Eagle Point Credit (NYSE:ECC) Share Price Passes Above 50 Day Moving Average – Should You Sell?

Eagle Point Credit Company Inc. (NYSE:ECCGet Free Report)’s stock price crossed above its fifty day moving average during trading on Tuesday . The stock has a fifty day moving average of $3.99 and traded as high as $4.15. Eagle Point Credit shares last traded at $4.1350, with a volume of 644,721 shares changing hands.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the company. Alliance Global Partners reiterated a “buy” rating on shares of Eagle Point Credit in a research report on Wednesday, April 15th. Zacks Research upgraded Eagle Point Credit from a “strong sell” rating to a “hold” rating in a research report on Friday, May 1st. Credit Suisse Group set a $5.00 price objective on Eagle Point Credit in a research report on Wednesday, February 18th. 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, B. Riley Financial cut their price objective on Eagle Point Credit from $7.00 to $4.25 and set a “buy” rating for the company in a research report on Monday, March 16th. Three equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, Eagle Point Credit has a consensus rating of “Moderate Buy” and an average price target of $6.50.

Read Our Latest Stock Analysis on ECC

Eagle Point Credit Price Performance

The stock has a fifty day moving average price of $4.01 and a 200-day moving average price of $4.77. The company has a market cap of $541.40 million, a PE ratio of 4.31 and a beta of 0.35. The company has a debt-to-equity ratio of 0.02, a current ratio of 0.23 and a quick ratio of 0.23.

Eagle Point Credit (NYSE:ECCGet Free Report) last released its earnings results on Tuesday, May 19th. The investment management company reported $0.20 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.03). The business had revenue of $42.40 million during the quarter, compared to analysts’ expectations of $48.79 million. Eagle Point Credit had a net margin of 12.33% and a return on equity of 13.47%. On average, equities analysts expect that Eagle Point Credit Company Inc. will post 0.71 earnings per share for the current year.

Eagle Point Credit Announces Dividend

The firm also recently announced a monthly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Thursday, September 10th will be issued a $0.06 dividend. The ex-dividend date is Thursday, September 10th. This represents a c) dividend on an annualized basis and a dividend yield of 17.6%. Eagle Point Credit’s dividend payout ratio is presently 160.00%.

Insider Activity

In other Eagle Point Credit news, Portfolio Manager Daniel W. Ko bought 57,165 shares of Eagle Point Credit stock in a transaction dated Wednesday, March 18th. The stock was bought at an average price of $3.50 per share, for a total transaction of $200,077.50. Following the completion of the acquisition, the portfolio manager directly owned 82,665 shares of the company’s stock, valued at approximately $289,327.50. This trade represents a 224.18% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.26% of the stock is owned by insiders.

Institutional Trading of Eagle Point Credit

A number of hedge funds have recently modified their holdings of ECC. N.E.W. Advisory Services LLC lifted its holdings in shares of Eagle Point Credit by 100.0% in the fourth quarter. N.E.W. Advisory Services LLC now owns 5,300 shares of the investment management company’s stock valued at $31,000 after purchasing an additional 2,650 shares in the last quarter. Royal Bank of Canada raised its holdings in shares of Eagle Point Credit by 135.5% during the fourth quarter. Royal Bank of Canada now owns 5,600 shares of the investment management company’s stock worth $32,000 after acquiring an additional 3,222 shares in the last quarter. Ameriflex Group Inc. purchased a new stake in shares of Eagle Point Credit during the third quarter worth $33,000. Geneos Wealth Management Inc. purchased a new stake in shares of Eagle Point Credit during the second quarter worth $33,000. Finally, Arkadios Wealth Advisors purchased a new stake in shares of Eagle Point Credit during the first quarter worth $38,000. Hedge funds and other institutional investors own 19.50% of the company’s stock.

About Eagle Point Credit

(Get Free Report)

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.

Further Reading

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