Eagle Point Credit (NYSE:ECC) Trading Down 3% – Here’s What Happened

Eagle Point Credit Company Inc. (NYSE:ECC) traded down 3% during trading on Wednesday . The stock traded as low as $7.75 and last traded at $7.70. 304,793 shares changed hands during trading, a decline of 73% from the average session volume of 1,113,068 shares. The stock had previously closed at $7.93.

Analyst Ratings Changes

Separately, B. Riley lowered their price target on shares of Eagle Point Credit from $12.00 to $11.00 and set a “buy” rating on the stock in a research report on Tuesday, January 7th.

Eagle Point Credit Trading Up 2.1 %

The stock has a market cap of $604.97 million, a PE ratio of 9.36 and a beta of 0.73. The company’s 50-day moving average price is $8.66 and its 200 day moving average price is $9.17. The company has a debt-to-equity ratio of 0.18, a quick ratio of 2.27 and a current ratio of 2.27.

Eagle Point Credit (NYSE:ECC) last posted its earnings results on Thursday, February 20th. The investment management company reported $0.27 EPS for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.01). The business had revenue of $49.55 million during the quarter, compared to analysts’ expectations of $49.76 million. Eagle Point Credit had a net margin of 44.67% and a return on equity of 12.53%. On average, sell-side analysts forecast 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 announced a dividend, which will be paid on Wednesday, April 30th. Shareholders of record on Thursday, April 10th will be given a $0.14 dividend. The ex-dividend date of this dividend is Thursday, April 10th. Eagle Point Credit’s payout ratio is currently 200.00%.

Institutional Investors Weigh In On Eagle Point Credit

A number of institutional investors have recently made changes to their positions in ECC. Union Bancaire Privee UBP SA purchased a new position in shares of Eagle Point Credit during the 4th quarter worth approximately $27,000. Legacy Investment Solutions LLC purchased a new position in shares of Eagle Point Credit during the third quarter worth $39,000. Transce3nd LLC acquired a new stake in shares of Eagle Point Credit in the fourth quarter valued at $45,000. McIlrath & Eck LLC purchased a new position in Eagle Point Credit during the 3rd quarter valued at about $57,000. Finally, Ameriflex Group Inc. acquired a new position in shares of Eagle Point Credit in the fourth quarter valued at approximately $70,000. 19.50% of the stock is currently owned by institutional investors and hedge funds.

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.