11,602 Shares in Eagle Point Credit Company Inc. (NYSE:ECC) Bought by First Foundation Advisors

First Foundation Advisors bought a new stake in Eagle Point Credit Company Inc. (NYSE:ECC) during the first quarter, Holdings Channel reports. The firm bought 11,602 shares of the investment management company’s stock, valued at approximately $94,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Legacy Investment Solutions LLC boosted its holdings in Eagle Point Credit by 20,306.0% during the fourth quarter. Legacy Investment Solutions LLC now owns 847,871 shares of the investment management company’s stock valued at $7,580,000 after acquiring an additional 843,716 shares during the period. Raymond James Financial Inc. bought a new stake in Eagle Point Credit during the fourth quarter valued at about $2,038,000. Wedbush Securities Inc. boosted its holdings in Eagle Point Credit by 31.3% during the first quarter. Wedbush Securities Inc. now owns 745,271 shares of the investment management company’s stock valued at $6,037,000 after acquiring an additional 177,661 shares during the period. Money Concepts Capital Corp boosted its holdings in Eagle Point Credit by 61.3% during the first quarter. Money Concepts Capital Corp now owns 308,196 shares of the investment management company’s stock valued at $2,496,000 after acquiring an additional 117,157 shares during the period. Finally, J.W. Cole Advisors Inc. boosted its holdings in Eagle Point Credit by 75.6% during the first quarter. J.W. Cole Advisors Inc. now owns 266,515 shares of the investment management company’s stock valued at $2,159,000 after acquiring an additional 114,706 shares during the period. 19.50% of the stock is currently owned by institutional investors and hedge funds.

Eagle Point Credit Stock Down 2.3%

Shares of ECC opened at $6.89 on Thursday. The company has a 50-day simple moving average of $7.53 and a 200-day simple moving average of $7.97. The firm has a market capitalization of $530.19 million, a P/E ratio of -17.22 and a beta of 0.41. The company has a debt-to-equity ratio of 0.32, a quick ratio of 2.23 and a current ratio of 2.23. Eagle Point Credit Company Inc. has a 52 week low of $6.54 and a 52 week high of $10.06.

Eagle Point Credit (NYSE:ECC) last announced its quarterly earnings data on Wednesday, May 28th. The investment management company reported $0.28 EPS for the quarter, beating analysts’ consensus estimates of $0.26 by $0.02. Eagle Point Credit had a negative net margin of 27.15% and a positive return on equity of 12.90%. The business had revenue of $52.30 million during the quarter, compared to analyst estimates of $53.54 million. On average, equities research analysts expect that Eagle Point Credit Company Inc. will post 1.1 earnings per share for the current year.

Eagle Point Credit Dividend Announcement

The firm also recently declared a dividend, which will be paid on Thursday, July 31st. Investors of record on Monday, July 14th will be given a $0.14 dividend. This represents a yield of 21.79%. The ex-dividend date is Friday, July 11th. Eagle Point Credit’s dividend payout ratio (DPR) is presently -420.00%.

Analysts Set New Price Targets

A number of research analysts have recently commented on the stock. 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 objective on shares of Eagle Point Credit from $9.00 to $7.50 and set a “market perform” rating for the company in a research report on Thursday, May 29th.

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.