Eagle Point Credit Company Inc. (NYSE:ECC) Stock Position Raised by Money Concepts Capital Corp

Money Concepts Capital Corp increased its position in Eagle Point Credit Company Inc. (NYSE:ECC - Free Report) by 61.3% in the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 308,196 shares of the investment management company's stock after purchasing an additional 117,157 shares during the period. Money Concepts Capital Corp owned 0.40% of Eagle Point Credit worth $2,496,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of ECC. AdvisorNet Financial Inc bought a new position in shares of Eagle Point Credit during the first quarter valued at approximately $25,000. NBC Securities Inc. acquired a new stake in Eagle Point Credit in the first quarter worth $32,000. Transce3nd LLC bought a new stake in Eagle Point Credit in the fourth quarter valued at $45,000. Ameriflex Group Inc. acquired a new position in shares of Eagle Point Credit during the fourth quarter valued at $70,000. Finally, Brown Brothers Harriman & Co. bought a new position in shares of Eagle Point Credit during the fourth quarter worth about $93,000. 19.50% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on ECC shares. Credit Suisse Group set a $7.50 price objective on shares of Eagle Point Credit in a research report on Thursday, May 29th. Keefe, Bruyette & Woods cut their price target on Eagle Point Credit from $9.00 to $7.50 and set a "market perform" rating on the stock in a report on Thursday, May 29th.

Eagle Point Credit Price Performance

Eagle Point Credit stock traded up $0.04 during trading hours on Tuesday, hitting $7.70. 1,362,802 shares of the company traded hands, compared to its average volume of 1,168,792. Eagle Point Credit Company Inc. has a 1-year low of $6.54 and a 1-year high of $10.32. The firm has a market cap of $592.52 million, a P/E ratio of -19.25 and a beta of 0.42. The firm's 50-day simple moving average is $7.71 and its two-hundred day simple moving average is $8.19. 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 posted its quarterly earnings data 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. Eagle Point Credit had a positive return on equity of 12.90% and a negative net margin of 27.15%. The company had revenue of $52.30 million for the quarter, compared to the consensus estimate of $53.54 million. As a group, 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 declared a monthly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Wednesday, September 10th will be issued a $0.14 dividend. This represents a $1.68 dividend on an annualized basis and a yield of 21.82%. The ex-dividend date of this dividend is Wednesday, September 10th. Eagle Point Credit's payout ratio is -420.00%.

Eagle Point Credit 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.