Balboa Wealth Partners Sells 42,659 Shares of Eagle Point Credit Company Inc. (NYSE:ECC)

Balboa Wealth Partners trimmed its holdings in shares of Eagle Point Credit Company Inc. (NYSE:ECC - Free Report) by 45.1% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 51,849 shares of the investment management company's stock after selling 42,659 shares during the quarter. Balboa Wealth Partners owned about 0.07% of Eagle Point Credit worth $420,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Legacy Investment Solutions LLC boosted its holdings in shares of Eagle Point Credit by 20,306.0% in the 4th quarter. Legacy Investment Solutions LLC now owns 847,871 shares of the investment management company's stock worth $7,580,000 after purchasing an additional 843,716 shares in the last quarter. Freestone Capital Holdings LLC boosted its holdings in shares of Eagle Point Credit by 26.1% in the 4th quarter. Freestone Capital Holdings LLC now owns 222,083 shares of the investment management company's stock worth $1,972,000 after purchasing an additional 46,006 shares in the last quarter. PFG Investments LLC boosted its holdings in shares of Eagle Point Credit by 10.7% in the 1st quarter. PFG Investments LLC now owns 685,957 shares of the investment management company's stock worth $5,556,000 after purchasing an additional 66,558 shares in the last quarter. Raymond James Financial Inc. purchased a new position in shares of Eagle Point Credit in the 4th quarter worth about $2,038,000. Finally, Thomas J. Herzfeld Advisors Inc. boosted its holdings in shares of Eagle Point Credit by 66.0% in 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 purchasing an additional 82,061 shares in the last quarter. 19.50% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on ECC. Keefe, Bruyette & Woods cut their price objective on 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 Eagle Point Credit in a report on Thursday, May 29th.

Eagle Point Credit Trading Up 0.5%

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

Eagle Point Credit (NYSE:ECC - Get Free Report) last issued its earnings results on Wednesday, May 28th. The investment management company reported $0.28 earnings per share for the quarter, beating the consensus estimate of $0.26 by $0.02. The company had revenue of $52.30 million during the quarter, compared to analysts' expectations of $53.54 million. Eagle Point Credit had a positive return on equity of 12.90% and a negative net margin of 27.15%. Analysts predict that Eagle Point Credit Company Inc. will post 1.1 earnings per share for the current fiscal year.

Eagle Point Credit Announces Dividend

The business also recently announced a monthly dividend, which will be paid on Tuesday, September 30th. Investors of record on Wednesday, September 10th will be issued a dividend of $0.14 per share. This represents a $1.68 annualized dividend and a yield of 22.21%. The ex-dividend date of this dividend is Wednesday, September 10th. Eagle Point Credit's dividend payout ratio is presently -420.00%.

About Eagle Point Credit

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.