Eagle Point Credit Company Inc. $ECC Shares Sold by Legacy Wealth Managment LLC ID

Key Points

• Legacy Wealth Managment LLC ID reduced its Eagle Point Credit stake by 96% in the second quarter, selling 552,582 shares and retaining 22,977 shares valued at approximately $85,000.
• Eagle Point Credit shares rose 1.3% to $3.92, while the company’s latest quarterly results missed expectations, with EPS of $0.17 versus $0.18 expected and revenue of $37.9 million versus $41.62 million forecast.
• The company declared a monthly dividend of $0.06 per share, implying an annualized yield of about 18.4%, although its payout ratio is elevated at 196.72%.

Legacy Wealth Managment LLC ID cut its stake in Eagle Point Credit Company Inc. (NYSE:ECC - Free Report) by 96.0% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 22,977 shares of the investment management company's stock after selling 552,582 shares during the quarter. Legacy Wealth Managment LLC ID's holdings in Eagle Point Credit were worth $85,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the company. International Assets Investment Management LLC raised its holdings in shares of Eagle Point Credit by 201.8% during the fourth quarter. International Assets Investment Management LLC now owns 1,278,195 shares of the investment management company's stock valued at $7,362,000 after acquiring an additional 854,625 shares during the last quarter. Rivernorth Capital Management LLC acquired a new stake in shares of Eagle Point Credit in the fourth quarter worth approximately $2,616,000. Ares Management LLC purchased a new stake in shares of Eagle Point Credit during the fourth quarter worth approximately $1,795,000. Jane Street Group LLC increased its position in shares of Eagle Point Credit by 167.6% during the fourth quarter. Jane Street Group LLC now owns 460,318 shares of the investment management company's stock worth $2,651,000 after purchasing an additional 288,314 shares in the last quarter. Finally, Invesco Ltd. acquired a new position in Eagle Point Credit in the 4th quarter valued at $1,161,000. 19.50% of the stock is currently owned by institutional investors and hedge funds.

Eagle Point Credit Trading Up 1.3%

Shares of ECC stock opened at $3.92 on Friday. The stock's fifty day moving average is $3.81 and its two-hundred day moving average is $3.90. The company has a debt-to-equity ratio of 0.03, a quick ratio of 0.54 and a current ratio of 0.54. The firm has a market capitalization of $518.26 million, a P/E ratio of 6.43 and a beta of 0.36. Eagle Point Credit Company Inc. has a fifty-two week low of $3.46 and a fifty-two week high of $7.77.

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

Eagle Point Credit Announces Dividend

The firm also recently declared a monthly dividend, which will be paid on Thursday, December 31st. Investors of record on Friday, December 11th will be given a dividend of $0.06 per share. The ex-dividend date is Friday, December 11th. This represents a c) dividend on an annualized basis and a yield of 18.4%. Eagle Point Credit's payout ratio is presently 196.72%.

About Eagle Point Credit

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.

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