Legacy Wealth Managment LLC ID Cuts Holdings in Eagle Point Credit Company Inc. $ECC

Key Points

• Legacy Wealth Management LLC ID reduced its stake in Eagle Point Credit Company Inc. (NYSE:ECC) by 4.6%, holding 809,284 shares after selling 38,587 shares during the 1st quarter.
• Several other institutional investors, including Wedbush Securities Inc. and PFG Investments LLC, have increased their positions in Eagle Point Credit, indicating a mix of buy and sell activity among major stakeholders.
• Eagle Point Credit announced a monthly dividend of $0.14, with a significant annualized yield of 22.2%, reflecting its high dividend payout ratio of 1,527.27%.

Legacy Wealth Managment LLC ID trimmed its position in shares of Eagle Point Credit Company Inc. (NYSE:ECC - Free Report) by 4.6% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 809,284 shares of the investment management company's stock after selling 38,587 shares during the period. Eagle Point Credit accounts for approximately 4.6% of Legacy Wealth Managment LLC ID's investment portfolio, making the stock its 6th biggest position. Legacy Wealth Managment LLC ID owned approximately 1.05% of Eagle Point Credit worth $6,555,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the company. Wedbush Securities Inc. increased its holdings in shares of Eagle Point Credit by 31.3% in the first quarter. Wedbush Securities Inc. now owns 745,271 shares of the investment management company's stock valued at $6,037,000 after purchasing an additional 177,661 shares during the last quarter. Global Assets Advisory LLC acquired a new position in Eagle Point Credit during the first quarter worth about $844,000. PFG Investments LLC increased its stake in shares of Eagle Point Credit by 10.7% in the first quarter. PFG Investments LLC now owns 685,957 shares of the investment management company's stock valued at $5,556,000 after buying an additional 66,558 shares during the period. Cetera Investment Advisers increased its stake in shares of Eagle Point Credit by 151.7% in the first quarter. Cetera Investment Advisers now owns 70,746 shares of the investment management company's stock valued at $573,000 after buying an additional 42,637 shares during the period. Finally, SFI Advisors LLC increased its stake in shares of Eagle Point Credit by 174.6% in the first quarter. SFI Advisors LLC now owns 65,173 shares of the investment management company's stock valued at $528,000 after buying an additional 41,438 shares during the period. 19.50% of the stock is currently owned by institutional investors and hedge funds.

Eagle Point Credit Stock Down 0.1%

Shares of ECC traded down $0.01 during trading hours on Friday, reaching $7.05. The stock had a trading volume of 656,249 shares, compared to its average volume of 1,480,261. Eagle Point Credit Company Inc. has a 12 month low of $6.00 and a 12 month high of $10.00. The firm has a 50-day simple moving average of $7.15 and a 200 day simple moving average of $7.60. The company has a current ratio of 2.23, a quick ratio of 2.23 and a debt-to-equity ratio of 0.32. The company has a market capitalization of $542.11 million, a price-to-earnings ratio of 64.05 and a beta of 0.38.

Eagle Point Credit Dividend Announcement

The company also recently announced a monthly dividend, which will be paid on Friday, November 28th. Investors of record on Monday, November 10th will be issued a $0.14 dividend. This represents a c) dividend on an annualized basis and a dividend yield of 23.8%. The ex-dividend date is Monday, November 10th. Eagle Point Credit's dividend payout ratio (DPR) is currently 1,527.27%.

Analyst Ratings Changes

Several research firms have recently issued reports on ECC. Keefe, Bruyette & Woods lowered their price objective on 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. LADENBURG THALM/SH SH raised shares of 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 shares of Eagle Point Credit in a research report on Thursday, May 29th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Buy" and a consensus target price of $8.67.

Eagle Point Credit Company 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.