Brokerages Set Eagle Point Credit Company Inc. (NYSE:ECC) PT at $8.30

Shares of Eagle Point Credit Company Inc. (NYSE:ECC) have received an average rating of “Moderate Buy” from the six ratings firms that are covering the stock, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company. The average 12 month target price among analysts that have updated their coverage on the stock in the last year is $8.2083.

Several research firms recently commented on ECC. Keefe, Bruyette & Woods reduced their price objective on Eagle Point Credit from $9.00 to $7.50 and set a “market perform” rating for the company in a research note on Thursday, May 29th. Credit Suisse Group set a $7.50 price objective on Eagle Point Credit in a research note on Thursday, May 29th. LADENBURG THALM/SH SH raised Eagle Point Credit to a “strong-buy” rating in a research note on Wednesday, August 13th. Alliance Global Partners began coverage on Eagle Point Credit in a research note on Thursday. They issued a “buy” rating and a $7.75 price objective for the company. Finally, Craig Hallum began coverage on Eagle Point Credit in a research note on Thursday. They issued a “buy” rating and a $7.75 price objective for the company.

Eagle Point Credit Price Performance

Shares of NYSE ECC opened at $6.88 on Thursday. The business’s 50 day moving average price is $7.06 and its 200 day moving average price is $7.52. The firm has a market cap of $529.42 million, a P/E ratio of 62.55 and a beta of 0.38. Eagle Point Credit has a 52 week low of $6.00 and a 52 week high of $10.00. The company has a quick ratio of 2.23, a current ratio of 2.23 and a debt-to-equity ratio of 0.32.

Eagle Point Credit Dividend Announcement

The business also recently announced a monthly dividend, which will be paid on Friday, November 28th. Shareholders of record on Monday, November 10th will be paid a $0.14 dividend. The ex-dividend date of this dividend is Monday, November 10th. This represents a c) dividend on an annualized basis and a dividend yield of 24.4%. Eagle Point Credit’s dividend payout ratio (DPR) is 1,527.27%.

Institutional Trading of Eagle Point Credit

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Wedbush Securities Inc. increased its position in shares of Eagle Point Credit by 31.3% during the 1st quarter. Wedbush Securities Inc. now owns 745,271 shares of the investment management company’s stock worth $6,037,000 after purchasing an additional 177,661 shares during the last quarter. Global Assets Advisory LLC acquired a new position in Eagle Point Credit in the 1st quarter valued at about $844,000. PFG Investments LLC grew its position in Eagle Point Credit by 10.7% in the 1st quarter. PFG Investments LLC now owns 685,957 shares of the investment management company’s stock valued at $5,556,000 after acquiring an additional 66,558 shares in the last quarter. Cetera Investment Advisers grew its position in Eagle Point Credit by 151.7% in the 1st quarter. Cetera Investment Advisers now owns 70,746 shares of the investment management company’s stock valued at $573,000 after acquiring an additional 42,637 shares in the last quarter. Finally, SFI Advisors LLC grew its position in Eagle Point Credit by 174.6% in the 1st quarter. SFI Advisors LLC now owns 65,173 shares of the investment management company’s stock valued at $528,000 after acquiring an additional 41,438 shares in the last quarter. 19.50% of the stock is owned by institutional investors and hedge funds.

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.