Main Street Financial Solutions LLC Sells 28,503 Shares of Eagle Point Credit Company Inc. (NYSE:ECC)

Main Street Financial Solutions LLC lessened its stake in shares of Eagle Point Credit Company Inc. (NYSE:ECC) by 19.3% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 118,944 shares of the investment management company’s stock after selling 28,503 shares during the quarter. Main Street Financial Solutions LLC owned about 0.15% of Eagle Point Credit worth $1,173,000 as of its most recent filing with the SEC.

A number of other hedge funds have also made changes to their positions in the stock. Webster Bank N. A. acquired a new stake in Eagle Point Credit in the 3rd quarter worth approximately $28,000. EverSource Wealth Advisors LLC acquired a new stake in shares of Eagle Point Credit in the second quarter worth $60,000. Sunbelt Securities Inc. lifted its stake in shares of Eagle Point Credit by 646.4% in the second quarter. Sunbelt Securities Inc. now owns 7,464 shares of the investment management company’s stock worth $75,000 after buying an additional 6,464 shares during the last quarter. Stephens Inc. AR bought a new stake in shares of Eagle Point Credit during the 3rd quarter worth $99,000. Finally, Silverleafe Capital Partners LLC acquired a new position in Eagle Point Credit in the 2nd quarter valued at $109,000. Institutional investors and hedge funds own 19.50% of the company’s stock.

Analyst Ratings Changes

Separately, Keefe, Bruyette & Woods cut their target price on shares of Eagle Point Credit from $10.50 to $10.00 and set a “market perform” rating for the company in a research report on Wednesday, August 7th.

Eagle Point Credit Price Performance

Shares of NYSE:ECC opened at $9.41 on Thursday. The company has a market cap of $724.08 million, a price-to-earnings ratio of 5.49 and a beta of 0.76. The business has a 50 day moving average price of $9.76 and a 200 day moving average price of $9.95. The company has a quick ratio of 2.98, a current ratio of 2.98 and a debt-to-equity ratio of 0.19. Eagle Point Credit Company Inc. has a twelve month low of $9.22 and a twelve month high of $10.49.

Eagle Point Credit Dividend Announcement

The firm also recently disclosed a monthly dividend, which will be paid on Monday, March 31st. Stockholders of record on Tuesday, March 11th will be given a $0.14 dividend. The ex-dividend date is Tuesday, March 11th. This represents a $1.68 annualized dividend and a dividend yield of 17.85%. Eagle Point Credit’s dividend payout ratio is 98.25%.

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.