Eagle Point Credit (NYSE:ECC) Upgraded to Hold at Zacks Research

Eagle Point Credit (NYSE:ECC) was upgraded by equities researchers at Zacks Research from a “strong sell” rating to a “hold” rating in a report released on Tuesday,Zacks.com reports.

ECC has been the subject of several other research reports. Craig Hallum started coverage on shares of Eagle Point Credit in a report on Thursday, September 18th. They set a “buy” rating and a $7.75 price target for the company. Industrial Alliance Securities set a $7.75 price objective on shares of Eagle Point Credit in a research report on Thursday, September 18th. Credit Suisse Group set a $7.00 target price on shares of Eagle Point Credit in a research report on Thursday, November 20th. B. Riley cut their price target on Eagle Point Credit from $10.00 to $7.00 and set a “buy” rating on the stock in a report on Thursday, November 20th. Finally, Alliance Global Partners assumed coverage on Eagle Point Credit in a research report on Thursday, September 18th. They set a “buy” rating and a $7.75 price objective for the company. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, Eagle Point Credit currently has an average rating of “Moderate Buy” and an average price target of $7.46.

Eagle Point Credit Stock Performance

Eagle Point Credit stock opened at $5.62 on Tuesday. Eagle Point Credit has a 1 year low of $5.40 and a 1 year high of $9.23. The firm’s 50-day moving average is $6.06 and its 200-day moving average is $6.80. The company has a market cap of $709.34 million, a P/E ratio of 29.55 and a beta of 0.28.

Institutional Investors Weigh In On Eagle Point Credit

A number of institutional investors have recently added to or reduced their stakes in ECC. GPS Wealth Strategies Group LLC acquired a new position in shares of Eagle Point Credit during the 2nd quarter valued at $25,000. Cape Investment Advisory Inc. raised its position in Eagle Point Credit by 91.2% in the first quarter. Cape Investment Advisory Inc. now owns 3,592 shares of the investment management company’s stock worth $29,000 after acquiring an additional 1,713 shares in the last quarter. IFP Advisors Inc acquired a new stake in Eagle Point Credit in the 2nd quarter valued at about $28,000. Geneos Wealth Management Inc. acquired a new stake in Eagle Point Credit in the 2nd quarter valued at about $33,000. Finally, Farther Finance Advisors LLC bought a new position in shares of Eagle Point Credit during the 2nd quarter valued at about $35,000. 19.50% of the stock is currently owned by institutional investors and hedge funds.

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.