Eagle Point Credit (NYSE:ECC) Stock Price Crosses Above 50-Day Moving Average – Here’s Why

Eagle Point Credit Company Inc. (NYSE:ECC)’s stock price crossed above its fifty day moving average during trading on Wednesday . The stock has a fifty day moving average of $3.81 and traded as high as $3.88. Eagle Point Credit shares last traded at $3.8350, with a volume of 781,636 shares traded.

Analyst Ratings Changes

A number of equities research analysts have recently commented on ECC shares. Alliance Global Partners reaffirmed a “buy” rating on shares of Eagle Point Credit in a report on Wednesday, April 15th. Zacks Research upgraded Eagle Point Credit from a “strong sell” rating to a “hold” rating in a research report on Friday, May 1st. Three equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $6.50.

Eagle Point Credit Trading Down 0.4%

The company has a debt-to-equity ratio of 0.02, a quick ratio of 0.23 and a current ratio of 0.23. The stock has a market capitalization of $507.03 million, a PE ratio of 5.72 and a beta of 0.36. The business’s 50-day moving average is $3.81 and its two-hundred day moving average is $4.12.

Eagle Point Credit (NYSE:ECC) last announced its quarterly earnings data on Tuesday, May 19th. The investment management company reported $0.20 EPS for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.03). The firm had revenue of $42.40 million for the quarter, compared to analysts’ expectations of $48.79 million. Eagle Point Credit had a negative return on equity of 1.09% and a negative net margin of 87.16%. As a group, equities research analysts anticipate that Eagle Point Credit Company Inc. will post 0.71 earnings per share for the current year.

Eagle Point Credit Dividend Announcement

The company also recently declared a monthly dividend, which will be paid on Wednesday, September 30th. Investors of record on Thursday, September 10th will be issued a dividend of $0.06 per share. This represents a c) annualized dividend and a yield of 18.8%. The ex-dividend date of this dividend is Thursday, September 10th. Eagle Point Credit’s dividend payout ratio is currently 202.99%.

Institutional Investors Weigh In On Eagle Point Credit

A number of institutional investors have recently added to or reduced their stakes in the business. International Assets Investment Management LLC raised its stake in shares of Eagle Point Credit by 201.8% during the 4th quarter. International Assets Investment Management LLC now owns 1,278,195 shares of the investment management company’s stock worth $7,362,000 after buying an additional 854,625 shares in the last quarter. PFG Investments LLC boosted its stake in shares of Eagle Point Credit by 2.8% in the fourth quarter. PFG Investments LLC now owns 839,463 shares of the investment management company’s stock valued at $4,835,000 after buying an additional 22,499 shares in the last quarter. Legacy Wealth Managment LLC ID boosted its stake in shares of Eagle Point Credit by 2.2% in the first quarter. Legacy Wealth Managment LLC ID now owns 575,559 shares of the investment management company’s stock valued at $2,164,000 after buying an additional 12,253 shares in the last quarter. Freestone Capital Holdings LLC grew its holdings in Eagle Point Credit by 58.7% during the fourth quarter. Freestone Capital Holdings LLC now owns 528,356 shares of the investment management company’s stock worth $3,043,000 after acquiring an additional 195,503 shares during the period. Finally, Jane Street Group LLC grew its holdings in Eagle Point Credit by 167.6% during the fourth quarter. Jane Street Group LLC now owns 460,318 shares of the investment management company’s stock worth $2,651,000 after acquiring an additional 288,314 shares during the period. Hedge funds and other institutional investors own 19.50% of the company’s stock.

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.