Eagle Point Credit Company Inc. (NYSE:ECC) Receives $6.67 Average PT from Analysts

Eagle Point Credit Company Inc. (NYSE:ECC) has earned an average rating of “Moderate Buy” from the five brokerages that are covering the company, MarketBeat reports. Two research analysts have rated the stock with a hold recommendation and three have issued a buy recommendation on the company. The average 12-month target price among brokers that have issued ratings on the stock in the last year is $6.50.

Several research firms have weighed in on ECC. Alliance Global Partners reiterated a “buy” rating on shares of Eagle Point Credit in a report on Wednesday, April 15th. B. Riley Financial cut their target price 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, March 16th. Credit Suisse Group set a $5.00 target price on shares of Eagle Point Credit in a report on Wednesday, February 18th. LADENBURG THALM/SH SH lowered shares of Eagle Point Credit from a “buy” rating to a “neutral” rating in a report on Monday, March 2nd. Finally, Zacks Research upgraded shares of Eagle Point Credit from a “strong sell” rating to a “hold” rating in a report on Friday, May 1st.

Insider Activity at Eagle Point Credit

In related news, Portfolio Manager Daniel W. Ko acquired 57,165 shares of the company’s stock in a transaction that occurred on Wednesday, March 18th. The shares were acquired at an average cost of $3.50 per share, for a total transaction of $200,077.50. Following the completion of the acquisition, the portfolio manager directly owned 82,665 shares in the company, valued at approximately $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 can be accessed through this hyperlink. 0.26% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Eagle Point Credit

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Arkadios Wealth Advisors acquired a new stake in shares of Eagle Point Credit during the first quarter worth $38,000. EverSource Wealth Advisors LLC raised its holdings in shares of Eagle Point Credit by 50.0% during the first quarter. EverSource Wealth Advisors LLC now owns 15,000 shares of the investment management company’s stock worth $56,000 after acquiring an additional 5,000 shares during the period. Cetera Investment Advisers raised its holdings in shares of Eagle Point Credit by 21.4% during the first quarter. Cetera Investment Advisers now owns 142,565 shares of the investment management company’s stock worth $536,000 after acquiring an additional 25,155 shares during the period. PNC Financial Services Group Inc. raised its holdings in shares of Eagle Point Credit by 3,944.6% during the first quarter. PNC Financial Services Group Inc. now owns 56,624 shares of the investment management company’s stock worth $213,000 after acquiring an additional 55,224 shares during the period. Finally, Legacy Wealth Managment LLC ID raised its holdings in shares of Eagle Point Credit by 2.2% during the first quarter. Legacy Wealth Managment LLC ID now owns 575,559 shares of the investment management company’s stock worth $2,164,000 after acquiring an additional 12,253 shares during the period. 19.50% of the stock is currently owned by institutional investors and hedge funds.

Eagle Point Credit Trading Down 0.6%

ECC opened at $4.17 on Tuesday. The firm’s fifty day moving average is $3.98 and its two-hundred day moving average is $4.82. The company has a debt-to-equity ratio of 0.02, a quick ratio of 0.23 and a current ratio of 0.23. The firm has a market cap of $550.65 million, a PE ratio of 4.38 and a beta of 0.35. Eagle Point Credit has a twelve month low of $3.46 and a twelve month high of $7.99.

Eagle Point Credit (NYSE:ECC) last posted its earnings results on Tuesday, May 19th. The investment management company reported $0.20 earnings per share for the quarter, missing the consensus estimate of $0.23 by ($0.03). The firm had revenue of $42.40 million during the quarter, compared to analyst estimates of $48.79 million. Eagle Point Credit had a return on equity of 13.47% and a net margin of 12.33%. Equities research analysts anticipate that Eagle Point Credit will post 0.71 EPS for the current year.

Eagle Point Credit Announces Dividend

The business also recently disclosed a monthly dividend, which will be paid on Wednesday, September 30th. Investors of record on Thursday, September 10th will be issued a dividend of $0.06 per share. This represents a c) dividend on an annualized basis and a dividend yield of 17.3%. The ex-dividend date is Thursday, September 10th. Eagle Point Credit’s dividend payout ratio (DPR) is presently 160.00%.

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.