Eagle Point Credit Company Inc. $ECC Position Decreased by International Assets Investment Management LLC

Key Points

• International Assets Investment Management cut its Eagle Point Credit stake by 68.6% in the third quarter, selling 655,629 shares and retaining 300,000 shares valued at about $1.04 million.
• Eagle Point Credit reported quarterly EPS of $0.17, below the $0.18 consensus, and revenue of $37.9 million versus estimates of $41.62 million.
• Analysts’ consensus rating is “Moderate Buy,” with a $3.75 average price target. The company declared a monthly dividend of $0.06 per share, equivalent to a 27.4% annualized yield.

International Assets Investment Management LLC cut its stake in Eagle Point Credit Company Inc. (NYSE:ECC - Free Report) by 68.6% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 300,000 shares of the investment management company's stock after selling 655,629 shares during the period. International Assets Investment Management LLC owned approximately 0.23% of Eagle Point Credit worth $1,038,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. PNC Financial Services Group Inc. lifted its position in Eagle Point Credit by 3,944.6% during the first quarter. PNC Financial Services Group Inc. now owns 56,624 shares of the investment management company's stock worth $213,000 after buying an additional 55,224 shares in the last quarter. Attessa Capital LLC purchased a new stake in Eagle Point Credit in the 2nd quarter valued at $135,000. Global Retirement Partners LLC purchased a new stake in Eagle Point Credit in the 2nd quarter valued at $117,000. Cetera Investment Advisers increased its stake in shares of Eagle Point Credit by 21.4% in the 1st quarter. Cetera Investment Advisers now owns 142,565 shares of the investment management company's stock worth $536,000 after acquiring an additional 25,155 shares during the last quarter. Finally, RPg Family Wealth Advisory LLC acquired a new stake in shares of Eagle Point Credit in the 2nd quarter worth $91,000. Institutional investors and hedge funds own 19.50% of the company's stock.

Wall Street Analysts Forecast Growth

Separately, Credit Suisse Group set a $3.25 price target on Eagle Point Credit in a report on Thursday, October 15th. Two research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $3.75.

Eagle Point Credit Trading Down 0.2%

Shares of Eagle Point Credit stock opened at $2.62 on Thursday. The firm has a market capitalization of $347.05 million, a price-to-earnings ratio of 4.30 and a beta of 0.40. The company has a debt-to-equity ratio of 0.03, a quick ratio of 0.54 and a current ratio of 0.54. Eagle Point Credit Company Inc. has a fifty-two week low of $2.55 and a fifty-two week high of $6.45. The stock has a 50 day moving average of $3.31 and a 200 day moving average of $3.89.

Eagle Point Credit (NYSE:ECC - Get Free Report) last posted its earnings results on Thursday, August 13th. The investment management company reported $0.17 earnings per share for the quarter, missing the consensus estimate of $0.18 by ($0.01). The company had revenue of $37.90 million during the quarter, compared to analyst estimates of $41.62 million. Eagle Point Credit had a negative net margin of 84.29% and a negative return on equity of 1.83%. As a group, research analysts predict that Eagle Point Credit Company Inc. will post 0.68 earnings per share for the current year.

Eagle Point Credit Announces Dividend

The business also recently declared a monthly dividend, which will be paid on Thursday, December 31st. Shareholders of record on Friday, December 11th will be given a $0.06 dividend. The ex-dividend date of this dividend is Friday, December 11th. This represents a $0.72 dividend on an annualized basis and a yield of 27.4%. Eagle Point Credit's dividend payout ratio (DPR) is currently 170.49%.

Eagle Point Credit Profile

Eagle Point Credit Company Inc NYSE: ECC is a closed-end management investment company focused on investments in collateralized loan obligations (CLOs). The company seeks to generate current income and, to a lesser extent, capital appreciation through exposure to CLO equity and junior debt securities.

CLOs are structured finance vehicles that generally hold portfolios of senior secured corporate loans. Eagle Point Credit may invest across different layers of the CLO capital structure, including subordinated securities, preferred equity and other related investments.

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