Eagle Point Credit (NYSE:ECC) Sees Large Volume Increase – Here’s What Happened

Eagle Point Credit Company Inc. (NYSE:ECC) saw unusually-high trading volume on Tuesday . Approximately 1,515,996 shares changed hands during mid-day trading, an increase of 41% from the previous session’s volume of 1,075,041 shares.The stock last traded at $7.32 and had previously closed at $6.94.

Wall Street Analyst Weigh In

Separately, B. Riley reduced their price objective on Eagle Point Credit from $12.00 to $11.00 and set a “buy” rating for the company in a research report on Tuesday, January 7th.

Eagle Point Credit Stock Up 1.7 %

The firm has a 50-day moving average price of $8.18 and a two-hundred day moving average price of $8.86. The company has a market capitalization of $570.49 million, a P/E ratio of 8.80 and a beta of 0.35. The company has a quick ratio of 2.27, a current ratio of 2.27 and a debt-to-equity ratio of 0.18.

Eagle Point Credit (NYSE:ECC) last released its earnings results on Thursday, February 20th. The investment management company reported $0.27 earnings per share for the quarter, missing the consensus estimate of $0.28 by ($0.01). Eagle Point Credit had a net margin of 44.67% and a return on equity of 12.53%. The company had revenue of $49.55 million during the quarter, compared to the consensus estimate of $49.76 million. Equities research analysts anticipate that Eagle Point Credit Company Inc. will post 1.1 EPS for the current fiscal year.

Eagle Point Credit Announces Dividend

The business also recently disclosed a dividend, which will be paid on Wednesday, April 30th. Shareholders of record on Thursday, April 10th will be issued a dividend of $0.14 per share. The ex-dividend date of this dividend is Thursday, April 10th. Eagle Point Credit’s payout ratio is 200.00%.

Insiders Place Their Bets

In other Eagle Point Credit news, CEO Thomas P. Majewski purchased 1,087 shares of the company’s stock in a transaction that occurred on Friday, March 21st. The stock was purchased at an average cost of $23.00 per share, with a total value of $25,001.00. Following the acquisition, the chief executive officer now directly owns 1,087 shares of the company’s stock, valued at approximately $25,001. This trade represents a ? increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this link. Corporate insiders own 0.22% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in ECC. Legacy Investment Solutions LLC boosted its position in Eagle Point Credit by 20,306.0% in the 4th quarter. Legacy Investment Solutions LLC now owns 847,871 shares of the investment management company’s stock valued at $7,580,000 after buying an additional 843,716 shares during the last quarter. PFG Investments LLC boosted its stake in shares of Eagle Point Credit by 11.9% in the 4th quarter. PFG Investments LLC now owns 619,399 shares of the investment management company’s stock valued at $5,500,000 after purchasing an additional 65,893 shares during the last quarter. Wedbush Securities Inc. raised its stake in shares of Eagle Point Credit by 17.0% during the fourth quarter. Wedbush Securities Inc. now owns 567,610 shares of the investment management company’s stock worth $5,040,000 after buying an additional 82,367 shares during the last quarter. Envestnet Asset Management Inc. boosted its stake in Eagle Point Credit by 48.5% in the fourth quarter. Envestnet Asset Management Inc. now owns 246,876 shares of the investment management company’s stock valued at $2,192,000 after acquiring an additional 80,616 shares during the last quarter. Finally, Raymond James Financial Inc. acquired a new stake in Eagle Point Credit during the 4th quarter worth $2,038,000. 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.