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

Shares of Eagle Point Credit Company Inc. (NYSE:ECC) crossed below its 50 day moving average during trading on Thursday . The stock has a 50 day moving average of $5.97 and traded as low as $5.65. Eagle Point Credit shares last traded at $5.74, with a volume of 608,637 shares trading hands.

Analysts Set New Price Targets

Several research analysts have issued reports on ECC shares. B. Riley lowered their price objective on shares of Eagle Point Credit from $10.00 to $7.00 and set a “buy” rating on the stock in a research report on Thursday, November 20th. Craig Hallum initiated coverage on Eagle Point Credit in a research note on Thursday, September 18th. They set a “buy” rating and a $7.75 price objective for the company. Zacks Research upgraded Eagle Point Credit from a “strong sell” rating to a “hold” rating in a research note on Tuesday, December 16th. Credit Suisse Group set a $7.00 price target on Eagle Point Credit in a report on Thursday, November 20th. Finally, Alliance Global Partners initiated coverage on shares of Eagle Point Credit in a research note on Thursday, September 18th. They issued a “buy” rating and a $7.75 price objective on the stock. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat, Eagle Point Credit presently has an average rating of “Moderate Buy” and an average target price of $7.46.

Eagle Point Credit Stock Performance

The stock’s 50-day moving average price is $5.97 and its 200-day moving average price is $6.71. The company has a market capitalization of $727.03 million, a price-to-earnings ratio of 30.29 and a beta of 0.28.

Eagle Point Credit Announces Dividend

The company also recently announced a monthly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Wednesday, March 11th will be issued a $0.14 dividend. The ex-dividend date of this dividend is Wednesday, March 11th. This represents a c) annualized dividend and a yield of 29.2%. Eagle Point Credit’s dividend payout ratio is 884.21%.

Institutional Investors Weigh In On Eagle Point Credit

Several institutional investors and hedge funds have recently made changes to their positions in the business. GPS Wealth Strategies Group LLC purchased a new position in Eagle Point Credit during the 2nd quarter valued at about $25,000. IFP Advisors Inc acquired a new stake in shares of Eagle Point Credit in the second quarter valued at approximately $28,000. Cape Investment Advisory Inc. increased its stake in shares of Eagle Point Credit by 91.2% during the 1st quarter. Cape Investment Advisory Inc. now owns 3,592 shares of the investment management company’s stock worth $29,000 after purchasing an additional 1,713 shares in the last quarter. Ameriflex Group Inc. acquired a new position in shares of Eagle Point Credit during the 3rd quarter worth approximately $33,000. Finally, Geneos Wealth Management Inc. purchased a new stake in Eagle Point Credit in the 2nd quarter valued at approximately $33,000. 19.50% of the stock is currently owned by hedge funds and other institutional investors.

About Eagle Point Credit

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.