Freestone Capital Holdings LLC Has $2.84 Million Stake 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 boosted its holdings in shares of Eagle Point Credit Company Inc. (NYSE:ECC - Free Report) by 57.9% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 350,614 shares of the investment management company's stock after buying an additional 128,531 shares during the quarter. Freestone Capital Holdings LLC owned about 0.46% of Eagle Point Credit worth $2,840,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of ECC. Wedbush Securities Inc. boosted its holdings in Eagle Point Credit by 31.3% during the first quarter. Wedbush Securities Inc. now owns 745,271 shares of the investment management company's stock valued at $6,037,000 after acquiring an additional 177,661 shares during the period. Global Assets Advisory LLC bought a new stake in Eagle Point Credit during the first quarter valued at about $844,000. PFG Investments LLC boosted its holdings in Eagle Point Credit by 10.7% during the first quarter. PFG Investments LLC now owns 685,957 shares of the investment management company's stock valued at $5,556,000 after acquiring an additional 66,558 shares during the period. Cambridge Investment Research Advisors Inc. lifted its stake in shares of Eagle Point Credit by 5.2% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 89,746 shares of the investment management company's stock valued at $727,000 after buying an additional 4,423 shares during the period. Finally, J.W. Cole Advisors Inc. lifted its stake 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 valued at $2,159,000 after buying an additional 114,706 shares during the period. 19.50% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms recently weighed in on ECC. LADENBURG THALM/SH SH upgraded shares of Eagle Point Credit to a "strong-buy" rating in a research note on Wednesday, August 13th. Keefe, Bruyette & Woods reduced their target price on shares of Eagle Point Credit from $9.00 to $7.50 and set a "market perform" rating for the company in a research note on Thursday, May 29th. Finally, Credit Suisse Group set a $7.50 target price on shares of Eagle Point Credit in a research note on Thursday, May 29th.

Eagle Point Credit Stock Up 0.6%

NYSE ECC opened at $6.70 on Monday. The firm has a market cap of $515.57 million, a PE ratio of 60.91 and a beta of 0.38. Eagle Point Credit Company Inc. has a one year low of $6.00 and a one year high of $10.06. The stock's 50 day simple moving average is $7.30 and its 200 day simple moving average is $7.79. 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 (NYSE:ECC - Get Free Report) last released its quarterly earnings results on Wednesday, May 28th. The investment management company reported $0.28 EPS for the quarter, topping analysts' consensus estimates of $0.26 by $0.02. The business had revenue of $52.30 million for the quarter, compared to analyst estimates of $53.54 million. Eagle Point Credit had a return on equity of 13.49% and a net margin of 6.73%. As a group, sell-side analysts forecast that Eagle Point Credit Company Inc. will post 1.1 earnings per share for the current fiscal year.

Eagle Point Credit Announces Dividend

The firm also recently announced a monthly dividend, which will be paid on Wednesday, December 31st. Shareholders of record on Thursday, December 11th will be issued a dividend of $0.14 per share. This represents a c) dividend on an annualized basis and a yield of 25.1%. The ex-dividend date of this dividend is Thursday, December 11th. Eagle Point Credit's payout ratio is currently 1,527.27%.

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.

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