Eagle Point Credit Company Inc. (NYSE:ECC) Stock Rating Upgraded by Zacks Investment Research

Eagle Point Credit Company Inc. (NYSE:ECC) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report issued on Tuesday, October 17th.

According to Zacks, “Eagle Point Credit Company Inc. is an externally managed closed-end management investment company. Its primary investment objective is to generate high current income, with a secondary objective to generate capital appreciation. The Company invests primarily in equity and junior debt tranches of collateralized loan obligations (CLOs). Eagle Point Credit Company Inc. is based in United States. “

Several other brokerages also recently issued reports on ECC. Ladenburg Thalmann Financial Services started coverage on shares of Eagle Point Credit in a research report on Monday, September 25th. They set a “buy” rating and a $20.50 price objective for the company. National Securities restated a “buy” rating and set a $24.00 price objective on shares of Eagle Point Credit in a research report on Wednesday, August 16th. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. The stock currently has an average rating of “Buy” and an average price target of $22.83.

Eagle Point Credit (NYSE ECC) traded up $0.61 on Tuesday, hitting $19.69. 45,883 shares of the company were exchanged, compared to its average volume of 73,048. Eagle Point Credit has a 1-year low of $16.13 and a 1-year high of $22.11. The company has a market cap of $346.13, a PE ratio of 9.31 and a beta of 0.30. The company has a debt-to-equity ratio of 0.18, a quick ratio of 3.25 and a current ratio of 3.25.

Eagle Point Credit (NYSE:ECC) last issued its earnings results on Tuesday, August 15th. The investment management company reported $0.53 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.51 by $0.02. Eagle Point Credit had a net margin of 134.32% and a return on equity of 10.56%. The business had revenue of $16.23 million during the quarter, compared to the consensus estimate of $16.60 million. research analysts predict that Eagle Point Credit will post 2.15 earnings per share for the current year.

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Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Howard Capital Management acquired a new stake in shares of Eagle Point Credit in the second quarter valued at approximately $316,000. Stifel Financial Corp acquired a new stake in shares of Eagle Point Credit in the second quarter valued at approximately $215,000. Finally, Blair William & Co. IL acquired a new stake in shares of Eagle Point Credit in the second quarter valued at approximately $393,000. Institutional investors own 57.69% of the company’s stock.

About Eagle Point Credit

Eagle Point Credit Company Inc is a non-diversified, closed-end management investment company. The Company’s primary investment objective is to generate high current income, with a secondary objective to generate capital appreciation. The Company primarily invests in equity and junior debt tranches of collateralized loan obligations (CLOs) that are collateralized by a portfolio consisting primarily of the below investment grade United States senior secured loans.

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