Eagle Point Credit Company Inc. (NYSE:ECC) Given Consensus Recommendation of “Hold” by Brokerages

Eagle Point Credit Company Inc. (NYSE:ECC) has earned an average recommendation of “Hold” from the six analysts that are currently covering the firm, Marketbeat reports. One analyst has rated the stock with a sell rating, two have given a hold rating and three have issued a buy rating on the company. The average 1 year price objective among brokerages that have updated their coverage on the stock in the last year is $6.6667.

Several equities analysts have weighed in on ECC shares. B. Riley Financial dropped their target price on Eagle Point Credit from $7.00 to $4.25 and set a “buy” rating for the company in a research report on Monday. Zacks Research lowered shares of Eagle Point Credit from a “hold” rating to a “strong sell” rating in a research note on Tuesday, March 10th. Credit Suisse Group set a $5.00 price objective on shares of Eagle Point Credit in a report on Wednesday, February 18th. Finally, LADENBURG THALM/SH SH downgraded shares of Eagle Point Credit from a “buy” rating to a “neutral” rating in a research note on Monday, March 2nd.

Insider Buying and Selling

In related news, Portfolio Manager Daniel W. Ko bought 57,165 shares of the stock in a transaction that occurred on Wednesday, March 18th. The stock was purchased at an average cost of $3.50 per share, with a total value of $200,077.50. Following the purchase, the portfolio manager directly owned 82,665 shares of the company’s stock, valued at $289,327.50. This trade represents a 224.18% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this link. 0.15% of the stock is owned by insiders.

Institutional Trading of Eagle Point Credit

Hedge funds have recently added to or reduced their stakes in the company. Fermata Advisors LLC increased its holdings in shares of Eagle Point Credit by 15.7% in the 3rd quarter. Fermata Advisors LLC now owns 12,545 shares of the investment management company’s stock valued at $83,000 after acquiring an additional 1,706 shares during the last quarter. EverSource Wealth Advisors LLC lifted its stake in Eagle Point Credit by 21.2% during the third quarter. EverSource Wealth Advisors LLC now owns 10,000 shares of the investment management company’s stock worth $66,000 after purchasing an additional 1,750 shares during the last quarter. TCTC Holdings LLC lifted its stake in Eagle Point Credit by 45.5% during the fourth quarter. TCTC Holdings LLC now owns 8,000 shares of the investment management company’s stock worth $46,000 after purchasing an additional 2,500 shares during the last quarter. N.E.W. Advisory Services LLC boosted its holdings 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 purchasing an additional 2,650 shares in the last quarter. Finally, Compound Planning Inc. increased its stake in Eagle Point Credit by 19.5% in the fourth quarter. Compound Planning Inc. now owns 19,220 shares of the investment management company’s stock valued at $111,000 after purchasing an additional 3,135 shares during the last quarter. Institutional investors and hedge funds own 19.50% of the company’s stock.

Eagle Point Credit Price Performance

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. The firm’s 50-day moving average is $4.75 and its two-hundred day moving average is $5.76. Eagle Point Credit has a 12 month low of $3.48 and a 12 month high of $8.35.

Eagle Point Credit Dividend Announcement

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