Eagle Point Credit (NYSE:ECC) Hits New 12-Month Low – Time to Sell?

Eagle Point Credit Company Inc. (NYSE:ECC) hit a new 52-week low during mid-day trading on Thursday . The stock traded as low as $9.00 and last traded at $9.02, with a volume of 851099 shares traded. The stock had previously closed at $9.41.

Wall Street Analysts Forecast Growth

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

Eagle Point Credit Stock Performance

The stock has a market cap of $707.15 million, a price-to-earnings ratio of 5.50 and a beta of 0.76. The company has a current ratio of 2.98, a quick ratio of 2.98 and a debt-to-equity ratio of 0.19. The firm has a fifty day simple moving average of $9.75 and a 200-day simple moving average of $9.95.

Eagle Point Credit Dividend Announcement

The company also recently declared a monthly dividend, which will be paid on Monday, March 31st. Investors of record on Tuesday, March 11th will be issued a $0.14 dividend. This represents a $1.68 annualized dividend and a yield of 18.28%. The ex-dividend date of this dividend is Tuesday, March 11th. Eagle Point Credit’s dividend payout ratio is 98.25%.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of ECC. Webster Bank N. A. acquired a new position in Eagle Point Credit in the third quarter valued at approximately $28,000. EverSource Wealth Advisors LLC acquired a new stake in shares of Eagle Point Credit in the 2nd quarter valued at approximately $60,000. Sunbelt Securities Inc. boosted its stake in Eagle Point Credit by 646.4% during the 2nd quarter. Sunbelt Securities Inc. now owns 7,464 shares of the investment management company’s stock worth $75,000 after acquiring an additional 6,464 shares during the last quarter. Stephens Inc. AR bought a new stake in Eagle Point Credit in the third quarter valued at approximately $99,000. Finally, Silverleafe Capital Partners LLC acquired a new stake in Eagle Point Credit in the second quarter worth $109,000. Institutional investors 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.