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

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

Several research analysts recently commented on ECC shares. 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. Zacks Research upgraded shares of Eagle Point Credit from a “strong sell” rating to a “hold” rating in a report on Friday, May 1st. Credit Suisse Group set a $5.00 price target on shares of Eagle Point Credit in a report on Wednesday, February 18th. Alliance Global Partners restated a “buy” rating on shares of Eagle Point Credit in a report on Wednesday, April 15th. Finally, B. Riley Financial cut their price target 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.

Eagle Point Credit Stock Performance

NYSE:ECC opened at $4.14 on Tuesday. The firm’s fifty day moving average price is $3.99 and its 200 day moving average price is $4.80. Eagle Point Credit has a 1-year low of $3.46 and a 1-year high of $7.99. The company has a debt-to-equity ratio of 0.02, a current ratio of 0.23 and a quick ratio of 0.23. The firm has a market cap of $546.68 million, a price-to-earnings ratio of 4.35 and a beta of 0.35.

Eagle Point Credit (NYSE:ECC) last released its quarterly earnings data on Tuesday, May 19th. The investment management company reported $0.20 EPS for the quarter, missing the consensus estimate of $0.23 by ($0.03). Eagle Point Credit had a return on equity of 13.47% and a net margin of 12.33%.The business had revenue of $42.40 million during the quarter, compared to analysts’ expectations of $48.79 million. On average, sell-side analysts expect that Eagle Point Credit will post 0.71 EPS for the current year.

Eagle Point Credit Dividend Announcement

The business also recently declared a monthly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Thursday, September 10th will be given a dividend of $0.06 per share. The ex-dividend date of this dividend is Thursday, September 10th. This represents a c) dividend on an annualized basis and a dividend yield of 17.4%. Eagle Point Credit’s dividend payout ratio (DPR) is presently 151.58%.

Insider Buying and Selling at Eagle Point Credit

In other news, Portfolio Manager Daniel W. Ko acquired 57,165 shares of Eagle Point Credit stock in a transaction that occurred on Wednesday, March 18th. The shares were purchased at an average cost of $3.50 per share, for a total transaction of $200,077.50. Following the completion of the purchase, the portfolio manager directly owned 82,665 shares of the company’s stock, valued at $289,327.50. This trade represents a 224.18% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 0.26% of the company’s stock.

Hedge Funds Weigh In On Eagle Point Credit

Institutional investors have recently bought and sold shares of the stock. Arkadios Wealth Advisors acquired a new stake in Eagle Point Credit in the 1st quarter worth approximately $38,000. EverSource Wealth Advisors LLC boosted its stake in Eagle Point Credit by 50.0% in the 1st quarter. EverSource Wealth Advisors LLC now owns 15,000 shares of the investment management company’s stock valued at $56,000 after buying an additional 5,000 shares in the last quarter. Cetera Investment Advisers boosted its stake in Eagle Point Credit by 21.4% in the 1st quarter. Cetera Investment Advisers now owns 142,565 shares of the investment management company’s stock valued at $536,000 after buying an additional 25,155 shares in the last quarter. PNC Financial Services Group Inc. boosted its stake in Eagle Point Credit by 3,944.6% in the 1st quarter. PNC Financial Services Group Inc. now owns 56,624 shares of the investment management company’s stock valued at $213,000 after buying an additional 55,224 shares in the last quarter. Finally, Legacy Wealth Managment LLC ID boosted its stake in Eagle Point Credit by 2.2% in the 1st quarter. Legacy Wealth Managment LLC ID now owns 575,559 shares of the investment management company’s stock valued at $2,164,000 after buying an additional 12,253 shares in the last quarter. Hedge funds and other institutional investors own 19.50% of the company’s stock.

About Eagle Point Credit

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.