Balboa Wealth Partners Invests $839,000 in Eagle Point Credit Company Inc. (NYSE:ECC)

Balboa Wealth Partners purchased a new position in shares of Eagle Point Credit Company Inc. (NYSE:ECC) during the 4th quarter, HoldingsChannel reports. The institutional investor purchased 94,508 shares of the investment management company’s stock, valued at approximately $839,000.

Several other hedge funds also recently made changes to their positions in ECC. Raymond James Financial Inc. bought a new position in shares of Eagle Point Credit during the fourth quarter valued at about $2,038,000. Money Concepts Capital Corp purchased a new position in Eagle Point Credit during the 4th quarter valued at about $1,696,000. PFG Investments LLC increased its holdings in Eagle Point Credit by 11.9% during the 4th quarter. PFG Investments LLC now owns 619,399 shares of the investment management company’s stock valued at $5,500,000 after purchasing an additional 65,893 shares during the period. Freestone Capital Holdings LLC raised its position in Eagle Point Credit by 26.1% during the 4th quarter. Freestone Capital Holdings LLC now owns 222,083 shares of the investment management company’s stock valued at $1,972,000 after purchasing an additional 46,006 shares during the last quarter. Finally, J.W. Cole Advisors Inc. lifted its holdings in Eagle Point Credit by 38.3% in the 4th quarter. J.W. Cole Advisors Inc. now owns 151,809 shares of the investment management company’s stock worth $1,348,000 after buying an additional 42,035 shares during the period. 19.50% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

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

Eagle Point Credit Trading Down 1.0 %

NYSE:ECC opened at $8.18 on Thursday. The company has a 50-day moving average price of $8.80 and a 200-day moving average price of $9.25. The stock has a market cap of $629.05 million, a price-to-earnings ratio of 9.73 and a beta of 0.73. The company has a current ratio of 2.27, a quick ratio of 2.27 and a debt-to-equity ratio of 0.18. Eagle Point Credit Company Inc. has a 12 month low of $8.05 and a 12 month high of $10.49.

Eagle Point Credit (NYSE:ECC) last issued its quarterly earnings data on Thursday, February 20th. The investment management company reported $0.27 EPS for the quarter, missing the consensus estimate of $0.28 by ($0.01). The company had revenue of $49.55 million during the quarter, compared to analysts’ expectations of $49.76 million. Eagle Point Credit had a return on equity of 12.53% and a net margin of 44.67%. Equities analysts predict that Eagle Point Credit Company Inc. will post 1.1 EPS for the current year.

Eagle Point Credit Dividend Announcement

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

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.