Triumph Capital Management Reduces Position in Eagle Point Credit Company Inc. (NYSE:ECC)

Triumph Capital Management lowered its stake in Eagle Point Credit Company Inc. (NYSE:ECC - Free Report) by 25.8% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 109,495 shares of the investment management company's stock after selling 38,038 shares during the quarter. Triumph Capital Management owned 0.14% of Eagle Point Credit worth $972,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in the business. Legacy Investment Solutions LLC raised its holdings in shares of Eagle Point Credit by 20,306.0% during the fourth quarter. Legacy Investment Solutions LLC now owns 847,871 shares of the investment management company's stock valued at $7,580,000 after acquiring an additional 843,716 shares in the last quarter. Freestone Capital Holdings LLC raised its holdings in shares of Eagle Point Credit by 26.1% during the fourth quarter. Freestone Capital Holdings LLC now owns 222,083 shares of the investment management company's stock valued at $1,972,000 after acquiring an additional 46,006 shares in the last quarter. Balboa Wealth Partners bought a new position in shares of Eagle Point Credit during the fourth quarter valued at approximately $839,000. Raymond James Financial Inc. purchased a new stake in Eagle Point Credit in the fourth quarter worth $2,038,000. Finally, Thomas J. Herzfeld Advisors Inc. grew its stake in Eagle Point Credit by 66.0% in the fourth 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 during the period. 19.50% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Eagle Point Credit

In related news, CEO Thomas P. Majewski bought 1,087 shares of the business's stock in a transaction dated Friday, March 21st. The shares were purchased 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 owns 1,087 shares in the company, valued at approximately $25,001. The trade was a ∞ increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 0.17% of the company's stock.

Wall Street Analysts Forecast Growth

Separately, Credit Suisse Group set a $10.00 price target on Eagle Point Credit in a research note on Monday, April 21st.

Eagle Point Credit Stock Down 0.9%

ECC stock traded down $0.07 during midday trading on Tuesday, hitting $7.73. The stock had a trading volume of 616,677 shares, compared to its average volume of 1,142,068. The firm has a market cap of $594.81 million, a price-to-earnings ratio of 9.20 and a beta of 0.46. The business has a 50-day moving average of $7.76 and a two-hundred day moving average of $8.54. Eagle Point Credit Company Inc. has a 52-week low of $6.54 and a 52-week high of $10.49. The company has a debt-to-equity ratio of 0.18, a current ratio of 2.27 and a quick ratio of 2.27.

Eagle Point Credit (NYSE:ECC - Get Free Report) last issued its quarterly earnings results on Thursday, February 20th. The investment management company reported $0.27 earnings per share for the quarter, missing the consensus estimate of $0.28 by ($0.01). The firm had revenue of $49.55 million during the quarter, compared to analysts' expectations of $49.76 million. Eagle Point Credit had a return on equity of 12.53% and a net margin of 44.67%. As a group, equities 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 business also recently announced a dividend, which will be paid on Friday, May 30th. Stockholders of record on Tuesday, May 13th will be paid a $0.14 dividend. The ex-dividend date is Monday, May 12th. This represents a dividend yield of 21.08%. Eagle Point Credit's dividend payout ratio is currently 200.00%.

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.