Eagle Point Credit (NYSE:ECC) Sees Unusually-High Trading Volume – Here’s Why

Eagle Point Credit Company Inc. (NYSE:ECC) shares saw strong trading volume on Monday . 448,904 shares were traded during mid-day trading, a decline of 46% from the previous session’s volume of 830,740 shares.The stock last traded at $9.68 and had previously closed at $9.77.

Analyst Ratings Changes

Separately, Keefe, Bruyette & Woods reduced their price objective on Eagle Point Credit from $10.50 to $10.00 and set a “market perform” rating for the company in a report on Wednesday, August 7th.

Eagle Point Credit Price Performance

The firm has a market capitalization of $746.01 million, a PE ratio of 5.21 and a beta of 0.76. The firm’s 50-day moving average is $9.86 and its 200 day moving average is $10.01. The company has a debt-to-equity ratio of 0.19, a quick ratio of 2.98 and a current ratio of 2.98.

Eagle Point Credit (NYSE:ECC) last announced its earnings results on Tuesday, August 6th. The investment management company reported $0.28 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.08). The business had revenue of $42.28 million for the quarter, compared to analyst estimates of $45.67 million. Eagle Point Credit had a return on equity of 12.87% and a net margin of 76.61%. As a group, research analysts forecast that Eagle Point Credit Company Inc. will post 1.11 earnings per share for the current fiscal year.

Eagle Point Credit Dividend Announcement

The business also recently announced a monthly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Wednesday, December 11th will be issued a dividend of $0.14 per share. This represents a $1.68 dividend on an annualized basis and a yield of 17.33%. The ex-dividend date is Wednesday, December 11th. Eagle Point Credit’s dividend payout ratio (DPR) is presently 90.32%.

Hedge Funds Weigh In On Eagle Point Credit

Hedge funds have recently bought and sold shares of the stock. B. Riley Wealth Advisors Inc. boosted its stake in shares of Eagle Point Credit by 8.9% during the fourth quarter. B. Riley Wealth Advisors Inc. now owns 98,561 shares of the investment management company’s stock valued at $936,000 after acquiring an additional 8,066 shares during the last quarter. Quadrature Capital Ltd acquired a new stake in shares of Eagle Point Credit during the 4th quarter worth about $1,192,000. NBC Securities Inc. purchased a new stake in shares of Eagle Point Credit during the first quarter worth about $31,000. Cadent Capital Advisors LLC raised its position in shares of Eagle Point Credit by 21.3% in the first quarter. Cadent Capital Advisors LLC now owns 418,945 shares of the investment management company’s stock valued at $4,236,000 after buying an additional 73,583 shares during the last quarter. Finally, Oxinas Partners Wealth Management LLC raised its position in shares of Eagle Point Credit by 18.2% in the first quarter. Oxinas Partners Wealth Management LLC now owns 99,433 shares of the investment management company’s stock valued at $1,005,000 after buying an additional 15,284 shares during the last quarter. Hedge funds and other institutional investors own 19.50% of the company’s stock.

Eagle Point Credit Company Profile

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.