Shares of Eagle Point Credit Company Inc. (NYSE:ECC – Get Free Report) passed above its 50 day moving average during trading on Thursday . The stock has a 50 day moving average of $3.77 and traded as high as $3.82. Eagle Point Credit shares last traded at $3.81, with a volume of 447,796 shares changing hands.
Wall Street Analyst Weigh In
Separately, Zacks Research upgraded shares of Eagle Point Credit from a “strong sell” rating to a “hold” rating in a research report on Friday, May 1st. Three analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $6.50.
Check Out Our Latest Report on Eagle Point Credit
Eagle Point Credit Trading Down 0.3%
Eagle Point Credit (NYSE:ECC – Get Free Report) last announced its quarterly earnings results on Thursday, August 13th. The investment management company reported $0.17 EPS for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.01). The firm had revenue of $37.90 million for the quarter, compared to analyst estimates of $41.62 million. Eagle Point Credit had a negative net margin of 84.29% and a negative return on equity of 1.74%. As a group, equities analysts forecast that Eagle Point Credit Company Inc. will post 0.68 earnings per share for the current fiscal year.
Eagle Point Credit Dividend Announcement
The firm also recently announced a monthly dividend, which will be paid on Thursday, December 31st. Investors of record on Friday, December 11th will be given a dividend of $0.06 per share. The ex-dividend date is Friday, December 11th. This represents a c) annualized dividend and a yield of 18.9%. Eagle Point Credit’s dividend payout ratio (DPR) is currently 209.84%.
Institutional Investors Weigh In On Eagle Point Credit
A number of institutional investors have recently added to or reduced their stakes in ECC. CoreCap Advisors LLC increased its position in Eagle Point Credit by 80.8% in the 2nd quarter. CoreCap Advisors LLC now owns 6,716 shares of the investment management company’s stock valued at $25,000 after acquiring an additional 3,001 shares during the period. N.E.W. Advisory Services LLC lifted its holdings in shares of Eagle Point Credit by 100.0% during the fourth quarter. N.E.W. Advisory Services LLC now owns 5,300 shares of the investment management company’s stock worth $31,000 after purchasing an additional 2,650 shares during the period. Royal Bank of Canada grew its stake in shares of Eagle Point Credit by 135.5% in the fourth quarter. Royal Bank of Canada now owns 5,600 shares of the investment management company’s stock worth $32,000 after purchasing an additional 3,222 shares during the last quarter. Geneos Wealth Management Inc. bought a new stake in shares of Eagle Point Credit in the second quarter worth $33,000. Finally, Kingsview Wealth Management LLC acquired a new stake in Eagle Point Credit in the second quarter valued at $37,000. 19.50% of the stock is owned by institutional investors.
Eagle Point Credit Company Profile
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.
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