Cadent Capital Advisors LLC Sells 95,587 Shares of Eagle Point Credit Company Inc. (NYSE:ECC)

Cadent Capital Advisors LLC reduced its position in Eagle Point Credit Company Inc. (NYSE:ECC - Free Report) by 28.6% during the first quarter, according to its most recent 13F filing with the SEC. The firm owned 239,213 shares of the investment management company's stock after selling 95,587 shares during the period. Cadent Capital Advisors LLC owned 0.31% of Eagle Point Credit worth $1,938,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Parisi Gray Wealth Management raised its position in shares of Eagle Point Credit by 3.3% in the first quarter. Parisi Gray Wealth Management now owns 79,108 shares of the investment management company's stock valued at $641,000 after purchasing an additional 2,558 shares during the period. NBC Securities Inc. bought a new stake in Eagle Point Credit during the 1st quarter valued at $32,000. AdvisorNet Financial Inc purchased a new stake in shares of Eagle Point Credit during the first quarter worth $25,000. B. Riley Wealth Advisors Inc. boosted its holdings in shares of Eagle Point Credit by 16.9% in the fourth quarter. B. Riley Wealth Advisors Inc. now owns 17,061 shares of the investment management company's stock worth $152,000 after acquiring an additional 2,463 shares during the period. Finally, Ameriflex Group Inc. purchased a new position in shares of Eagle Point Credit in the fourth quarter valued at $70,000. 19.50% of the stock is owned by hedge funds and other institutional investors.

Eagle Point Credit Price Performance

NYSE:ECC traded up $0.01 during trading hours on Thursday, hitting $7.54. The stock had a trading volume of 557,579 shares, compared to its average volume of 1,163,182. The company has a 50 day simple moving average of $7.67 and a two-hundred day simple moving average of $8.30. The company has a debt-to-equity ratio of 0.32, a current ratio of 2.23 and a quick 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 firm has a market capitalization of $579.82 million, a price-to-earnings ratio of -18.84 and a beta of 0.42.

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

Eagle Point Credit Dividend Announcement

The firm also recently declared a monthly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Wednesday, September 10th will be given a dividend of $0.14 per share. The ex-dividend date is Wednesday, September 10th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 22.30%. Eagle Point Credit's dividend payout ratio (DPR) is presently -420.00%.

Insider Transactions at Eagle Point Credit

In related news, CEO Thomas P. Majewski bought 1,087 shares of the stock in a transaction that occurred on Friday, March 21st. The shares were acquired at an average cost of $23.00 per share, with a total value of $25,001.00. Following the completion of the purchase, the chief executive officer now directly owns 1,087 shares of the company's stock, valued at $25,001. This trade represents a ∞ increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. 0.17% of the stock is owned by insiders.

Analysts Set New Price Targets

ECC has been the topic of a number of recent research reports. Keefe, Bruyette & Woods dropped their price objective on Eagle Point Credit from $9.00 to $7.50 and set a "market perform" rating on the stock in a report on Thursday, May 29th. Credit Suisse Group set a $7.50 price target on Eagle Point Credit in a research report 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.