Eagle Point Credit (NYSE:ECC) Stock Price Down 3% – Here’s What Happened

Eagle Point Credit Company Inc. (NYSE:ECC)’s stock price was down 3% on Wednesday . The stock traded as low as $7.75 and last traded at $7.70. Approximately 304,793 shares changed hands during trading, a decline of 73% from the average daily volume of 1,113,068 shares. The stock had previously closed at $7.93.

Analysts Set New Price Targets

Separately, B. Riley decreased their target price on Eagle Point Credit from $12.00 to $11.00 and set a “buy” rating for the company in a research report on Tuesday, January 7th.

Eagle Point Credit Price Performance

The company has a debt-to-equity ratio of 0.18, a current ratio of 2.27 and a quick ratio of 2.27. The firm has a fifty day moving average of $8.71 and a two-hundred day moving average of $9.19. The stock has a market capitalization of $587.50 million, a P/E ratio of 9.07 and a beta of 0.73.

Eagle Point Credit (NYSE:ECC) last released its quarterly earnings data on Thursday, February 20th. The investment management company reported $0.27 earnings per share for the quarter, missing the consensus estimate of $0.28 by ($0.01). The firm had revenue of $49.55 million during the quarter, compared to the consensus estimate of $49.76 million. Eagle Point Credit had a net margin of 44.67% and a return on equity of 12.53%. On average, analysts predict that Eagle Point Credit Company Inc. will post 1.1 EPS for the current year.

Eagle Point Credit Dividend Announcement

The company also recently disclosed a dividend, which will be paid on Wednesday, April 30th. Investors of record on Thursday, April 10th will be issued a $0.14 dividend. The ex-dividend date of this dividend is Thursday, April 10th. Eagle Point Credit’s payout ratio is currently 200.00%.

Hedge Funds Weigh In On Eagle Point Credit

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Union Bancaire Privee UBP SA purchased a new position in Eagle Point Credit in the fourth quarter valued at about $27,000. Legacy Investment Solutions LLC purchased a new position in Eagle Point Credit in the third quarter valued at about $39,000. Transce3nd LLC purchased a new position in Eagle Point Credit in the fourth quarter valued at about $45,000. McIlrath & Eck LLC purchased a new position in Eagle Point Credit in the third quarter valued at about $57,000. Finally, Ameriflex Group Inc. purchased a new position in Eagle Point Credit in the fourth quarter valued at about $70,000. Hedge funds and other institutional investors own 19.50% of the company’s stock.

Eagle Point Credit Company Profile

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.