CIBC Private Wealth Group LLC Trims Stake in Eagle Point Credit Company Inc. (NYSE:ECC)

CIBC Private Wealth Group LLC decreased its position in shares of Eagle Point Credit Company Inc. (NYSE:ECC) by 51.9% during the fourth quarter, according to its most recent filing with the SEC. The firm owned 4,000 shares of the investment management company’s stock after selling 4,317 shares during the period. CIBC Private Wealth Group LLC’s holdings in Eagle Point Credit were worth $36,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in ECC. Raymond James Financial Inc. purchased a new position in shares of Eagle Point Credit during the 4th quarter worth approximately $2,038,000. Money Concepts Capital Corp purchased a new position in shares of Eagle Point Credit during the 4th quarter worth approximately $1,696,000. Balboa Wealth Partners purchased a new position in shares of Eagle Point Credit during the 4th quarter worth approximately $839,000. PFG Investments LLC grew its holdings in shares of Eagle Point Credit by 11.9% during the 4th quarter. PFG Investments LLC now owns 619,399 shares of the investment management company’s stock worth $5,500,000 after acquiring an additional 65,893 shares during the period. Finally, Freestone Capital Holdings LLC grew its holdings in shares of Eagle Point Credit by 26.1% during the 4th quarter. Freestone Capital Holdings LLC now owns 222,083 shares of the investment management company’s stock worth $1,972,000 after acquiring an additional 46,006 shares during the period. Hedge funds and other institutional investors own 19.50% of the company’s stock.

Analysts Set New Price Targets

Separately, B. Riley cut their price target on Eagle Point Credit from $12.00 to $11.00 and set a “buy” rating on the stock in a research note on Tuesday, January 7th.

Insider Activity at Eagle Point Credit

In other Eagle Point Credit news, CEO Thomas P. Majewski acquired 1,087 shares of the stock in a transaction that occurred on Friday, March 21st. The shares were acquired at an average cost of $23.00 per share, with a total value of $25,001.00. Following the transaction, the chief executive officer now owns 1,087 shares of the company’s stock, valued at $25,001. The trade was a ∞ increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 0.22% of the stock is currently owned by insiders.

Eagle Point Credit Stock Performance

Eagle Point Credit stock opened at $8.05 on Thursday. The company has a quick ratio of 2.27, a current ratio of 2.27 and a debt-to-equity ratio of 0.18. The company has a market capitalization of $619.43 million, a P/E ratio of 9.58 and a beta of 0.35. The stock’s 50 day moving average is $8.34 and its 200 day moving average is $8.95. Eagle Point Credit Company Inc. has a twelve month low of $6.54 and a twelve month high of $10.49.

Eagle Point Credit (NYSE:ECC) last posted its quarterly earnings results on Thursday, February 20th. The investment management company reported $0.27 earnings per share for the quarter, missing the consensus estimate of $0.28 by ($0.01). The company had revenue of $49.55 million during the quarter, compared to analysts’ expectations of $49.76 million. Eagle Point Credit had a return on equity of 12.53% and a net margin of 44.67%. On average, equities research analysts predict 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 disclosed a dividend, which will be paid on Wednesday, April 30th. Investors of record on Thursday, April 10th will be given a $0.14 dividend. The ex-dividend date of this dividend is Thursday, April 10th. Eagle Point Credit’s dividend payout ratio (DPR) is presently 200.00%.

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.