Eagle Point Credit Company Inc. (NYSE:ECC) Sees Significant Growth in Short Interest

Eagle Point Credit Company Inc. (NYSE:ECC) was the recipient of a large increase in short interest during the month of July. As of July 15th, there was short interest totalling 336,900 shares, an increase of 5.6% from the June 30th total of 319,000 shares. Based on an average daily trading volume, of 932,500 shares, the short-interest ratio is currently 0.4 days.

Eagle Point Credit Trading Up 2.3 %

NYSE ECC traded up $0.22 on Tuesday, hitting $9.84. 819,158 shares of the stock were exchanged, compared to its average volume of 826,957. The stock has a fifty day moving average price of $10.08 and a two-hundred day moving average price of $10.08. The firm has a market capitalization of $757.19 million, a P/E ratio of 5.28 and a beta of 0.77. The company has a debt-to-equity ratio of 0.20, a quick ratio of 4.55 and a current ratio of 4.55. Eagle Point Credit has a 52-week low of $8.60 and a 52-week high of $10.58.

Eagle Point Credit (NYSE:ECC) last announced its earnings results on Tuesday, May 21st. The investment management company reported $0.29 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.35 by ($0.06). Eagle Point Credit had a net margin of 88.90% and a return on equity of 13.48%. The business had revenue of $40.81 million for the quarter, compared to analysts’ expectations of $42.30 million. Research analysts forecast that Eagle Point Credit will post 1.34 EPS for the current fiscal year.

Eagle Point Credit Dividend Announcement

The business also recently announced a monthly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Wednesday, December 11th will be paid a dividend of $0.14 per share. This represents a $1.68 dividend on an annualized basis and a dividend yield of 17.07%. The ex-dividend date is Wednesday, December 11th. Eagle Point Credit’s dividend payout ratio is currently 90.32%.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Cadent Capital Advisors LLC boosted its position in Eagle Point Credit by 7.8% in 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 buying an additional 32,666 shares during the period. PFG Investments LLC bought a new stake in shares of Eagle Point Credit during the first quarter valued at approximately $1,815,000. TrueMark Investments LLC purchased a new stake in shares of Eagle Point Credit in the second quarter valued at approximately $1,444,000. Quadrature Capital Ltd grew 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 worth $1,346,000 after purchasing an additional 7,285 shares in the last quarter. Finally, Oxinas Partners Wealth Management LLC increased its holdings in Eagle Point Credit by 24.0% during the 2nd quarter. Oxinas Partners Wealth Management LLC now owns 123,252 shares of the investment management company’s stock worth $1,239,000 after purchasing an additional 23,819 shares during the period. 19.50% of the stock is currently owned by institutional investors.

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.