Eagle Point Credit (NYSE:ECC) Price Target Cut to $4.25 by Analysts at B. Riley Financial

Eagle Point Credit (NYSE:ECC) had its price target lowered by B. Riley Financial from $7.00 to $4.25 in a report issued on Monday,Benzinga reports. B. Riley Financial currently has a buy rating on the investment management company’s stock.

Several other research firms have also weighed in on ECC. Credit Suisse Group set a $5.00 price target on shares of Eagle Point Credit in a research report on Wednesday, February 18th. Zacks Research lowered shares of Eagle Point Credit from a “hold” rating to a “strong sell” rating in a research report on Tuesday, March 10th. Finally, LADENBURG THALM/SH SH cut shares of Eagle Point Credit from a “buy” rating to a “neutral” rating in a research note on Monday, March 2nd. Three research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $6.67.

Eagle Point Credit Trading Up 0.4%

Shares of Eagle Point Credit stock opened at $3.58 on Monday. The business’s fifty day simple moving average is $4.85 and its 200 day simple moving average is $5.80. Eagle Point Credit has a 12 month low of $3.49 and a 12 month high of $8.35. The firm has a market capitalization of $451.63 million, a P/E ratio of 18.82 and a beta of 0.32.

Eagle Point Credit Announces Dividend

The company also recently declared a monthly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Wednesday, June 10th will be given a dividend of $0.06 per share. This represents a c) dividend on an annualized basis and a dividend yield of 20.1%. The ex-dividend date of this dividend is Wednesday, June 10th. Eagle Point Credit’s dividend payout ratio is currently 884.21%.

Institutional Investors Weigh In On Eagle Point Credit

Several large investors have recently added to or reduced their stakes in the company. N.E.W. Advisory Services LLC raised its stake in Eagle Point Credit by 100.0% in the 4th quarter. N.E.W. Advisory Services LLC now owns 5,300 shares of the investment management company’s stock valued at $31,000 after acquiring an additional 2,650 shares during the period. Royal Bank of Canada boosted its position in Eagle Point Credit by 135.5% during the fourth quarter. Royal Bank of Canada now owns 5,600 shares of the investment management company’s stock worth $32,000 after purchasing an additional 3,222 shares during the period. Ameriflex Group Inc. bought a new position in Eagle Point Credit during the third quarter worth about $33,000. Geneos Wealth Management Inc. purchased a new position in shares of Eagle Point Credit in the second quarter worth about $33,000. Finally, Spire Wealth Management purchased a new position in shares of Eagle Point Credit in the third quarter worth about $37,000. Hedge funds and other 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.