Daniel Ko Acquires 57,165 Shares of Eagle Point Credit (NYSE:ECC) Stock

Eagle Point Credit Company Inc. (NYSE:ECC) Portfolio Manager Daniel Ko purchased 57,165 shares of the firm’s stock in a transaction on Wednesday, March 18th. The stock was bought at an average cost of $3.50 per share, with a total value of $200,077.50. Following the completion of the purchase, the portfolio manager owned 82,665 shares of the company’s stock, valued at approximately $289,327.50. This represents a 224.18% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.

Eagle Point Credit Price Performance

ECC stock opened at $3.64 on Friday. The stock has a market capitalization of $459.34 million, a PE ratio of 19.14 and a beta of 0.32. The company’s 50-day moving average is $4.71 and its 200-day moving average is $5.74. Eagle Point Credit Company Inc. has a 1 year low of $3.46 and a 1 year high of $8.35.

Eagle Point Credit Announces Dividend

The company also recently disclosed a monthly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Wednesday, June 10th will be paid a $0.06 dividend. This represents a c) dividend on an annualized basis and a yield of 19.8%. The ex-dividend date of this dividend is Wednesday, June 10th. Eagle Point Credit’s dividend payout ratio (DPR) is 884.21%.

Institutional Trading of Eagle Point Credit

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Jane Street Group LLC purchased a new stake in shares of Eagle Point Credit in the first quarter worth approximately $134,000. Creative Planning bought a new position in shares of Eagle Point Credit in the second quarter valued at approximately $96,000. Cetera Investment Advisers boosted its position in shares of Eagle Point Credit by 84.6% during the second quarter. Cetera Investment Advisers now owns 130,627 shares of the investment management company’s stock valued at $1,001,000 after buying an additional 59,881 shares during the last quarter. J.W. Cole Advisors Inc. boosted its position in shares of Eagle Point Credit by 10.6% during the second quarter. J.W. Cole Advisors Inc. now owns 294,869 shares of the investment management company’s stock valued at $2,259,000 after buying an additional 28,354 shares during the last quarter. Finally, Transce3nd LLC bought a new stake in Eagle Point Credit during the second quarter worth $97,000. 19.50% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts have recently commented on the company. Zacks Research downgraded Eagle Point Credit from a “hold” rating to a “strong sell” rating in a report on Tuesday, March 10th. B. Riley Financial reduced their price target on shares of Eagle Point Credit from $7.00 to $4.25 and set a “buy” rating for the company in a research report on Monday. Credit Suisse Group set a $5.00 price target on shares of Eagle Point Credit in a research note on Wednesday, February 18th. Finally, LADENBURG THALM/SH SH downgraded shares of Eagle Point Credit from a “buy” rating to a “neutral” rating in a report on Monday, March 2nd. Three equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $6.67.

About Eagle Point Credit

Eagle Point Credit Company is a closed-end, non-diversified management investment company that seeks to generate attractive risk-adjusted returns primarily through investments in collateralized loan obligations (CLOs) and related structured credit instruments. The firm is externally managed by Eagle Point Credit Management, LLC, a specialized credit asset manager focused on the structured credit markets. Eagle Point Credit Company’s shares trade on the New York Stock Exchange under the ticker symbol ECC.

The company’s investment strategy centers on acquiring both equity and debt tranches of actively managed CLOs alongside opportunistic positions in senior secured loans, high-yield bonds and credit derivatives.