Freestone Capital Holdings LLC Has $2.84 Million Stock Position in Eagle Point Credit Company Inc. $ECC

Key Points

• Freestone Capital Holdings LLC increased its stake in Eagle Point Credit Company Inc. to $2.84 million, representing a 57.9% increase in its holdings during the first quarter, owning 350,614 shares of the company.
• Several institutional investors, including Wedbush Securities Inc. and PFG Investments LLC, also boosted their positions in ECC during the same period, indicating growing interest in the company.
• Eagle Point Credit announced a monthly dividend of $0.14 per share, with an annualized yield of 25.1%, reflecting its substantial payout ratio of 1,527.27%.

Freestone Capital Holdings LLC raised its holdings in shares of Eagle Point Credit Company Inc. (NYSE:ECC - Free Report) by 57.9% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 350,614 shares of the investment management company's stock after purchasing an additional 128,531 shares during the quarter. Freestone Capital Holdings LLC owned approximately 0.46% of Eagle Point Credit worth $2,840,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in ECC. Raymond James Financial Inc. bought a new position in Eagle Point Credit during the 4th quarter worth $2,038,000. Wedbush Securities Inc. increased its position in Eagle Point Credit by 31.3% during the 1st quarter. Wedbush Securities Inc. now owns 745,271 shares of the investment management company's stock worth $6,037,000 after buying an additional 177,661 shares during the period. Money Concepts Capital Corp increased its position in shares of Eagle Point Credit by 61.3% in the first quarter. Money Concepts Capital Corp now owns 308,196 shares of the investment management company's stock worth $2,496,000 after purchasing an additional 117,157 shares during the period. J.W. Cole Advisors Inc. increased its position in shares of Eagle Point Credit by 75.6% in the first quarter. J.W. Cole Advisors Inc. now owns 266,515 shares of the investment management company's stock worth $2,159,000 after purchasing an additional 114,706 shares during the period. Finally, Global Assets Advisory LLC bought a new position in shares of Eagle Point Credit in the first quarter worth $844,000. Institutional investors own 19.50% of the company's stock.

Eagle Point Credit Trading Up 1.8%

Shares of ECC stock traded up $0.1250 during mid-day trading on Friday, reaching $7.0050. 1,104,592 shares of the stock traded hands, compared to its average volume of 1,912,512. The stock's fifty day simple moving average is $7.21 and its two-hundred day simple moving average is $7.73. Eagle Point Credit Company Inc. has a 1-year low of $6.00 and a 1-year high of $10.06. The company has a market cap of $539.03 million, a price-to-earnings ratio of 63.69 and a beta of 0.38. The company has a quick ratio of 2.23, a current ratio of 2.23 and a debt-to-equity ratio of 0.32.

Eagle Point Credit (NYSE:ECC - Get Free Report) last announced its quarterly earnings results on Wednesday, May 28th. The investment management company reported $0.28 EPS for the quarter, beating analysts' consensus estimates of $0.26 by $0.02. Eagle Point Credit had a return on equity of 13.49% and a net margin of 6.73%.The firm had revenue of $52.30 million for the quarter, compared to analyst estimates of $53.54 million. On average, research analysts anticipate that Eagle Point Credit Company Inc. will post 1.1 EPS for the current fiscal year.

Eagle Point Credit Announces Dividend

The business also recently disclosed a monthly dividend, which will be paid on Wednesday, December 31st. Investors of record on Thursday, December 11th will be paid a $0.14 dividend. This represents a c) dividend on an annualized basis and a dividend yield of 24.0%. The ex-dividend date of this dividend is Thursday, December 11th. Eagle Point Credit's payout ratio is currently 1,527.27%.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on ECC shares. Keefe, Bruyette & Woods decreased their price target on Eagle Point Credit from $9.00 to $7.50 and set a "market perform" rating on the stock in a research report on Thursday, May 29th. LADENBURG THALM/SH SH upgraded Eagle Point Credit to a "strong-buy" rating in a research report on Wednesday, August 13th. Finally, Credit Suisse Group set a $7.50 target price on Eagle Point Credit in a research report on Thursday, May 29th. One investment analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and an average target price of $8.67.

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.