Eagle Point Credit Company Inc. (NYSE:ECC) Short Interest Update

Eagle Point Credit Company Inc. (NYSE:ECC) was the target of a large increase in short interest in March. As of March 15th, there was short interest totalling 1,340,000 shares, an increase of 40.9% from the February 28th total of 950,700 shares. Approximately 1.7% of the company’s stock are short sold. Based on an average daily volume of 1,169,200 shares, the short-interest ratio is currently 1.1 days.

Wall Street Analysts Forecast Growth

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

Eagle Point Credit Stock Performance

Shares of NYSE ECC traded up $0.04 during midday trading on Monday, hitting $8.09. The company’s stock had a trading volume of 1,315,192 shares, compared to its average volume of 1,019,824. The firm has a market cap of $622.12 million, a P/E ratio of 9.63 and a beta of 0.73. Eagle Point Credit has a 1-year low of $7.36 and a 1-year high of $10.49. The firm’s fifty day moving average price is $8.55 and its 200-day moving average price is $9.08. The company has a debt-to-equity ratio of 0.18, a quick ratio of 2.27 and a current ratio of 2.27.

Eagle Point Credit (NYSE:ECC) last announced its quarterly earnings results on Thursday, February 20th. The investment management company reported $0.27 earnings per share for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.01). Eagle Point Credit had a return on equity of 12.53% and a net margin of 44.67%. The company had revenue of $49.55 million for the quarter, compared to analyst estimates of $49.76 million. On average, sell-side analysts forecast that Eagle Point Credit will post 1.1 EPS for the current fiscal year.

Eagle Point Credit Announces Dividend

The company also recently declared a dividend, which will be paid on Wednesday, April 30th. Stockholders of record on Thursday, April 10th will be issued a dividend of $0.14 per share. The ex-dividend date of this dividend is Thursday, April 10th. Eagle Point Credit’s dividend payout ratio (DPR) is 200.00%.

Insider Activity at Eagle Point Credit

In other news, CEO Thomas P. Majewski acquired 1,087 shares of the stock in a transaction that occurred on Friday, March 21st. The stock was purchased at an average cost of $23.00 per share, with a total value of $25,001.00. Following the completion of the acquisition, the chief executive officer now directly owns 1,087 shares in the company, valued at $25,001. This represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Company insiders own 0.22% of the company’s stock.

Hedge Funds Weigh In On Eagle Point Credit

Several institutional investors have recently modified their holdings of ECC. Union Bancaire Privee UBP SA acquired a new position in Eagle Point Credit during the 4th quarter valued at about $27,000. Legacy Investment Solutions LLC bought a new stake in shares of Eagle Point Credit during the third quarter valued at approximately $39,000. Transce3nd LLC acquired a new position in shares of Eagle Point Credit during the fourth quarter worth approximately $45,000. McIlrath & Eck LLC acquired a new position in shares of Eagle Point Credit during the third quarter worth approximately $57,000. Finally, Ameriflex Group Inc. bought a new position in Eagle Point Credit in the 4th quarter worth approximately $70,000. Institutional investors own 19.50% of the company’s stock.

About Eagle Point Credit

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.