Keefe, Bruyette & Woods Trims Eagle Point Credit (NYSE:ECC) Target Price to $10.00

Eagle Point Credit (NYSE:ECC) had its price target reduced by Keefe, Bruyette & Woods from $10.50 to $10.00 in a research report released on Wednesday, MarketBeat.com reports. Keefe, Bruyette & Woods currently has a market perform rating on the investment management company’s stock.

Eagle Point Credit Price Performance

NYSE:ECC traded down $0.08 during trading hours on Wednesday, hitting $9.96. 1,299,779 shares of the company’s stock traded hands, compared to its average volume of 831,493. The firm has a market cap of $766.40 million, a P/E ratio of 5.36 and a beta of 0.77. Eagle Point Credit has a 52 week low of $8.60 and a 52 week high of $10.58. The business’s fifty day simple moving average is $10.05 and its two-hundred day simple moving average is $10.08. The company has a quick ratio of 4.55, a current ratio of 4.55 and a debt-to-equity ratio of 0.20.

Eagle Point Credit (NYSE:ECC) last posted its quarterly earnings data on Tuesday, August 6th. The investment management company reported $0.28 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.36 by ($0.08). The business had revenue of $42.28 million for the quarter, compared to the consensus estimate of $45.67 million. Eagle Point Credit had a net margin of 88.90% and a return on equity of 13.48%. On average, research analysts anticipate that Eagle Point Credit will post 1.34 earnings per share for the current fiscal year.

Eagle Point Credit Dividend Announcement

The company also recently declared a monthly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Wednesday, December 11th will be paid a dividend of $0.14 per share. This represents a $1.68 annualized dividend and a yield of 16.87%. The ex-dividend date is Wednesday, December 11th. Eagle Point Credit’s dividend payout ratio (DPR) is currently 90.32%.

Institutional Investors Weigh In On Eagle Point Credit

Several hedge funds have recently added to or reduced their stakes in ECC. PFG Investments LLC lifted its stake in Eagle Point Credit by 115.8% during the second quarter. PFG Investments LLC now owns 387,398 shares of the investment management company’s stock worth $3,893,000 after purchasing an additional 207,875 shares during the last quarter. TrueMark Investments LLC purchased a new position in shares of Eagle Point Credit in the second quarter worth about $1,444,000. Quadrature Capital Ltd purchased a new position in shares of Eagle Point Credit in the fourth quarter worth about $1,192,000. Wedbush Securities Inc. increased its holdings in shares of Eagle Point Credit by 26.2% in the second quarter. Wedbush Securities Inc. now owns 438,276 shares of the investment management company’s stock worth $4,405,000 after buying an additional 91,058 shares during the period. Finally, Cadent Capital Advisors LLC increased its holdings in shares of Eagle Point Credit by 21.3% in the first quarter. Cadent Capital Advisors LLC now owns 418,945 shares of the investment management company’s stock worth $4,236,000 after buying an additional 73,583 shares during the period. Institutional investors own 19.50% of the company’s stock.

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.