Eagle Point Credit (NYSE:ECC) Sets New 12-Month Low – What’s Next?

Eagle Point Credit Company Inc. (NYSE:ECC)’s stock price reached a new 52-week low on Tuesday . The stock traded as low as $3.95 and last traded at $4.0730, with a volume of 431045 shares traded. The stock had previously closed at $4.47.

Analyst Ratings Changes

A number of research analysts have recently commented on ECC shares. Zacks Research upgraded shares of Eagle Point Credit from a “strong sell” rating to a “hold” rating in a report on Tuesday, December 16th. Credit Suisse Group set a $5.00 price target on shares of Eagle Point Credit in a research note on Wednesday. Finally, B. Riley Financial reduced their price objective on Eagle Point Credit from $10.00 to $7.00 and set a “buy” rating on the stock in a report on Thursday, November 20th. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $7.13.

Eagle Point Credit Trading Down 2.0%

The stock has a market capitalization of $521.11 million, a P/E ratio of 21.71 and a beta of 0.28. The company has a 50-day moving average price of $5.47 and a 200 day moving average price of $6.17.

Eagle Point Credit Dividend Announcement

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

Hedge Funds Weigh In On Eagle Point Credit

A number of large investors have recently made changes to their positions in the business. Jane Street Group LLC acquired a new stake in shares of Eagle Point Credit in the 1st quarter worth $134,000. IFP Advisors Inc acquired a new stake in Eagle Point Credit in the second quarter worth about $28,000. Harbour Investments Inc. purchased a new stake in shares of Eagle Point Credit during the second quarter worth about $154,000. GPS Wealth Strategies Group LLC acquired a new position in shares of Eagle Point Credit during the second quarter valued at about $25,000. Finally, Creative Planning purchased a new position in shares of Eagle Point Credit in the 2nd quarter valued at approximately $96,000. 19.50% of the stock is owned by institutional investors and hedge funds.

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.