Shares of Eagle Point Credit Co. (NYSE:ECC) have earned a consensus recommendation of “Hold” from the six brokerages that are covering the company. One research analyst has rated the stock with a sell rating, two have given a hold rating and three have assigned a buy rating to the company. The average 12-month target price among analysts that have covered the stock in the last year is C$19.30.
A number of analysts recently weighed in on the company. Zacks Investment Research downgraded Eagle Point Credit from a “buy” rating to a “hold” rating in a report on Monday, July 25th. Compass Point increased their price objective on Eagle Point Credit from $15.00 to $17.00 and gave the company a “neutral” rating in a report on Thursday, August 25th. National Securities restated a “buy” rating and issued a $24.00 price objective on shares of Eagle Point Credit in a report on Thursday, August 25th. Finally, Deutsche Bank AG increased their price objective on Eagle Point Credit from $18.50 to $19.00 and gave the company a “buy” rating in a report on Thursday, August 25th.
Shares of Eagle Point Credit (NYSE:ECC) traded down 1.1295% during mid-day trading on Thursday, hitting $16.8772. The stock had a trading volume of 7,367 shares. The firm’s 50 day moving average price is $17.45 and its 200 day moving average price is $17.10. Eagle Point Credit has a 1-year low of $13.30 and a 1-year high of $19.22.
Eagle Point Credit (NYSE:ECC) last posted its quarterly earnings data on Wednesday, August 24th. The investment management company reported $0.57 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.59 by $0.02. On average, analysts forecast that Eagle Point Credit will post $2.33 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, October 31st. Shareholders of record on Friday, September 30th will be issued a dividend of $0.60 per share. The ex-dividend date is Wednesday, September 28th. This represents a $2.40 dividend on an annualized basis and a yield of 14.06%. Eagle Point Credit’s payout ratio is currently -120.60%.
In other Eagle Point Credit news, CFO Kenneth P. Onorio purchased 1,696 shares of the firm’s stock in a transaction on Thursday, September 1st. The stock was purchased at an average cost of C$17.75 per share, for a total transaction of C$30,104.00. The acquisition was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 0.65% of the company’s stock.
A number of hedge funds have recently modified their holdings of ECC. Freestone Capital Holdings LLC bought a new position in Eagle Point Credit during the second quarter worth about $2,174,000. National Asset Management Inc. bought a new position in Eagle Point Credit during the second quarter worth about $261,000. Mycio Wealth Partners LLC boosted its position in Eagle Point Credit by 0.5% in the second quarter. Mycio Wealth Partners LLC now owns 1,378,743 shares of the investment management company’s stock worth $22,198,000 after buying an additional 6,590 shares during the period. Bessemer Group Inc. boosted 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 worth $139,000 after buying an additional 2,959 shares during the period. Finally, Bard Associates Inc. boosted its position in Eagle Point Credit by 0.3% in the second quarter. Bard Associates Inc. now owns 112,704 shares of the investment management company’s stock worth $1,815,000 after buying an additional 334 shares during the period. Hedge funds and other institutional investors own 70.31% of the company’s stock.
Eagle Point Credit Company Profile
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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