Eagle Point Credit (NYSE:ECC) Sets New 52-Week Low – What’s Next?

Eagle Point Credit Company Inc. (NYSE:ECC) hit a new 52-week low during mid-day trading on Monday . The company traded as low as $8.02 and last traded at $8.05, with a volume of 1835794 shares changing hands. The stock had previously closed at $8.24.

Analysts Set New Price Targets

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 research report on Tuesday, January 7th.

Eagle Point Credit Price Performance

The company’s 50-day moving average price is $8.76 and its 200-day moving average price is $9.22. The firm has a market cap of $619.05 million, a price-to-earnings ratio of 9.58 and a beta of 0.73. The company has a quick ratio of 2.27, a current ratio of 2.27 and a debt-to-equity ratio of 0.18.

Eagle Point Credit (NYSE:ECC) last posted its quarterly earnings data 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). The company 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, equities research analysts forecast that Eagle Point Credit Company Inc. will post 1.1 EPS for the current year.

Eagle Point Credit Announces Dividend

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 of this dividend is Thursday, April 10th. Eagle Point Credit’s dividend payout ratio is presently 200.00%.

Institutional Trading of Eagle Point Credit

Several hedge funds have recently added to or reduced their stakes in ECC. Freestone Capital Holdings LLC increased its position in shares of Eagle Point Credit by 26.1% in the 4th quarter. Freestone Capital Holdings LLC now owns 222,083 shares of the investment management company’s stock valued at $1,972,000 after purchasing an additional 46,006 shares during the last quarter. Stifel Financial Corp purchased a new position in Eagle Point Credit in the third quarter valued at $149,000. PFG Investments LLC raised its stake in Eagle Point Credit by 11.9% in the fourth quarter. PFG Investments LLC now owns 619,399 shares of the investment management company’s stock valued at $5,500,000 after buying an additional 65,893 shares in the last quarter. Strategic Financial Concepts LLC purchased a new stake in Eagle Point Credit during the 4th quarter worth about $158,000. Finally, Balboa Wealth Partners acquired a new position in shares of Eagle Point Credit during the 4th quarter worth about $839,000. Institutional investors and hedge funds own 19.50% of the company’s stock.

Eagle Point Credit Company Profile

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.