Daniel Ko Buys 57,165 Shares of Eagle Point Credit (NYSE:ECC) Stock

Eagle Point Credit Company Inc. (NYSE:ECC) Portfolio Manager Daniel Ko purchased 57,165 shares of the stock in a transaction that occurred on Wednesday, March 18th. The stock was acquired at an average cost of $3.50 per share, with a total value of $200,077.50. Following the acquisition, the portfolio manager owned 82,665 shares in the company, valued at $289,327.50. The trade was a 224.18% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website.

Eagle Point Credit Stock Down 2.9%

NYSE ECC traded down $0.11 during trading hours on Wednesday, hitting $3.51. 1,529,430 shares of the company were exchanged, compared to its average volume of 2,632,261. Eagle Point Credit Company Inc. has a 52 week low of $3.48 and a 52 week high of $8.35. The stock has a 50-day moving average price of $4.80 and a 200 day moving average price of $5.77. The stock has a market cap of $442.79 million, a PE ratio of 18.45 and a beta of 0.32.

Eagle Point Credit Announces Dividend

The business also recently declared a monthly dividend, which will be paid on Tuesday, June 30th. Investors of record on Wednesday, June 10th will be issued a dividend of $0.06 per share. This represents a c) annualized dividend and a yield of 20.5%. The ex-dividend date is Wednesday, June 10th. Eagle Point Credit’s dividend payout ratio is presently 884.21%.

Wall Street Analyst Weigh In

A number of research firms have weighed in on ECC. Zacks Research cut shares of Eagle Point Credit from a “hold” rating to a “strong sell” rating in a research report on Tuesday, March 10th. LADENBURG THALM/SH SH cut shares of Eagle Point Credit from a “buy” rating to a “neutral” rating in a research note on Monday, March 2nd. B. Riley Financial cut their price target on shares of Eagle Point Credit from $7.00 to $4.25 and set a “buy” rating on the stock in a report on Monday. Finally, Credit Suisse Group set a $5.00 price objective on shares of Eagle Point Credit in a research report on Wednesday, February 18th. Three investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $6.67.

Institutional Trading of Eagle Point Credit

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. North Ground Capital bought a new stake in Eagle Point Credit during the 3rd quarter valued at about $4,186,000. Alpine Global Management LLC bought a new position in Eagle Point Credit in the 3rd quarter worth about $2,203,000. International Assets Investment Management LLC increased its position in shares of Eagle Point Credit by 40.7% during the third quarter. International Assets Investment Management LLC now owns 423,570 shares of the investment management company’s stock worth $2,800,000 after acquiring an additional 122,470 shares during the period. J.W. Cole Advisors Inc. raised its stake in shares of Eagle Point Credit by 10.6% during the second quarter. J.W. Cole Advisors Inc. now owns 294,869 shares of the investment management company’s stock valued at $2,259,000 after acquiring an additional 28,354 shares in the last quarter. Finally, PFG Investments LLC raised its stake in shares of Eagle Point Credit by 10.4% during the third quarter. PFG Investments LLC now owns 816,964 shares of the investment management company’s stock valued at $5,400,000 after acquiring an additional 76,781 shares in the last quarter. Hedge funds and other institutional investors own 19.50% of the company’s stock.

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.