Global Assets Advisory LLC Makes New Investment in Eagle Point Credit Company Inc. (NYSE:ECC)

Global Assets Advisory LLC acquired a new stake in Eagle Point Credit Company Inc. (NYSE:ECC - Free Report) in the first quarter, according to its most recent filing with the SEC. The fund acquired 108,162 shares of the investment management company's stock, valued at approximately $844,000. Global Assets Advisory LLC owned approximately 0.14% of Eagle Point Credit at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in the stock. Legacy Investment Solutions LLC grew its holdings in 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. bought a new position in shares of Eagle Point Credit in the fourth quarter valued at approximately $2,038,000. Balboa Wealth Partners bought a new position in shares of Eagle Point Credit in the fourth quarter valued at approximately $839,000. Wedbush Securities Inc. grew its stake in 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 valued at $5,040,000 after acquiring an additional 82,367 shares in the last quarter. Finally, Thomas J. Herzfeld Advisors Inc. increased its holdings in Eagle Point Credit by 66.0% during the 4th quarter. Thomas J. Herzfeld Advisors Inc. now owns 206,460 shares of the investment management company's stock worth $1,833,000 after acquiring an additional 82,061 shares during the period. 19.50% of the stock is currently owned by hedge funds and other institutional investors.

Eagle Point Credit Price Performance

ECC traded up $0.04 during trading on Friday, reaching $7.57. The stock had a trading volume of 930,792 shares, compared to its average volume of 1,169,014. The business has a 50-day moving average of $7.71 and a 200-day moving average of $8.21. Eagle Point Credit Company Inc. has a one year low of $6.54 and a one year high of $10.32. The company has a debt-to-equity ratio of 0.32, a quick ratio of 2.23 and a current ratio of 2.23. The stock has a market cap of $582.13 million, a PE ratio of -18.91 and a beta of 0.42.

Eagle Point Credit (NYSE:ECC - Get Free Report) last announced its quarterly earnings data on Wednesday, May 28th. The investment management company reported $0.28 earnings per share for the quarter, topping analysts' consensus estimates of $0.26 by $0.02. Eagle Point Credit had a negative net margin of 27.15% and a positive return on equity of 12.90%. The firm had revenue of $52.30 million during the quarter, compared to analyst estimates of $53.54 million. As a group, equities research analysts anticipate that Eagle Point Credit Company Inc. will post 1.1 EPS for the current fiscal year.

Eagle Point Credit Dividend Announcement

The company also recently declared a monthly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Wednesday, September 10th will be issued a $0.14 dividend. This represents a $1.68 dividend on an annualized basis and a yield of 22.21%. The ex-dividend date of this dividend is Wednesday, September 10th. Eagle Point Credit's dividend payout ratio (DPR) is presently -420.00%.

Analyst Upgrades and Downgrades

Several research analysts have commented on ECC shares. Keefe, Bruyette & Woods cut their price target on shares of Eagle Point Credit from $9.00 to $7.50 and set a "market perform" rating for the company in a report on Thursday, May 29th. Credit Suisse Group set a $7.50 target price on shares of Eagle Point Credit in a research note on Thursday, May 29th.

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.