International Assets Investment Management LLC Sells 880,768 Shares of Eagle Point Credit Company Inc. $ECC

International Assets Investment Management LLC decreased its holdings in shares of Eagle Point Credit Company Inc. (NYSE:ECC) by 68.9% in the 1st quarter, HoldingsChannel reports. The firm owned 397,427 shares of the investment management company’s stock after selling 880,768 shares during the period. International Assets Investment Management LLC’s holdings in Eagle Point Credit were worth $1,578,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. N.E.W. Advisory Services LLC increased its holdings in shares of Eagle Point Credit by 100.0% in the fourth quarter. N.E.W. Advisory Services LLC now owns 5,300 shares of the investment management company’s stock valued at $31,000 after purchasing an additional 2,650 shares during the last quarter. Royal Bank of Canada lifted its stake in shares of Eagle Point Credit by 135.5% during the 4th quarter. Royal Bank of Canada now owns 5,600 shares of the investment management company’s stock worth $32,000 after buying an additional 3,222 shares during the last quarter. Geneos Wealth Management Inc. acquired a new stake in shares of Eagle Point Credit during the 2nd quarter worth about $33,000. TCTC Holdings LLC boosted its holdings in shares of Eagle Point Credit by 45.5% during the 4th quarter. TCTC Holdings LLC now owns 8,000 shares of the investment management company’s stock worth $46,000 after buying an additional 2,500 shares during the period. Finally, Arlington Capital Management Inc. bought a new stake in shares of Eagle Point Credit during the 4th quarter worth about $60,000. 19.50% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms have weighed in on ECC. Zacks Research raised shares of Eagle Point Credit from a “strong sell” rating to a “hold” rating in a report on Friday, May 1st. B. Riley Financial decreased their target price 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. Finally, Alliance Global Partners reiterated a “buy” rating on shares of Eagle Point Credit in a research note on Wednesday, April 15th. Three equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat.com, Eagle Point Credit presently has an average rating of “Moderate Buy” and a consensus price target of $6.50.

Eagle Point Credit Stock Up 0.4%

Shares of ECC opened at $3.87 on Monday. The company has a current ratio of 0.23, a quick ratio of 0.23 and a debt-to-equity ratio of 0.02. Eagle Point Credit Company Inc. has a 12 month low of $3.46 and a 12 month high of $7.77. The firm’s 50 day moving average is $3.95 and its 200-day moving average is $4.37. The stock has a market capitalization of $510.99 million, a PE ratio of 4.07 and a beta of 0.36.

Eagle Point Credit (NYSE:ECC) last issued its quarterly earnings results on Tuesday, May 19th. The investment management company reported $0.20 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.23 by ($0.03). The company had revenue of $42.40 million during the quarter, compared to the consensus estimate of $48.79 million. Eagle Point Credit had a negative net margin of 87.16% and a negative return on equity of 1.09%. Equities research analysts forecast that Eagle Point Credit Company Inc. will post 0.71 EPS for the current year.

Eagle Point Credit Announces Dividend

The business also recently disclosed a monthly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Thursday, September 10th will be issued a $0.06 dividend. The ex-dividend date of this dividend is Thursday, September 10th. This represents a c) annualized dividend and a yield of 18.6%. Eagle Point Credit’s payout ratio is currently 151.58%.

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.