Eagle Point Credit (NYSE:ECC) Sees Unusually-High Trading Volume – Time to Buy?

Eagle Point Credit Company Inc. (NYSE:ECC) saw unusually-strong trading volume on Friday . Approximately 1,177,498 shares were traded during mid-day trading, a decline of 14% from the previous session’s volume of 1,366,576 shares.The stock last traded at $5.5450 and had previously closed at $5.79.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the company. B. Riley decreased their price objective on Eagle Point Credit from $10.00 to $7.00 and set a “buy” rating for the company in a report on Thursday, November 20th. Zacks Research raised Eagle Point Credit from a “strong sell” rating to a “hold” rating in a research report on Tuesday, December 16th. Finally, Credit Suisse Group set a $7.00 price target on Eagle Point Credit in a research report on Thursday, November 20th. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $7.46.

Eagle Point Credit Stock Down 5.8%

The company has a market capitalization of $689.14 million, a price-to-earnings ratio of 28.70 and a beta of 0.27. The business’s 50-day moving average is $5.85 and its 200-day moving average is $6.40.

Eagle Point Credit Announces Dividend

The business also recently announced a monthly dividend, which will be paid on Tuesday, March 31st. Investors of record on Wednesday, March 11th will be issued a dividend of $0.14 per share. This represents a c) annualized dividend and a yield of 30.8%. The ex-dividend date of this dividend is Wednesday, March 11th. Eagle Point Credit’s dividend payout ratio (DPR) is 957.89%.

Institutional Investors Weigh In On Eagle Point Credit

Several hedge funds have recently bought and sold shares of the stock. North Ground Capital purchased a new position in shares of Eagle Point Credit during the 3rd quarter valued at approximately $4,186,000. Alpine Global Management LLC purchased a new position in Eagle Point Credit in the third quarter valued at $2,203,000. International Assets Investment Management LLC acquired a new position in shares of Eagle Point Credit in the second quarter worth about $2,306,000. Freestone Capital Holdings LLC boosted its stake in shares of Eagle Point Credit by 58.7% during the 4th 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 in the last quarter. Finally, Jane Street Group LLC grew its position in shares of Eagle Point Credit by 869.6% during the 2nd quarter. Jane Street Group LLC now owns 160,677 shares of the investment management company’s stock valued at $1,231,000 after acquiring an additional 144,105 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.