B. Riley Weighs in on Eagle Point Credit Company Inc.’s FY2023 Earnings (NYSE:ECC)

Eagle Point Credit Company Inc. (NYSE:ECC) – Equities research analysts at B. Riley cut their FY2023 earnings estimates for shares of Eagle Point Credit in a note issued to investors on Tuesday, September 12th. B. Riley analyst M. Howlett now expects that the investment management company will post earnings of $1.40 per share for the year, down from their previous forecast of $1.59. B. Riley currently has a “Buy” rating and a $12.00 target price on the stock. The consensus estimate for Eagle Point Credit’s current full-year earnings is $1.46 per share.

Separately, Keefe, Bruyette & Woods cut their price objective on shares of Eagle Point Credit from $11.00 to $10.00 and set a “market perform” rating on the stock in a research report on Thursday, August 17th.

Eagle Point Credit Stock Performance

Shares of ECC opened at $10.24 on Thursday. Eagle Point Credit has a twelve month low of $9.96 and a twelve month high of $11.79. The firm’s 50 day moving average price is $10.30 and its two-hundred day moving average price is $10.66. The firm has a market cap of $563.67 million, a P/E ratio of 11.64 and a beta of 0.86.

Eagle Point Credit (NYSE:ECC) last issued its quarterly earnings results on Tuesday, August 15th. The investment management company reported $0.32 EPS for the quarter, missing the consensus estimate of $0.40 by ($0.08). The business had revenue of $31.73 million for the quarter, compared to analyst estimates of $35.40 million. Eagle Point Credit had a return on equity of 15.46% and a net margin of 35.65%. During the same quarter in the prior year, the firm earned $0.43 EPS.

Eagle Point Credit Dividend Announcement

The firm also recently declared a monthly dividend, which will be paid on Friday, December 29th. Investors of record on Monday, December 11th will be paid a $0.14 dividend. The ex-dividend date is Friday, December 8th. This represents a $1.68 annualized dividend and a dividend yield of 16.41%. Eagle Point Credit’s dividend payout ratio (DPR) is presently 190.91%.

Institutional Investors Weigh In On Eagle Point Credit

Several institutional investors and hedge funds have recently bought and sold shares of the company. Samalin Investment Counsel LLC bought a new position in Eagle Point Credit in the 1st quarter valued at approximately $119,000. All Season Financial Advisors Inc. grew its position in Eagle Point Credit by 52.0% in the 1st quarter. All Season Financial Advisors Inc. now owns 50,108 shares of the investment management company’s stock valued at $560,000 after purchasing an additional 17,143 shares during the period. Chicago Partners Investment Group LLC lifted its stake in Eagle Point Credit by 78.5% during the 4th quarter. Chicago Partners Investment Group LLC now owns 34,397 shares of the investment management company’s stock valued at $380,000 after acquiring an additional 15,130 shares in the last quarter. Wedbush Securities Inc. lifted its stake in Eagle Point Credit by 7.9% during the 1st quarter. Wedbush Securities Inc. now owns 96,025 shares of the investment management company’s stock valued at $1,073,000 after acquiring an additional 7,021 shares in the last quarter. Finally, Cambridge Investment Research Advisors Inc. lifted its stake in Eagle Point Credit by 46.3% during the 4th quarter. Cambridge Investment Research Advisors Inc. now owns 17,330 shares of the investment management company’s stock valued at $175,000 after acquiring an additional 5,484 shares in the last quarter. Institutional investors own 26.44% of the company’s stock.

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.