Freestone Capital Holdings LLC Sells 87,689 Shares of Eagle Point Credit Company Inc. $ECC

Freestone Capital Holdings LLC decreased its position in Eagle Point Credit Company Inc. (NYSE:ECC) by 25.0% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 262,925 shares of the investment management company’s stock after selling 87,689 shares during the period. Freestone Capital Holdings LLC owned about 0.34% of Eagle Point Credit worth $2,014,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of the company. International Assets Investment Management LLC bought a new stake in shares of Eagle Point Credit during the second quarter valued at approximately $2,306,000. Harbour Investments Inc. acquired a new stake in Eagle Point Credit during the second quarter worth $154,000. MGO One Seven LLC boosted its stake in Eagle Point Credit by 9.2% during the second quarter. MGO One Seven LLC now owns 28,357 shares of the investment management company’s stock worth $217,000 after buying an additional 2,382 shares in the last quarter. Apollon Wealth Management LLC increased its holdings in Eagle Point Credit by 116.0% in the 2nd quarter. Apollon Wealth Management LLC now owns 41,825 shares of the investment management company’s stock valued at $320,000 after buying an additional 22,465 shares during the period. Finally, IFP Advisors Inc acquired a new position in shares of Eagle Point Credit in the 2nd quarter valued at $28,000. Institutional investors and hedge funds own 19.50% of the company’s stock.

Eagle Point Credit Price Performance

Shares of Eagle Point Credit stock opened at $6.16 on Tuesday. The stock has a market capitalization of $474.01 million, a price-to-earnings ratio of 56.01 and a beta of 0.37. The firm’s 50-day moving average price is $6.74 and its two-hundred day moving average price is $7.20. The company has a current ratio of 2.23, a quick ratio of 2.23 and a debt-to-equity ratio of 0.32. Eagle Point Credit Company Inc. has a 1-year low of $5.80 and a 1-year high of $9.80.

Eagle Point Credit Dividend Announcement

The firm also recently declared a monthly dividend, which will be paid on Friday, November 28th. Investors of record on Monday, November 10th will be given a dividend of $0.14 per share. The ex-dividend date is Monday, November 10th. This represents a c) dividend on an annualized basis and a yield of 27.3%. Eagle Point Credit’s dividend payout ratio is 1,527.27%.

Wall Street Analyst Weigh In

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

About Eagle Point Credit

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.