Eagle Point Credit Company Inc. (ECC) Price Target Lowered to $20.00 at Oppenheimer Holdings, Inc.
Eagle Point Credit Company Inc. (NYSE:ECC) had its target price cut by Oppenheimer Holdings, Inc. from $24.00 to $20.00 in a research report released on Wednesday. They currently have an outperform rating on the investment management company’s stock.
Other analysts have also issued research reports about the stock. Ladenburg Thalmann Financial Services began coverage on shares of Eagle Point Credit in a report on Monday, September 25th. They set a buy rating and a $20.50 target price for the company. National Securities reissued a buy rating and issued a $24.00 price target on shares of Eagle Point Credit in a report on Wednesday, August 16th. Finally, Zacks Investment Research raised shares of Eagle Point Credit from a sell rating to a hold rating in a report on Tuesday, October 17th. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. The stock presently has a consensus rating of Buy and a consensus price target of $21.13.
Eagle Point Credit (NYSE ECC) traded down $0.40 during mid-day trading on Wednesday, reaching $18.41. 57,034 shares of the company traded hands, compared to its average volume of 62,121. The company has a quick ratio of 3.25, a current ratio of 3.25 and a debt-to-equity ratio of 0.18. Eagle Point Credit has a 1 year low of $16.70 and a 1 year high of $22.11. The company has a market cap of $347.50, a PE ratio of 9.36 and a beta of 0.30.
Eagle Point Credit (NYSE:ECC) last released its earnings results on Tuesday, August 15th. The investment management company reported $0.53 EPS for the quarter, topping analysts’ consensus estimates of $0.51 by $0.02. Eagle Point Credit had a net margin of 65.86% and a return on equity of 10.73%. The firm had revenue of $16.23 million during the quarter, compared to analyst estimates of $16.60 million. equities research analysts anticipate that Eagle Point Credit will post 2.15 earnings per share for the current year.
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The business also recently announced a monthly dividend, which will be paid on Thursday, November 30th. Investors of record on Friday, November 10th will be paid a $0.20 dividend. This represents a $2.40 dividend on an annualized basis and a yield of 13.04%. The ex-dividend date of this dividend is Thursday, November 9th.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Howard Capital Management acquired a new position in Eagle Point Credit in the 2nd quarter worth $316,000. Stifel Financial Corp bought a new stake in Eagle Point Credit during the 2nd quarter worth about $215,000. Belpointe Asset Management LLC bought a new stake in shares of Eagle Point Credit in the 3rd quarter valued at about $456,000. Finally, Blair William & Co. IL bought a new stake in shares of Eagle Point Credit in the 2nd quarter valued at about $393,000. 57.69% of the stock is owned by hedge funds and other institutional investors.
Eagle Point Credit Company Profile
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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