Eagle Point Credit (NYSE:ECC) Stock Price Crosses Below Fifty Day Moving Average – Should You Sell?

Eagle Point Credit Company Inc. (NYSE:ECC)’s share price crossed below its 50 day moving average during trading on Thursday . The stock has a 50 day moving average of $5.97 and traded as low as $5.65. Eagle Point Credit shares last traded at $5.74, with a volume of 608,637 shares traded.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on ECC shares. Craig Hallum started coverage on Eagle Point Credit in a report on Thursday, September 18th. They issued a “buy” rating and a $7.75 target price on the stock. Industrial Alliance Securities set a $7.75 price objective on Eagle Point Credit in a research note on Thursday, September 18th. Credit Suisse Group set a $7.00 target price on Eagle Point Credit in a research report on Thursday, November 20th. B. Riley dropped their target price on shares of Eagle Point Credit from $10.00 to $7.00 and set a “buy” rating for the company in a report on Thursday, November 20th. Finally, Alliance Global Partners started coverage on shares of Eagle Point Credit in a research note on Thursday, September 18th. They issued a “buy” rating and a $7.75 price target on the stock. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $7.46.

Eagle Point Credit Stock Up 0.7%

The stock has a market capitalization of $725.13 million, a price-to-earnings ratio of 30.21 and a beta of 0.28. The stock has a 50 day moving average price of $5.97 and a 200 day moving average price of $6.73.

Eagle Point Credit Dividend Announcement

The business also recently announced a monthly dividend, which will be paid on Tuesday, March 31st. Investors of record on Wednesday, March 11th will be paid a dividend of $0.14 per share. The ex-dividend date of this dividend is Wednesday, March 11th. This represents a c) annualized dividend and a yield of 29.3%. Eagle Point Credit’s dividend payout ratio is currently 884.21%.

Institutional Investors Weigh In On Eagle Point Credit

Several hedge funds and other institutional investors have recently modified their holdings of ECC. IFP Advisors Inc lifted its holdings in shares of Eagle Point Credit by 178.4% in the 3rd quarter. IFP Advisors Inc now owns 10,300 shares of the investment management company’s stock worth $68,000 after purchasing an additional 6,600 shares in the last quarter. Alpine Global Management LLC acquired a new position in Eagle Point Credit during the third quarter worth $2,203,000. Abel Hall LLC bought a new position in shares of Eagle Point Credit in the third quarter valued at $66,000. Kestra Private Wealth Services LLC grew its holdings in shares of Eagle Point Credit by 3.7% during the third quarter. Kestra Private Wealth Services LLC now owns 100,116 shares of the investment management company’s stock valued at $662,000 after buying an additional 3,527 shares during the last quarter. Finally, Bank of America Corp DE bought a new stake in shares of Eagle Point Credit during the third quarter worth about $266,000. Institutional investors own 19.50% of the company’s stock.

Eagle Point Credit Company Profile

Eagle Point Credit Company is a closed-end, non-diversified management investment company that seeks to generate attractive risk-adjusted returns primarily through investments in collateralized loan obligations (CLOs) and related structured credit instruments. The firm is externally managed by Eagle Point Credit Management, LLC, a specialized credit asset manager focused on the structured credit markets. Eagle Point Credit Company’s shares trade on the New York Stock Exchange under the ticker symbol ECC.

The company’s investment strategy centers on acquiring both equity and debt tranches of actively managed CLOs alongside opportunistic positions in senior secured loans, high-yield bonds and credit derivatives.