187,698 shares during the quarter. PFG Investments LLC owned approximately 0.49% of Eagle Point Credit worth $2,451,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. TCTC Holdings LLC raised its holdings in 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 during the period. N.E.W. Advisory Services LLC raised its stake in Eagle Point Credit by 100.0% during the fourth 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. Ferguson Shapiro LLC lifted its holdings in shares of Eagle Point Credit by 10.2% in the 1st quarter. Ferguson Shapiro LLC now owns 32,624 shares of the investment management company’s stock valued at $123,000 after acquiring an additional 3,008 shares during the last quarter. Compound Planning Inc. lifted its stake in shares of Eagle Point Credit by 19.5% in the 4th quarter. Compound Planning Inc. now owns 19,220 shares of the investment management company’s stock valued at $111,000 after purchasing an additional 3,135 shares during the last quarter. Finally, Royal Bank of Canada lifted its position 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 buying an additional 3,222 shares during the last quarter. 19.50% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several analysts have issued reports on the stock. Zacks Research raised shares of 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 price objective 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. Finally, Alliance Global Partners restated a “buy” rating on shares of Eagle Point Credit in a report on Wednesday, April 15th. Three analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $6.50.

Eagle Point Credit Trading Down 0.4%

NYSE:ECC opened at $3.85 on Friday. The firm has a fifty day simple moving average of $3.97 and a 200-day simple moving average of $4.45. Eagle Point Credit Company Inc. has a 12 month low of $3.46 and a 12 month high of $7.83. The company has a current ratio of 0.23, a quick ratio of 0.23 and a debt-to-equity ratio of 0.02. The company has a market capitalization of $508.35 million, a P/E ratio of 4.05 and a beta of 0.36.

Eagle Point Credit (NYSE:ECC) last announced its quarterly earnings data on Tuesday, May 19th. The investment management company reported $0.20 earnings per share for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.03). The firm had revenue of $42.40 million during the quarter, compared to analyst estimates of $48.79 million. On average, equities research analysts anticipate that Eagle Point Credit Company Inc. will post 0.71 earnings per share for the current year.

Eagle Point Credit Dividend Announcement

The firm 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 $0.06 dividend. This represents a c) annualized dividend and a yield of 18.7%. The ex-dividend date of this dividend is Thursday, September 10th. Eagle Point Credit’s dividend payout ratio is presently 151.58%.

Eagle Point Credit Company 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.