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

Balboa Wealth Partners decreased its position in shares of Eagle Point Credit Company Inc. (NYSE:ECC - Free Report) by 45.1% during the first quarter, according to its most recent filing with the Securities and 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 approximately 0.07% of Eagle Point Credit worth $420,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in ECC. Private Advisor Group LLC grew its position in shares of Eagle Point Credit by 11.9% during the 4th quarter. Private Advisor Group LLC now owns 94,596 shares of the investment management company's stock worth $840,000 after buying an additional 10,024 shares in the last quarter. Ieq Capital LLC bought a new position in shares of Eagle Point Credit during the 4th quarter worth $145,000. Union Bancaire Privee UBP SA bought a new position in shares of Eagle Point Credit during the 4th quarter worth $27,000. Raymond James Financial Inc. bought a new position in shares of Eagle Point Credit during the 4th quarter worth $2,038,000. Finally, Freestone Capital Holdings LLC grew its position in shares of Eagle Point Credit by 26.1% during the 4th quarter. Freestone Capital Holdings LLC now owns 222,083 shares of the investment management company's stock worth $1,972,000 after buying an additional 46,006 shares in the last quarter. Institutional investors own 19.50% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the company. Credit Suisse Group set a $7.50 price objective on Eagle Point Credit in a research note on Thursday, May 29th. Keefe, Bruyette & Woods decreased their price objective on Eagle Point Credit from $9.00 to $7.50 and set a "market perform" rating for the company in a research note on Thursday, May 29th.

Eagle Point Credit Trading Down 0.9%

Eagle Point Credit stock opened at $7.48 on Tuesday. The stock has a 50-day moving average of $7.69 and a two-hundred day moving average of $8.25. 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 Company Inc. has a one year low of $6.54 and a one year high of $10.32. The stock has a market cap of $575.59 million, a PE ratio of -18.70 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, beating analysts' consensus estimates of $0.26 by $0.02. The business had revenue of $52.30 million for the quarter, compared to analyst estimates of $53.54 million. Eagle Point Credit had a positive return on equity of 12.90% and a negative net margin of 27.15%. On average, 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 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 22.46%. The ex-dividend date is Wednesday, September 10th. Eagle Point Credit's dividend payout ratio (DPR) is -420.00%.

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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