Eagle Point Credit Company Inc. (NYSE:ECC) Receives $7.46 Average Price Target from Analysts

Shares of Eagle Point Credit Company Inc. (NYSE:ECC) have earned an average rating of “Moderate Buy” from the six ratings firms that are currently covering the firm, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a hold recommendation, three have given a buy recommendation and one has issued a strong buy recommendation on the company. The average 12-month target price among analysts that have covered the stock in the last year is $7.4583.

Several brokerages recently commented on ECC. Zacks Research upgraded shares of Eagle Point Credit from a “strong sell” rating to a “hold” rating in a research note on Tuesday, December 16th. B. Riley dropped 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. Finally, Credit Suisse Group set a $7.00 target price on Eagle Point Credit in a research report on Thursday, November 20th.

Institutional Investors Weigh In On Eagle Point Credit

Several large investors have recently modified their holdings of the company. Jane Street Group LLC acquired a new position in shares of Eagle Point Credit in the 1st quarter valued at $134,000. Farther Finance Advisors LLC purchased a new position in Eagle Point Credit during the 2nd quarter worth $35,000. AdvisorNet Financial Inc increased its stake in Eagle Point Credit by 95.5% in the second quarter. AdvisorNet Financial Inc now owns 5,973 shares of the investment management company’s stock valued at $46,000 after purchasing an additional 2,918 shares during the period. Cadent Capital Advisors LLC increased its stake in Eagle Point Credit by 6.8% in the second quarter. Cadent Capital Advisors LLC now owns 255,502 shares of the investment management company’s stock valued at $1,957,000 after purchasing an additional 16,289 shares during the period. Finally, Freestate Advisors LLC purchased a new stake in shares of Eagle Point Credit in the second quarter valued at about $80,000. 19.50% of the stock is owned by institutional investors and hedge funds.

Eagle Point Credit Trading Up 2.2%

ECC stock opened at $5.80 on Wednesday. Eagle Point Credit has a twelve month low of $5.40 and a twelve month high of $8.96. The company’s 50 day moving average is $5.84 and its two-hundred day moving average is $6.45. The stock has a market cap of $732.08 million, a P/E ratio of 30.50 and a beta of 0.27.

Eagle Point Credit Dividend Announcement

The company also recently declared a monthly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Wednesday, March 11th will be given a dividend of $0.14 per share. The ex-dividend date of this dividend is Wednesday, March 11th. This represents a c) annualized dividend and a yield of 29.0%. Eagle Point Credit’s payout ratio is 884.21%.

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.