Eagle Point Credit Co (ECC) Given Consensus Rating of “Buy” by Analysts

Eagle Point Credit Co (NYSE:ECC) has earned an average rating of “Buy” from the six research firms that are currently covering the firm, Marketbeat reports. One equities research analyst has rated the stock with a sell recommendation, one has given a hold recommendation and four have given a buy recommendation to the company. The average 12-month target price among analysts that have updated their coverage on the stock in the last year is $21.13.

Several brokerages have recently issued reports on ECC. National Securities reiterated a “buy” rating and issued a $24.00 target price on shares of Eagle Point Credit in a research note on Monday, February 26th. ValuEngine downgraded shares of Eagle Point Credit from a “buy” rating to a “hold” rating in a research note on Monday, April 2nd. Finally, Zacks Investment Research downgraded shares of Eagle Point Credit from a “hold” rating to a “sell” rating in a research note on Monday, February 26th.

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Shares of NYSE ECC traded down $0.11 during midday trading on Monday, hitting $18.84. The stock had a trading volume of 172,767 shares, compared to its average volume of 123,284. The company has a market cap of $356.24, a PE ratio of 9.99 and a beta of 0.19. Eagle Point Credit has a 52 week low of $17.28 and a 52 week high of $22.11.

Eagle Point Credit (NYSE:ECC) last issued its earnings results on Thursday, February 22nd. The investment management company reported $0.43 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.45 by ($0.02). The firm had revenue of $16.60 million during the quarter, compared to the consensus estimate of $16.40 million. Eagle Point Credit had a return on equity of 10.46% and a net margin of 47.68%. equities research analysts forecast that Eagle Point Credit will post 1.82 earnings per share for the current year.

The business also recently disclosed a monthly dividend, which will be paid on Thursday, May 31st. Investors of record on Friday, May 11th will be given a dividend of $0.20 per share. The ex-dividend date is Thursday, May 10th. This represents a $2.40 dividend on an annualized basis and a yield of 12.74%. Eagle Point Credit’s dividend payout ratio (DPR) is 127.66%.

Institutional investors have recently modified their holdings of the stock. Ladenburg Thalmann Financial Services Inc. lifted its position in Eagle Point Credit by 261.1% during the fourth quarter. Ladenburg Thalmann Financial Services Inc. now owns 13,574 shares of the investment management company’s stock valued at $255,000 after purchasing an additional 9,815 shares during the period. Wedbush Securities Inc. bought a new position in Eagle Point Credit during the fourth quarter valued at approximately $330,000. Belpointe Asset Management LLC bought a new position in Eagle Point Credit during the third quarter valued at approximately $456,000. Ares Management LLC bought a new position in Eagle Point Credit during the fourth quarter valued at approximately $970,000. Finally, The Manufacturers Life Insurance Company bought a new position in Eagle Point Credit during the fourth quarter valued at approximately $4,138,000. Institutional investors own 57.14% of the company’s stock.

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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 primarily invests in equity and junior debt tranches of collateralized loan obligations (CLOs) that are collateralized by a portfolio consisting primarily of the below investment grade United States senior secured loans.

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