CIBC Private Wealth Group LLC Sells 4,317 Shares of Eagle Point Credit Company Inc. (NYSE:ECC)

CIBC Private Wealth Group LLC trimmed its position in shares of Eagle Point Credit Company Inc. (NYSE:ECC) by 51.9% during the 4th quarter, Holdings Channel.com reports. The institutional investor owned 4,000 shares of the investment management company’s stock after selling 4,317 shares during the quarter. CIBC Private Wealth Group LLC’s holdings in Eagle Point Credit were worth $36,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

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

Wall Street Analysts Forecast Growth

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

Eagle Point Credit Price Performance

Shares of Eagle Point Credit stock opened at $8.05 on Thursday. The company has a debt-to-equity ratio of 0.18, a quick ratio of 2.27 and a current ratio of 2.27. The stock’s fifty day moving average is $8.34 and its 200 day moving average is $8.95. The stock has a market cap of $619.43 million, a P/E ratio of 9.58 and a beta of 0.35. Eagle Point Credit Company Inc. has a one year low of $6.54 and a one year 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 EPS for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.01). The business had revenue of $49.55 million for the quarter, compared to the consensus estimate of $49.76 million. Eagle Point Credit had a net margin of 44.67% and a return on equity of 12.53%. Sell-side analysts anticipate that Eagle Point Credit Company Inc. will post 1.1 earnings per share for the current year.

Eagle Point Credit Announces Dividend

The firm also recently declared a dividend, which will be paid on Wednesday, April 30th. Shareholders of record on Thursday, April 10th will be issued a dividend of $0.14 per share. The ex-dividend date of this dividend is Thursday, April 10th. Eagle Point Credit’s dividend payout ratio is presently 200.00%.

Insider Buying and Selling at Eagle Point Credit

In other Eagle Point Credit news, CEO Thomas P. Majewski purchased 1,087 shares of the firm’s stock in a transaction 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 completion of the acquisition, the chief executive officer now directly owns 1,087 shares in the company, valued at $25,001. The trade was a ∞ increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders own 0.22% of the company’s stock.

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.