California Public Employees Retirement System maintained its position in Eagle Point Credit Co. (NYSE:ECC) during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 150,000 shares of the investment management company’s stock at the end of the second quarter. California Public Employees Retirement System’s holdings in Eagle Point Credit were worth $2,415,000 at the end of the most recent reporting period.
Separately, Bessemer Group Inc. raised its position in Eagle Point Credit by 54.1% in the first quarter. Bessemer Group Inc. now owns 8,427 shares of the investment management company’s stock valued at $139,000 after buying an additional 2,959 shares in the last quarter. 71.24% of the stock is owned by hedge funds and other institutional investors.
Eagle Point Credit Co. (NYSE:ECC) traded up 1.90% during mid-day trading on Friday, hitting $17.16. 20,976 shares of the stock traded hands. Eagle Point Credit Co. has a 12 month low of $13.30 and a 12 month high of $19.22. The stock has a 50-day moving average price of $17.45 and a 200-day moving average price of $17.07.
Eagle Point Credit (NYSE:ECC) last released its quarterly earnings results on Wednesday, August 24th. The investment management company reported $0.57 earnings per share for the quarter, missing the consensus estimate of $0.59 by $0.02. On average, equities analysts forecast that Eagle Point Credit Co. will post $2.33 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Monday, October 31st. Investors of record on Friday, September 30th will be given a dividend of $0.60 per share. The ex-dividend date of this dividend is Wednesday, September 28th. This represents a $2.40 annualized dividend and a dividend yield of 13.99%. Eagle Point Credit’s dividend payout ratio (DPR) is presently -120.60%.
Several research analysts have issued reports on ECC shares. Deutsche Bank AG boosted their target price on Eagle Point Credit from $18.50 to $19.00 and gave the company a “buy” rating in a research report on Thursday, August 25th. National Securities restated a “buy” rating and set a $24.00 target price on shares of Eagle Point Credit in a research report on Thursday, August 25th. Compass Point boosted their target price on Eagle Point Credit from $15.00 to $17.00 and gave the company a “neutral” rating in a research report on Thursday, August 25th. Finally, Zacks Investment Research lowered Eagle Point Credit from a “hold” rating to a “sell” rating in a research report on Monday, August 29th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and three have given a buy rating to the stock. Eagle Point Credit currently has an average rating of “Hold” and an average price target of C$19.25.
In related news, CFO Kenneth P. Onorio purchased 1,696 shares of Eagle Point Credit stock in a transaction that occurred on Thursday, September 1st. The stock was purchased at an average price of C$17.75 per share, for a total transaction of C$30,104.00. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.65% of the company’s stock.
About Eagle Point Credit
Eagle Point Credit Company Inc is a non-diversified, closed-end management investment company. The Company’s primary investment objective is to generate high current income, with a secondary objective to generate capital appreciation. The Company invests primarily in equity and junior debt tranches of collateralized loan obligations (CLOs).
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