Eagle Point Credit (NYSE:ECC) Hits New 1-Year Low – What’s Next?

Eagle Point Credit Company Inc. (NYSE:ECC)’s share price reached a new 52-week low during mid-day trading on Saturday . The company traded as low as $5.37 and last traded at $5.44, with a volume of 6641119 shares traded. The stock had previously closed at $5.79.

Analysts Set New Price Targets

ECC has been the topic of a number of research reports. Zacks Research upgraded shares of Eagle Point Credit from a “strong sell” rating to a “hold” rating in a research report on Tuesday, December 16th. Credit Suisse Group set a $7.00 price target on shares of Eagle Point Credit in a research note on Thursday, November 20th. Finally, B. Riley dropped 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 report on Thursday, November 20th. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $7.46.

Eagle Point Credit Stock Performance

The business has a fifty day moving average of $5.85 and a 200-day moving average of $6.38. The company has a market capitalization of $687.24 million, a P/E ratio of 28.63 and a beta of 0.27.

Eagle Point Credit Announces Dividend

The firm also recently announced a monthly dividend, which will be paid on Tuesday, March 31st. Investors of record on Wednesday, March 11th will be issued a $0.14 dividend. This represents a c) dividend on an annualized basis and a dividend yield of 30.9%. The ex-dividend date is Wednesday, March 11th. Eagle Point Credit’s dividend payout ratio is currently 884.21%.

Institutional Trading of Eagle Point Credit

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ECC. GPS Wealth Strategies Group LLC bought a new position in shares of Eagle Point Credit in the second quarter valued at approximately $25,000. IFP Advisors Inc bought a new stake in Eagle Point Credit during the second quarter worth $28,000. N.E.W. Advisory Services LLC raised its position in Eagle Point Credit by 100.0% in the 4th quarter. N.E.W. Advisory Services LLC now owns 5,300 shares of the investment management company’s stock valued at $31,000 after buying an additional 2,650 shares during the last quarter. Ameriflex Group Inc. purchased a new position in Eagle Point Credit during the 3rd quarter worth $33,000. Finally, Geneos Wealth Management Inc. purchased a new position in Eagle Point Credit during the 2nd quarter worth $33,000. 19.50% of the stock is owned by 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.