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

Eagle Point Credit Company Inc. (NYSE:ECC) was the recipient of a significant growth in short interest in the month of March. As of March 31st, there was short interest totalling 1,580,000 shares, a growth of 17.9% from the March 15th total of 1,340,000 shares. Approximately 2.1% of the shares of the company are short sold. Based on an average trading volume of 1,275,500 shares, the short-interest ratio is currently 1.2 days.

Insider Transactions at Eagle Point Credit

In related news, CEO Thomas P. Majewski acquired 1,087 shares of the company’s stock in a transaction that occurred on Friday, March 21st. The shares were acquired at an average price of $23.00 per share, with a total value of $25,001.00. Following the acquisition, the chief executive officer now owns 1,087 shares of the company’s stock, valued at approximately $25,001. This trade represents a ∞ increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 0.22% of the company’s stock.

Institutional Investors Weigh In On Eagle Point Credit

A number of large investors have recently added to or reduced their stakes in the company. Legacy Investment Solutions LLC increased its position in shares of Eagle Point Credit by 20,306.0% during the 4th quarter. Legacy Investment Solutions LLC now owns 847,871 shares of the investment management company’s stock valued at $7,580,000 after purchasing an additional 843,716 shares during the last quarter. PFG Investments LLC boosted its stake in Eagle Point Credit by 10.7% in the first quarter. PFG Investments LLC now owns 685,957 shares of the investment management company’s stock worth $5,556,000 after buying an additional 66,558 shares in the last quarter. Wedbush Securities Inc. boosted its stake in Eagle Point Credit by 17.0% in the fourth quarter. Wedbush Securities Inc. now owns 567,610 shares of the investment management company’s stock worth $5,040,000 after buying an additional 82,367 shares in the last quarter. Envestnet Asset Management Inc. grew its position in Eagle Point Credit by 48.5% during the fourth quarter. Envestnet Asset Management Inc. now owns 246,876 shares of the investment management company’s stock valued at $2,192,000 after acquiring an additional 80,616 shares during the last quarter. Finally, Raymond James Financial Inc. purchased a new position in shares of Eagle Point Credit during the fourth quarter worth approximately $2,038,000. Hedge funds and other institutional investors own 19.50% of the company’s stock.

Eagle Point Credit Price Performance

Eagle Point Credit stock opened at $7.60 on Wednesday. The stock has a market cap of $584.42 million, a price-to-earnings ratio of 9.04 and a beta of 0.35. The company has a quick ratio of 2.27, a current ratio of 2.27 and a debt-to-equity ratio of 0.18. The business has a 50-day simple moving average of $8.08 and a 200 day simple moving average of $8.79. Eagle Point Credit has a 52 week low of $6.54 and a 52 week high of $10.49.

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

Eagle Point Credit Dividend Announcement

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

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on ECC shares. B. Riley decreased their price target on Eagle Point Credit from $12.00 to $11.00 and set a “buy” rating on the stock in a research report on Tuesday, January 7th. Credit Suisse Group set a $10.00 target price on shares of Eagle Point Credit in a report on Monday.

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.