Eagle Point Credit Company Inc. (NYSE:ECC) Receives $7.46 Average Price Target from Analysts

Shares of Eagle Point Credit Company Inc. (NYSE:ECC) have received an average rating of “Moderate Buy” from the six ratings firms that are presently covering the stock, Marketbeat.com reports. Two research analysts have rated the stock with a hold recommendation, three have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1 year price target among brokerages that have updated their coverage on the stock in the last year is $7.1250.

Several equities analysts have recently weighed in on the company. B. Riley Financial cut their target price on Eagle Point Credit from $10.00 to $7.00 and set a “buy” rating on the stock in a research report on Thursday, November 20th. Credit Suisse Group set a $5.00 price objective on shares of Eagle Point Credit in a research report on Wednesday. Finally, Zacks Research raised shares of Eagle Point Credit from a “strong sell” rating to a “hold” rating in a research note on Tuesday, December 16th.

Hedge Funds Weigh In On Eagle Point Credit

Several hedge funds have recently bought and sold shares of the business. Fermata Advisors LLC grew its holdings in Eagle Point Credit by 15.7% in the third quarter. Fermata Advisors LLC now owns 12,545 shares of the investment management company’s stock worth $83,000 after purchasing an additional 1,706 shares during the last quarter. EverSource Wealth Advisors LLC boosted its position in shares of Eagle Point Credit by 21.2% in the 3rd quarter. EverSource Wealth Advisors LLC now owns 10,000 shares of the investment management company’s stock worth $66,000 after purchasing an additional 1,750 shares in the last quarter. MGO One Seven LLC grew its stake in Eagle Point Credit by 9.2% during the 2nd quarter. MGO One Seven LLC now owns 28,357 shares of the investment management company’s stock worth $217,000 after buying an additional 2,382 shares during the last quarter. TCTC Holdings LLC increased its position in Eagle Point Credit by 45.5% during the 4th quarter. TCTC Holdings LLC now owns 8,000 shares of the investment management company’s stock valued at $46,000 after buying an additional 2,500 shares in the last quarter. Finally, N.E.W. Advisory Services LLC boosted its holdings in Eagle Point Credit by 100.0% in 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 in the last quarter. Institutional investors own 19.50% of the company’s stock.

Eagle Point Credit Trading Down 2.0%

Shares of NYSE ECC opened at $4.13 on Friday. Eagle Point Credit has a 12-month low of $3.95 and a 12-month high of $8.86. The firm’s 50-day moving average price is $5.44 and its 200-day moving average price is $6.15. The stock has a market capitalization of $521.11 million, a price-to-earnings ratio of 21.71 and a beta of 0.28.

Eagle Point Credit Dividend Announcement

The firm also recently declared a monthly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Wednesday, June 10th will be issued a $0.06 dividend. This represents a c) annualized dividend and a dividend yield of 17.5%. The ex-dividend date is Wednesday, June 10th. Eagle Point Credit’s dividend payout ratio is presently 884.21%.

About Eagle Point Credit

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.