Eagle Point Credit (NYSE:ECC) Posts Quarterly Earnings Results, Hits Estimates

Eagle Point Credit (NYSE:ECC) issued its quarterly earnings data on Thursday. The investment management company reported $0.24 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.24, Zacks reports. Eagle Point Credit had a return on equity of 13.49% and a net margin of 6.73%.

Eagle Point Credit Trading Down 0.8%

Eagle Point Credit stock traded down $0.05 during trading on Thursday, hitting $5.95. The company had a trading volume of 533,659 shares, compared to its average volume of 1,498,432. The company has a current ratio of 2.23, a quick ratio of 2.23 and a debt-to-equity ratio of 0.32. The company’s 50 day simple moving average is $6.55 and its 200-day simple moving average is $7.13. Eagle Point Credit has a 1-year low of $5.80 and a 1-year high of $9.53. The stock has a market cap of $751.03 million, a price-to-earnings ratio of 53.96 and a beta of 0.37.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on ECC shares. Craig Hallum began coverage on shares of Eagle Point Credit in a research report on Thursday, September 18th. They set a “buy” rating and a $7.75 target price for the company. Industrial Alliance Securities set a $7.75 target price on shares of Eagle Point Credit in a research note on Thursday, September 18th. Zacks Research raised Eagle Point Credit from a “strong sell” rating to a “hold” rating in a report on Monday, October 13th. Alliance Global Partners began coverage on Eagle Point Credit in a research report on Thursday, September 18th. They set a “buy” rating and a $7.75 price target on the stock. Finally, LADENBURG THALM/SH SH raised shares of Eagle Point Credit to a “strong-buy” rating in a research note on Wednesday, August 13th. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $8.21.

Institutional Investors Weigh In On Eagle Point Credit

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Geneos Wealth Management Inc. purchased a new position in shares of Eagle Point Credit in the 2nd quarter valued at $33,000. Tower Research Capital LLC TRC purchased a new stake in Eagle Point Credit in the 2nd quarter valued at approximately $65,000. Private Advisor Group LLC lifted its holdings in Eagle Point Credit by 10.5% in the third quarter. Private Advisor Group LLC now owns 126,838 shares of the investment management company’s stock valued at $838,000 after acquiring an additional 12,017 shares during the period. Creative Planning purchased a new position in shares of Eagle Point Credit in the 2nd quarter valued at about $96,000. Finally, Envestnet Asset Management Inc. acquired a new position in Eagle Point Credit during the third quarter worth about $97,000. Institutional investors and hedge funds own 19.50% of the company’s stock.

About Eagle Point Credit

Eagle Point Credit Company Inc is a closed ended fund launched and managed by Eagle Point Credit Management LLC. It invests in fixed income markets of the United States. The fund invests equity and junior debt tranches of collateralized loan obligations consisting primarily of below investment grade U.S.