Eagle Point Credit (NYSE:ECC) Sets New 1-Year Low – Time to Sell?

Eagle Point Credit Company Inc. (NYSE:ECC) hit a new 52-week low during mid-day trading on Tuesday . The stock traded as low as $3.89 and last traded at $3.9450, with a volume of 1301807 shares trading hands. The stock had previously closed at $3.99.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on ECC shares. Credit Suisse Group set a $5.00 price target on Eagle Point Credit in a report on Wednesday, February 18th. Zacks Research raised Eagle Point Credit from a “strong sell” rating to a “hold” rating in a research report on Tuesday, December 16th. Finally, B. Riley Financial dropped their price objective on shares of Eagle Point Credit from $10.00 to $7.00 and set a “buy” rating on the stock in a research note on Thursday, November 20th. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, Eagle Point Credit presently has a consensus rating of “Moderate Buy” and a consensus target price of $7.13.

Eagle Point Credit Stock Down 1.6%

The firm has a market cap of $495.85 million, a P/E ratio of 20.67 and a beta of 0.28. The business’s 50 day moving average is $5.38 and its 200-day moving average is $6.10.

Eagle Point Credit Announces Dividend

The company also recently announced a monthly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Wednesday, June 10th will be issued a dividend of $0.06 per share. This represents a c) dividend on an annualized basis and a yield of 18.3%. The ex-dividend date of this dividend is Wednesday, June 10th. Eagle Point Credit’s dividend payout ratio (DPR) is currently 884.21%.

Institutional Investors Weigh In On Eagle Point Credit

Institutional investors and hedge funds have recently made changes to their positions in the company. International Assets Investment Management LLC boosted its holdings in 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 worth $7,362,000 after purchasing an additional 854,625 shares during the period. PFG Investments LLC lifted its position in shares of Eagle Point Credit by 2.8% in the 4th quarter. PFG Investments LLC now owns 839,463 shares of the investment management company’s stock worth $4,835,000 after buying an additional 22,499 shares during the last quarter. North Ground Capital acquired a new position in shares of Eagle Point Credit in the 3rd quarter valued at about $4,186,000. Freestone Capital Holdings LLC grew its position in shares of Eagle Point Credit by 58.7% during the 4th quarter. Freestone Capital Holdings LLC now owns 528,356 shares of the investment management company’s stock valued at $3,043,000 after buying an additional 195,503 shares during the last quarter. Finally, Jane Street Group LLC raised its stake in Eagle Point Credit by 167.6% during the fourth quarter. Jane Street Group LLC now owns 460,318 shares of the investment management company’s stock worth $2,651,000 after acquiring an additional 288,314 shares during the period. 19.50% of the stock is owned by institutional investors and hedge funds.

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.