Eagle Point Credit (NYSE:ECC) Now Covered by Alliance Global Partners

Alliance Global Partners started coverage on shares of Eagle Point Credit (NYSE:ECC) in a research report sent to investors on Thursday morning, MarketBeat reports. The brokerage issued a buy rating and a $7.75 price objective on the investment management company’s stock.

ECC has been the topic of a number of other reports. LADENBURG THALM/SH SH raised shares of Eagle Point Credit to a “strong-buy” rating in a research report on Wednesday, August 13th. Credit Suisse Group set a $7.50 price target on shares of Eagle Point Credit in a report on Thursday, May 29th. Keefe, Bruyette & Woods cut their price target on shares of Eagle Point Credit from $9.00 to $7.50 and set a “market perform” rating on the stock in a report on Thursday, May 29th. Finally, Zacks Research lowered Eagle Point Credit from a “hold” rating to a “strong sell” rating in a research report on Friday, September 12th. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Eagle Point Credit currently has an average rating of “Moderate Buy” and an average target price of $8.21.

Eagle Point Credit Trading Up 0.7%

NYSE ECC opened at $6.99 on Thursday. The company’s fifty day simple moving average is $7.07 and its 200-day simple moving average is $7.54. Eagle Point Credit has a 52 week low of $6.00 and a 52 week high of $10.00. The company has a current ratio of 2.23, a quick ratio of 2.23 and a debt-to-equity ratio of 0.32. The stock has a market cap of $537.88 million, a P/E ratio of 63.55 and a beta of 0.38.

Eagle Point Credit Dividend Announcement

The company also recently declared a monthly dividend, which will be paid on Friday, November 28th. Stockholders of record on Monday, November 10th will be given a dividend of $0.14 per share. The ex-dividend date is Monday, November 10th. This represents a c) annualized dividend and a dividend yield of 24.0%. Eagle Point Credit’s dividend payout ratio is currently 1,527.27%.

Institutional Investors Weigh In On Eagle Point Credit

Several institutional investors have recently bought and sold shares of the stock. Cape Investment Advisory Inc. lifted its holdings in Eagle Point Credit by 91.2% in the first quarter. Cape Investment Advisory Inc. now owns 3,592 shares of the investment management company’s stock worth $29,000 after purchasing an additional 1,713 shares during the period. MGO One Seven LLC lifted its holdings in Eagle Point Credit by 9.2% in the 2nd quarter. MGO One Seven LLC now owns 28,357 shares of the investment management company’s stock valued at $217,000 after acquiring an additional 2,382 shares during the last quarter. B. Riley Wealth Advisors Inc. lifted its holdings in Eagle Point Credit by 16.9% in the 4th quarter. B. Riley Wealth Advisors Inc. now owns 17,061 shares of the investment management company’s stock valued at $152,000 after acquiring an additional 2,463 shares during the last quarter. Arete Wealth Advisors LLC lifted its holdings in Eagle Point Credit by 15.9% in the 1st quarter. Arete Wealth Advisors LLC now owns 18,216 shares of the investment management company’s stock valued at $150,000 after acquiring an additional 2,495 shares during the last quarter. Finally, Parisi Gray Wealth Management lifted its holdings in Eagle Point Credit by 3.3% in the 1st quarter. Parisi Gray Wealth Management now owns 79,108 shares of the investment management company’s stock valued at $641,000 after acquiring an additional 2,558 shares during the last quarter. 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.