Eagle Point Credit (NYSE:ECC) Trading Down 5.6% – Here’s What Happened

Shares of Eagle Point Credit Company Inc. (NYSE:ECC) dropped 5.6% during mid-day trading on Tuesday . The company traded as low as $4.63 and last traded at $4.6150. Approximately 2,428,809 shares were traded during mid-day trading, an increase of 17% from the average daily volume of 2,079,217 shares. The stock had previously closed at $4.89.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on ECC. B. Riley Financial decreased their price target on Eagle Point Credit from $10.00 to $7.00 and set a “buy” rating for the company in a report on Thursday, November 20th. Credit Suisse Group set a $7.00 price target on shares of Eagle Point Credit in a report on Thursday, November 20th. Finally, Zacks Research upgraded shares of Eagle Point Credit from a “strong sell” rating to a “hold” rating in a report on Tuesday, December 16th. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $7.46.

Eagle Point Credit Stock Down 6.2%

The firm has a market capitalization of $579.22 million, a price-to-earnings ratio of 24.13 and a beta of 0.28. The stock has a 50 day moving average of $5.72 and a 200 day moving average of $6.28.

Eagle Point Credit Announces Dividend

The company also recently declared a monthly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Wednesday, March 11th will be issued a $0.14 dividend. This represents a c) dividend on an annualized basis and a dividend yield of 36.6%. The ex-dividend date is Wednesday, March 11th. Eagle Point Credit’s payout ratio is 884.21%.

Hedge Funds Weigh In On Eagle Point Credit

Large investors have recently added to or reduced their stakes in the company. GPS Wealth Strategies Group LLC bought a new stake in Eagle Point Credit during the second quarter valued at $25,000. IFP Advisors Inc acquired a new position in shares of Eagle Point Credit in the 2nd quarter valued at about $28,000. Geneos Wealth Management Inc. bought a new stake in shares of Eagle Point Credit during the 2nd quarter valued at about $33,000. Ameriflex Group Inc. acquired a new stake in Eagle Point Credit during the third quarter worth about $33,000. Finally, N.E.W. Advisory Services LLC raised its stake in Eagle Point Credit by 100.0% during the fourth quarter. N.E.W. Advisory Services LLC now owns 5,300 shares of the investment management company’s stock worth $31,000 after acquiring an additional 2,650 shares during the period. 19.50% of the stock is currently owned by institutional investors.

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.