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

Legacy Wealth Managment LLC ID trimmed its stake in Eagle Point Credit Company Inc. (NYSE:ECC) by 37.2% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 508,109 shares of the investment management company’s stock after selling 301,175 shares during the quarter. Eagle Point Credit comprises about 2.0% of Legacy Wealth Managment LLC ID’s holdings, making the stock its 9th biggest position. Legacy Wealth Managment LLC ID’s holdings in Eagle Point Credit were worth $3,892,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently made changes to their positions in ECC. GPS Wealth Strategies Group LLC bought a new position in shares of Eagle Point Credit during the 2nd quarter worth about $25,000. Cape Investment Advisory Inc. increased its position in Eagle Point Credit by 91.2% in the 1st quarter. Cape Investment Advisory Inc. now owns 3,592 shares of the investment management company’s stock valued at $29,000 after buying an additional 1,713 shares in the last quarter. IFP Advisors Inc acquired a new position in Eagle Point Credit during the 2nd quarter worth approximately $28,000. N.E.W. Advisory Services LLC bought a new position in Eagle Point Credit in the first quarter worth approximately $35,000. Finally, Farther Finance Advisors LLC acquired a new stake in Eagle Point Credit in the second quarter valued at approximately $35,000. Institutional investors and hedge funds own 19.50% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently commented on ECC shares. Craig Hallum started coverage on Eagle Point Credit in a report on Thursday, September 18th. They set a “buy” rating and a $7.75 price objective for the company. Industrial Alliance Securities set a $7.75 price target on shares of Eagle Point Credit in a research note on Thursday, September 18th. LADENBURG THALM/SH SH raised shares of Eagle Point Credit to a “strong-buy” rating in a research note on Wednesday, August 13th. Alliance Global Partners started coverage on shares of Eagle Point Credit in a report on Thursday, September 18th. They set a “buy” rating and a $7.75 price objective for the company. Finally, Zacks Research upgraded shares of Eagle Point Credit from a “strong sell” rating to a “hold” rating in a report on Monday, October 13th. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $8.21.

Eagle Point Credit Trading Up 0.9%

NYSE ECC opened at $6.25 on Friday. 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 business has a fifty day simple moving average of $6.64 and a 200 day simple moving average of $7.17. Eagle Point Credit Company Inc. has a 12 month low of $5.80 and a 12 month high of $9.79. The firm has a market capitalization of $788.93 million, a P/E ratio of 56.78 and a beta of 0.37.

Eagle Point Credit Dividend Announcement

The company also recently announced a monthly dividend, which will be paid on Friday, November 28th. Stockholders of record on Monday, November 10th will be issued a $0.14 dividend. The ex-dividend date is Monday, November 10th. This represents a c) annualized dividend and a dividend yield of 26.9%. Eagle Point Credit’s dividend payout ratio is currently 1,527.27%.

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.