Eagle Point Credit (NYSE:ECC) Reaches New 1-Year Low – Here’s Why

Shares of Eagle Point Credit Company Inc. (NYSE:ECC) hit a new 52-week low during trading on Friday . The company traded as low as $8.89 and last traded at $8.94, with a volume of 138557 shares. The stock had previously closed at $8.94.

Analysts Set New Price Targets

Separately, Keefe, Bruyette & Woods lowered their target price on Eagle Point Credit from $10.50 to $10.00 and set a “market perform” rating for the company in a research note on Wednesday, August 7th.

Eagle Point Credit Stock Up 0.8 %

The company has a debt-to-equity ratio of 0.19, a current ratio of 2.98 and a quick ratio of 2.98. The firm’s fifty day moving average is $9.64 and its 200-day moving average is $9.91. The stock has a market capitalization of $693.30 million, a price-to-earnings ratio of 11.18 and a beta of 0.76.

Eagle Point Credit Announces Dividend

The company also recently announced a monthly dividend, which will be paid on Monday, March 31st. Stockholders of record on Tuesday, March 11th will be given a $0.14 dividend. The ex-dividend date of this dividend is Tuesday, March 11th. This represents a $1.68 annualized dividend and a dividend yield of 18.65%. Eagle Point Credit’s payout ratio is 210.00%.

Institutional Trading of Eagle Point Credit

Institutional investors have recently added to or reduced their stakes in the business. Quadrature Capital Ltd boosted its stake in Eagle Point Credit by 5.8% in the first quarter. Quadrature Capital Ltd now owns 132,905 shares of the investment management company’s stock valued at $1,346,000 after acquiring an additional 7,285 shares during the period. Sage Capital Advisors llc raised its position in Eagle Point Credit by 14.1% in the second quarter. Sage Capital Advisors llc now owns 45,937 shares of the investment management company’s stock worth $462,000 after acquiring an additional 5,681 shares in the last quarter. Worth Asset Management LLC acquired a new stake in Eagle Point Credit in the 2nd quarter valued at about $144,000. Cadent Capital Advisors LLC boosted its position in shares of Eagle Point Credit by 7.8% during the 2nd quarter. Cadent Capital Advisors LLC now owns 451,611 shares of the investment management company’s stock valued at $4,539,000 after purchasing an additional 32,666 shares in the last quarter. Finally, Nadler Financial Group Inc. raised its holdings in shares of Eagle Point Credit by 50.0% in the 2nd quarter. Nadler Financial Group Inc. now owns 15,000 shares of the investment management company’s stock worth $151,000 after purchasing an additional 5,000 shares in the last quarter. Institutional investors own 19.50% 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.