Alpine Global Management LLC Makes New $2.20 Million Investment in Eagle Point Credit Company Inc. $ECC

Alpine Global Management LLC purchased a new stake in Eagle Point Credit Company Inc. (NYSE:ECC) in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 333,333 shares of the investment management company’s stock, valued at approximately $2,203,000. Alpine Global Management LLC owned about 0.26% of Eagle Point Credit as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently modified their holdings of the company. Jane Street Group LLC bought a new stake in Eagle Point Credit during the 1st quarter worth $134,000. Creative Planning bought a new position in Eagle Point Credit in the second quarter valued at about $96,000. Cetera Investment Advisers boosted its stake in shares of Eagle Point Credit by 84.6% during the second quarter. Cetera Investment Advisers now owns 130,627 shares of the investment management company’s stock valued at $1,001,000 after purchasing an additional 59,881 shares in the last quarter. J.W. Cole Advisors Inc. boosted its stake in shares of Eagle Point Credit by 10.6% during the second quarter. J.W. Cole Advisors Inc. now owns 294,869 shares of the investment management company’s stock valued at $2,259,000 after purchasing an additional 28,354 shares in the last quarter. Finally, Transce3nd LLC bought a new stake in shares of Eagle Point Credit during the second quarter worth about $97,000. Institutional investors and hedge funds own 19.50% of the company’s stock.

Analysts Set New Price Targets

ECC has been the subject of several recent research reports. LADENBURG THALM/SH SH downgraded Eagle Point Credit from a “buy” rating to a “neutral” rating in a research note on Monday, March 2nd. Zacks Research lowered shares of Eagle Point Credit from a “hold” rating to a “strong sell” rating in a report on Tuesday, March 10th. B. Riley Financial decreased their price target on shares of Eagle Point Credit from $7.00 to $4.25 and set a “buy” rating for the company in a research report on Monday. Finally, Credit Suisse Group set a $5.00 price target on shares of Eagle Point Credit in a research note on Wednesday, February 18th. Three research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Eagle Point Credit presently has an average rating of “Hold” and an average price target of $6.67.

Eagle Point Credit Price Performance

ECC opened at $3.61 on Wednesday. Eagle Point Credit Company Inc. has a fifty-two week low of $3.49 and a fifty-two week high of $8.35. The firm has a market capitalization of $455.42 million, a P/E ratio of 18.97 and a beta of 0.32. The company’s 50-day moving average is $4.80 and its 200 day moving average is $5.77.

Eagle Point Credit Dividend Announcement

The company also recently announced a monthly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Wednesday, June 10th will be given a dividend of $0.06 per share. The ex-dividend date of this dividend is Wednesday, June 10th. This represents a c) annualized dividend and a dividend yield of 20.0%. Eagle Point Credit’s dividend payout ratio (DPR) is currently 884.21%.

About Eagle Point Credit

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.