Eagle Point Credit (NYSE:ECC) Sets New 1-Year Low – Here’s What Happened

Eagle Point Credit Company Inc. (NYSE:ECC) reached a new 52-week low on Monday . The stock 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.

Analyst Upgrades and Downgrades

Separately, B. Riley dropped 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 Trading Down 2.4 %

The stock has a market capitalization of $619.05 million, a PE ratio of 9.58 and a beta of 0.73. The company has a debt-to-equity ratio of 0.18, a current ratio of 2.27 and a quick ratio of 2.27. The company’s 50 day moving average price is $8.76 and its two-hundred day moving average price is $9.22.

Eagle Point Credit (NYSE:ECC) last issued its earnings results on Thursday, February 20th. The investment management company reported $0.27 earnings per share for the quarter, missing the consensus estimate of $0.28 by ($0.01). Eagle Point Credit had a return on equity of 12.53% and a net margin of 44.67%. The company had revenue of $49.55 million for the quarter, compared to analyst estimates of $49.76 million. As a group, analysts expect that Eagle Point Credit Company Inc. will post 1.1 earnings per share for the current year.

Eagle Point Credit Announces Dividend

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

Institutional Investors Weigh In On Eagle Point Credit

A number of hedge funds have recently modified their holdings of the company. Legacy Investment Solutions LLC grew its stake in shares of Eagle Point Credit by 20,306.0% in 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 buying an additional 843,716 shares during the period. Raymond James Financial Inc. acquired a new stake in Eagle Point Credit during the fourth quarter worth $2,038,000. Money Concepts Capital Corp acquired a new position in shares of Eagle Point Credit in the 4th quarter valued at $1,696,000. Balboa Wealth Partners purchased a new position in shares of Eagle Point Credit during the 4th quarter worth $839,000. Finally, Wedbush Securities Inc. increased its position in shares of Eagle Point Credit by 17.0% during the 4th quarter. Wedbush Securities Inc. now owns 567,610 shares of the investment management company’s stock worth $5,040,000 after purchasing an additional 82,367 shares during the last quarter. Hedge funds and other institutional investors 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.