Eagle Point Credit (NYSE:ECC) Reaches New 12-Month Low – Here’s Why

Eagle Point Credit Company Inc. (NYSE:ECC)’s share price hit a new 52-week low during mid-day trading on Monday . The stock traded as low as $4.89 and last traded at $4.8650, with a volume of 231377 shares traded. The stock had previously closed at $5.15.

Analyst Ratings Changes

A number of equities analysts recently weighed in on ECC shares. Zacks Research upgraded shares of Eagle Point Credit from a “strong sell” rating to a “hold” rating in a research report on Tuesday, December 16th. Credit Suisse Group set a $7.00 target price on Eagle Point Credit in a research report on Thursday, November 20th. Finally, B. Riley Financial reduced their price target on shares of 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 analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $7.46.

Eagle Point Credit Trading Down 5.3%

The firm has a 50-day moving average of $5.74 and a two-hundred day moving average of $6.29. The firm has a market capitalization of $615.86 million, a PE ratio of 25.66 and a beta of 0.28.

Eagle Point Credit Announces Dividend

The firm also recently disclosed a monthly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Wednesday, March 11th will be given a $0.14 dividend. The ex-dividend date of this dividend is Wednesday, March 11th. This represents a c) annualized dividend and a dividend yield of 34.5%. Eagle Point Credit’s dividend payout ratio is presently 884.21%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of ECC. International Assets Investment Management LLC grew its stake in shares of Eagle Point Credit by 201.8% in the fourth quarter. International Assets Investment Management LLC now owns 1,278,195 shares of the investment management company’s stock valued at $7,362,000 after buying an additional 854,625 shares in the last quarter. PFG Investments LLC grew its position in Eagle Point Credit by 2.8% in the fourth quarter. PFG Investments LLC now owns 839,463 shares of the investment management company’s stock valued at $4,835,000 after acquiring an additional 22,499 shares in the last quarter. North Ground Capital purchased a new stake in shares of Eagle Point Credit during the third quarter valued at approximately $4,186,000. Freestone Capital Holdings LLC raised its stake in shares of Eagle Point Credit by 58.7% during the fourth quarter. Freestone Capital Holdings LLC now owns 528,356 shares of the investment management company’s stock valued at $3,043,000 after purchasing an additional 195,503 shares during the period. Finally, Money Concepts Capital Corp lifted its position in shares of Eagle Point Credit by 13.2% during the fourth quarter. Money Concepts Capital Corp now owns 354,597 shares of the investment management company’s stock worth $2,042,000 after purchasing an additional 41,391 shares in the last quarter. Institutional investors and hedge funds own 19.50% of the company’s stock.

Eagle Point Credit Company Profile

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.