Eagle Point Credit (NYSE:ECC) Portfolio Manager Daniel Ko Purchases 57,165 Shares

Eagle Point Credit Company Inc. (NYSE:ECC) Portfolio Manager Daniel Ko purchased 57,165 shares of the firm’s stock in a transaction that occurred on Wednesday, March 18th. The stock was purchased at an average price of $3.50 per share, for a total transaction of $200,077.50. Following the acquisition, the portfolio manager owned 82,665 shares of the company’s stock, valued at $289,327.50. The trade was a 224.18% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website.

Eagle Point Credit Trading Down 2.9%

Shares of NYSE:ECC opened at $3.51 on Thursday. The stock has a market capitalization of $442.79 million, a P/E ratio of 18.45 and a beta of 0.32. Eagle Point Credit Company Inc. has a 1-year low of $3.48 and a 1-year high of $8.35. The business has a 50-day moving average price of $4.75 and a two-hundred day moving average price of $5.76.

Eagle Point Credit Announces Dividend

The firm also recently declared a monthly dividend, which will be paid on Tuesday, June 30th. Investors of record on Wednesday, June 10th will be paid a dividend of $0.06 per share. This represents a c) dividend on an annualized basis and a dividend yield of 20.5%. The ex-dividend date of this dividend is Wednesday, June 10th. Eagle Point Credit’s payout ratio is 884.21%.

Hedge Funds Weigh In On Eagle Point Credit

Several institutional investors and hedge funds have recently made changes to their positions in ECC. Geneos Wealth Management Inc. bought a new stake in shares of Eagle Point Credit in the 2nd quarter valued at $33,000. Ameriflex Group Inc. bought a new position in Eagle Point Credit during the third quarter worth about $33,000. N.E.W. Advisory Services LLC grew its stake in Eagle Point Credit by 100.0% in the fourth quarter. N.E.W. Advisory Services LLC now owns 5,300 shares of the investment management company’s stock valued at $31,000 after acquiring an additional 2,650 shares during the period. Spire Wealth Management acquired a new position in Eagle Point Credit in the third quarter valued at about $37,000. Finally, Royal Bank of Canada increased its holdings in shares of Eagle Point Credit by 135.5% in the fourth quarter. Royal Bank of Canada now owns 5,600 shares of the investment management company’s stock worth $32,000 after acquiring an additional 3,222 shares in the last quarter. Institutional investors and hedge funds own 19.50% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on ECC shares. Zacks Research lowered shares of Eagle Point Credit from a “hold” rating to a “strong sell” rating in a report on Tuesday, March 10th. LADENBURG THALM/SH SH downgraded Eagle Point Credit from a “buy” rating to a “neutral” rating in a research note on Monday, March 2nd. Credit Suisse Group set a $5.00 price objective on Eagle Point Credit in a research note on Wednesday, February 18th. Finally, B. Riley Financial cut their target price on Eagle Point Credit from $7.00 to $4.25 and set a “buy” rating on the stock in a research note on Monday. Three investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Eagle Point Credit presently has an average rating of “Hold” and an average target price of $6.67.

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.