Eagle Point Credit (NYSE:ECC) Price Target Cut to $10.00

Eagle Point Credit (NYSE:ECC) had its price target lowered by equities research analysts at Keefe, Bruyette & Woods from $10.50 to $10.00 in a report released on Wednesday, MarketBeat reports. The brokerage presently has a “market perform” rating on the investment management company’s stock. Keefe, Bruyette & Woods’ price target would suggest a potential upside of 0.20% from the stock’s previous close.

Eagle Point Credit Stock Down 0.6 %

Eagle Point Credit stock traded down $0.06 during midday trading on Wednesday, hitting $9.98. The stock had a trading volume of 1,266,920 shares, compared to its average volume of 831,301. The stock has a market cap of $767.94 million, a P/E ratio of 5.36 and a beta of 0.77. The business has a fifty day moving average price of $10.06 and a 200 day moving average price of $10.08. The company has a current ratio of 4.55, a quick ratio of 4.55 and a debt-to-equity ratio of 0.20. Eagle Point Credit has a 12 month low of $8.60 and a 12 month high of $10.58.

Eagle Point Credit (NYSE:ECC) last released its quarterly earnings data on Tuesday, August 6th. The investment management company reported $0.28 EPS for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.08). The business had revenue of $42.28 million during the quarter, compared to analyst estimates of $45.67 million. Eagle Point Credit had a return on equity of 13.48% and a net margin of 88.90%. Research analysts predict that Eagle Point Credit will post 1.34 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Raymond James & Associates boosted its position in shares of Eagle Point Credit by 16.4% during the fourth quarter. Raymond James & Associates now owns 72,122 shares of the investment management company’s stock worth $685,000 after buying an additional 10,150 shares during the period. Kestra Private Wealth Services LLC grew its stake in shares of Eagle Point Credit by 10.8% in the fourth quarter. Kestra Private Wealth Services LLC now owns 68,986 shares of the investment management company’s stock worth $655,000 after purchasing an additional 6,700 shares in the last quarter. Private Advisor Group LLC raised its stake in shares of Eagle Point Credit by 7.7% during the fourth quarter. Private Advisor Group LLC now owns 74,538 shares of the investment management company’s stock valued at $708,000 after purchasing an additional 5,355 shares in the last quarter. Arlington Capital Management Inc. acquired a new stake in Eagle Point Credit in the fourth quarter worth about $506,000. Finally, Financial Advocates Investment Management grew its position in Eagle Point Credit by 4.5% in the 4th quarter. Financial Advocates Investment Management now owns 26,823 shares of the investment management company’s stock valued at $255,000 after buying an additional 1,157 shares in the last quarter. 19.50% of the stock is owned by institutional investors and hedge funds.

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.