Freestone Capital Holdings LLC Buys 195,503 Shares of Eagle Point Credit Company Inc. $ECC

Freestone Capital Holdings LLC increased its holdings in shares of Eagle Point Credit Company Inc. (NYSE:ECC) by 58.7% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 528,356 shares of the investment management company’s stock after purchasing an additional 195,503 shares during the period. Freestone Capital Holdings LLC owned approximately 0.42% of Eagle Point Credit worth $3,043,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of ECC. North Ground Capital bought a new position in shares of Eagle Point Credit during the 3rd quarter valued at about $4,186,000. Alpine Global Management LLC acquired a new position in shares of Eagle Point Credit during the 3rd quarter worth approximately $2,203,000. Jane Street Group LLC increased its holdings in shares of Eagle Point Credit by 869.6% during the 2nd quarter. Jane Street Group LLC now owns 160,677 shares of the investment management company’s stock worth $1,231,000 after acquiring an additional 144,105 shares during the last quarter. International Assets Investment Management LLC increased its holdings in shares of Eagle Point Credit by 40.7% during the 3rd quarter. International Assets Investment Management LLC now owns 423,570 shares of the investment management company’s stock worth $2,800,000 after acquiring an additional 122,470 shares during the last quarter. Finally, PFG Investments LLC increased its holdings in shares of Eagle Point Credit by 10.4% during the 3rd quarter. PFG Investments LLC now owns 816,964 shares of the investment management company’s stock worth $5,400,000 after acquiring an additional 76,781 shares during the last quarter. Institutional investors own 19.50% of the company’s stock.

Insider Activity at Eagle Point Credit

In other Eagle Point Credit news, Portfolio Manager Daniel W. Ko bought 57,165 shares of the business’s stock in a transaction that occurred on Wednesday, March 18th. The shares were bought at an average price of $3.50 per share, for a total transaction of $200,077.50. Following the transaction, the portfolio manager directly owned 82,665 shares in the company, valued at approximately $289,327.50. This trade represents a 224.18% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.15% of the stock is currently owned by insiders.

Eagle Point Credit Stock Up 0.8%

Shares of ECC opened at $3.85 on Wednesday. The stock has a market cap of $509.01 million, a PE ratio of 20.26 and a beta of 0.30. The business has a 50-day simple moving average of $4.05 and a two-hundred day simple moving average of $5.31. Eagle Point Credit Company Inc. has a 12-month low of $3.46 and a 12-month high of $8.23.

Eagle Point Credit Announces Dividend

The business also recently declared a monthly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Wednesday, June 10th will be paid a $0.06 dividend. The ex-dividend date of this dividend is Wednesday, June 10th. This represents a c) annualized dividend and a dividend yield of 18.7%. Eagle Point Credit’s dividend payout ratio is presently 842.11%.

Wall Street Analyst Weigh In

Several research firms recently issued reports on ECC. B. Riley Financial reduced their price target on Eagle Point Credit from $7.00 to $4.25 and set a “buy” rating for the company in a research note on Monday, March 16th. Zacks Research downgraded Eagle Point Credit from a “hold” rating to a “strong sell” rating in a research report on Tuesday, March 10th. LADENBURG THALM/SH SH downgraded Eagle Point Credit from a “buy” rating to a “neutral” rating in a research report on Monday, March 2nd. Finally, Credit Suisse Group set a $5.00 target price on Eagle Point Credit in a research report on Wednesday, February 18th. Three equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $6.67.

Eagle Point Credit 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.