Eagle Point Credit (NYSE:ECC) Stock Crosses Below Fifty Day Moving Average – Here’s What Happened

Eagle Point Credit Company Inc. (NYSE:ECC) shares passed below its fifty day moving average during trading on Monday . The stock has a fifty day moving average of $3.89 and traded as low as $3.64. Eagle Point Credit shares last traded at $3.6750, with a volume of 1,661,276 shares changing hands.

Analyst Ratings Changes

Several research analysts recently weighed in on the stock. Alliance Global Partners reissued a “buy” rating on shares of Eagle Point Credit in a research note on Wednesday, April 15th. Zacks Research raised shares of Eagle Point Credit from a “strong sell” rating to a “hold” rating in a research note on Friday, May 1st. Three equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $6.50.

Eagle Point Credit Stock Down 0.7%

The company has a current ratio of 0.23, a quick ratio of 0.23 and a debt-to-equity ratio of 0.02. The firm has a market capitalization of $485.87 million, a PE ratio of 5.49 and a beta of 0.36. The firm has a 50-day moving average of $3.89 and a two-hundred day moving average of $4.29.

Eagle Point Credit (NYSE:ECC) last posted its quarterly earnings results on Tuesday, May 19th. The investment management company reported $0.20 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.03). The firm had revenue of $42.40 million for the quarter, compared to analysts’ expectations of $48.79 million. Eagle Point Credit had a negative net margin of 87.16% and a negative return on equity of 1.09%. On average, equities research analysts forecast that Eagle Point Credit Company Inc. will post 0.71 EPS for the current year.

Eagle Point Credit Announces Dividend

The company also recently announced a monthly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Thursday, September 10th will be issued a dividend of $0.06 per share. The ex-dividend date is Thursday, September 10th. This represents a c) dividend on an annualized basis and a dividend yield of 19.6%. Eagle Point Credit’s payout ratio is presently 202.99%.

Institutional Investors Weigh In On Eagle Point Credit

Several large investors have recently made changes to their positions in the business. CoreCap Advisors LLC increased its holdings in Eagle Point Credit by 80.8% in the 2nd quarter. CoreCap Advisors LLC now owns 6,716 shares of the investment management company’s stock valued at $25,000 after purchasing an additional 3,001 shares in the last quarter. N.E.W. Advisory Services LLC lifted its stake in shares of Eagle Point Credit by 100.0% during the fourth quarter. N.E.W. Advisory Services LLC now owns 5,300 shares of the investment management company’s stock worth $31,000 after purchasing an additional 2,650 shares in the last quarter. Royal Bank of Canada boosted its position in shares of Eagle Point Credit by 135.5% in the fourth quarter. Royal Bank of Canada now owns 5,600 shares of the investment management company’s stock worth $32,000 after buying an additional 3,222 shares during the period. Geneos Wealth Management Inc. purchased a new stake in shares of Eagle Point Credit in the second quarter worth about $33,000. Finally, Arkadios Wealth Advisors purchased a new stake in shares of Eagle Point Credit in the first quarter worth about $38,000. Institutional investors and hedge funds own 19.50% of the company’s stock.

Eagle Point Credit Company Profile

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.