Eagle Point Credit Company Inc. (NYSE:ECC) Receives Consensus Recommendation of “Moderate Buy” from Analysts

Shares of Eagle Point Credit Company Inc. (NYSE:ECC) have been given an average recommendation of “Moderate Buy” by the six ratings firms that are presently covering the stock, MarketBeat Ratings reports. Three research analysts have rated the stock with a hold rating and three have given a buy rating to the company. The average twelve-month price objective among analysts that have issued ratings on the stock in the last year is $6.6667.

Several equities research analysts have recently commented on ECC shares. Alliance Global Partners reissued a “buy” rating on shares of Eagle Point Credit in a research note on Wednesday, April 15th. B. Riley Financial decreased their price target on Eagle Point Credit from $7.00 to $4.25 and set a “buy” rating on the stock in a research note on Monday, March 16th. Credit Suisse Group set a $5.00 price target on Eagle Point Credit in a research note on Wednesday, February 18th. Zacks Research raised Eagle Point Credit from a “strong sell” rating to a “hold” rating in a research note on Friday, May 1st. Finally, LADENBURG THALM/SH SH lowered Eagle Point Credit from a “buy” rating to a “neutral” rating in a research note on Monday, March 2nd.

Insider Transactions at Eagle Point Credit

In related news, Portfolio Manager Daniel W. Ko bought 57,165 shares of Eagle Point Credit stock in a transaction that occurred on Wednesday, March 18th. The shares were purchased at an average price of $3.50 per share, with a total value of $200,077.50. Following the purchase, the portfolio manager owned 82,665 shares in the company, valued at $289,327.50. This represents a 224.18% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 0.26% of the company’s stock.

Institutional Investors Weigh In On Eagle Point Credit

A number of institutional investors and hedge funds have recently bought and sold shares of ECC. N.E.W. Advisory Services LLC lifted its stake in Eagle Point Credit by 100.0% in the 4th quarter. N.E.W. Advisory Services LLC now owns 5,300 shares of the investment management company’s stock valued at $31,000 after buying an additional 2,650 shares in the last quarter. Royal Bank of Canada lifted its stake in Eagle Point Credit by 135.5% in the 4th quarter. Royal Bank of Canada now owns 5,600 shares of the investment management company’s stock valued at $32,000 after buying an additional 3,222 shares in the last quarter. Ameriflex Group Inc. purchased a new stake in Eagle Point Credit in the 3rd quarter valued at approximately $33,000. Geneos Wealth Management Inc. purchased a new stake in Eagle Point Credit in the 2nd quarter valued at approximately $33,000. Finally, Spire Wealth Management purchased a new stake in Eagle Point Credit in the 3rd quarter valued at approximately $37,000. Hedge funds and other institutional investors own 19.50% of the company’s stock.

Eagle Point Credit Price Performance

Shares of NYSE:ECC opened at $4.26 on Friday. The business’s 50 day simple moving average is $3.92 and its 200-day simple moving average is $5.04. The firm has a market capitalization of $563.08 million, a price-to-earnings ratio of 22.42 and a beta of 0.35. Eagle Point Credit has a 12 month low of $3.46 and a 12 month high of $8.05.

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 paid a $0.06 dividend. The ex-dividend date of this dividend is Wednesday, June 10th. This represents a c) dividend on an annualized basis and a yield of 16.9%. Eagle Point Credit’s dividend payout ratio is presently 873.68%.

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.