Legacy Wealth Managment LLC ID Sells 290,286 Shares of Eagle Point Credit Company Inc. $ECC

Key Points

• Legacy Wealth Management cut its stake in Eagle Point Credit by 34% in the fourth quarter, selling 290,286 shares and leaving it with 563,306 shares worth about $3.25 million.
• Analyst sentiment is mixed: recent moves included a downgrade from buy to neutral and a raise from strong sell to hold, while the consensus rating remains Moderate Buy with an average price target of $6.67.
• Eagle Point Credit also announced a monthly dividend of $0.06 per share, payable June 30, implying a high 16.9% yield based on the article.

Legacy Wealth Managment LLC ID lessened its stake in shares of Eagle Point Credit Company Inc. (NYSE:ECC - Free Report) by 34.0% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 563,306 shares of the investment management company's stock after selling 290,286 shares during the quarter. Eagle Point Credit comprises approximately 1.6% of Legacy Wealth Managment LLC ID's holdings, making the stock its 12th largest position. Legacy Wealth Managment LLC ID owned about 0.45% of Eagle Point Credit worth $3,245,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. North Ground Capital bought a new stake in Eagle Point Credit during the 3rd quarter valued at approximately $4,186,000. Alpine Global Management LLC bought a new position in shares of Eagle Point Credit during the 3rd quarter worth approximately $2,203,000. Freestone Capital Holdings LLC lifted its position in shares of Eagle Point Credit by 58.7% during the 4th quarter. Freestone Capital Holdings LLC now owns 528,356 shares of the investment management company's stock worth $3,043,000 after buying an additional 195,503 shares during the period. International Assets Investment Management LLC lifted its position in shares of Eagle Point Credit by 201.8% during the 4th quarter. International Assets Investment Management LLC now owns 1,278,195 shares of the investment management company's stock worth $7,362,000 after buying an additional 854,625 shares during the period. Finally, Spire Wealth Management bought a new position in shares of Eagle Point Credit during the 3rd quarter worth approximately $37,000. Institutional investors own 19.50% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the company. Zacks Research raised Eagle Point Credit from a "strong sell" rating to a "hold" rating in a report on Friday, May 1st. Credit Suisse Group set a $5.00 price target on Eagle Point Credit in a research report on Wednesday, February 18th. B. Riley Financial reduced their price target on Eagle Point Credit from $7.00 to $4.25 and set a "buy" rating on the stock in a research report on Monday, March 16th. Alliance Global Partners reiterated a "buy" rating on shares of Eagle Point Credit in a report on Wednesday, April 15th. Finally, LADENBURG THALM/SH SH lowered Eagle Point Credit from a "buy" rating to a "neutral" rating in a report on Monday, March 2nd. Three equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $6.67.

Insider Activity

In related news, Portfolio Manager Daniel W. Ko purchased 57,165 shares of the stock in a transaction dated Wednesday, March 18th. The stock was bought at an average cost of $3.50 per share, for a total transaction of $200,077.50. Following the completion of the acquisition, the portfolio manager owned 82,665 shares of the company's stock, valued at approximately $289,327.50. This represents a 224.18% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.26% of the company's stock.

Eagle Point Credit Stock Down 0.3%

Shares of NYSE ECC opened at $4.27 on Friday. Eagle Point Credit Company Inc. has a twelve month low of $3.46 and a twelve month high of $8.05. The company has a market cap of $564.01 million, a PE ratio of 22.45 and a beta of 0.35. The business's 50 day moving average price is $3.92 and its two-hundred day moving average price is $5.04.

Eagle Point Credit Announces Dividend

The firm also recently announced a monthly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Wednesday, June 10th will be paid a dividend of $0.06 per share. The ex-dividend date is Wednesday, June 10th. This represents a c) annualized dividend and a yield of 16.9%. Eagle Point Credit's dividend payout ratio is presently 842.11%.

Eagle Point Credit Company Profile

Eagle Point Credit Company is a closed-end, non-diversified management investment company that seeks to generate attractive risk-adjusted returns primarily through investments in collateralized loan obligations (CLOs) and related structured credit instruments. The firm is externally managed by Eagle Point Credit Management, LLC, a specialized credit asset manager focused on the structured credit markets. Eagle Point Credit Company’s shares trade on the New York Stock Exchange under the ticker symbol ECC.

The company’s investment strategy centers on acquiring both equity and debt tranches of actively managed CLOs alongside opportunistic positions in senior secured loans, high-yield bonds and credit derivatives.

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