Eagle Point Credit (NYSE:ECC) Hits New 12-Month Low – What’s Next?

Eagle Point Credit Company Inc. (NYSE:ECC)’s stock price reached a new 52-week low during mid-day trading on Monday . The company traded as low as $8.02 and last traded at $8.05, with a volume of 1835794 shares trading hands. The stock had previously closed at $8.24.

Analyst Ratings Changes

Separately, B. Riley cut their price objective on shares of Eagle Point Credit from $12.00 to $11.00 and set a “buy” rating for the company in a research report on Tuesday, January 7th.

Eagle Point Credit Price Performance

The company has a current ratio of 2.27, a quick ratio of 2.27 and a debt-to-equity ratio of 0.18. The company has a market capitalization of $599.81 million, a PE ratio of 9.31 and a beta of 0.73. The company’s 50 day moving average price is $8.71 and its 200-day moving average price is $9.19.

Eagle Point Credit (NYSE:ECC) last issued its quarterly earnings data on Thursday, February 20th. The investment management company reported $0.27 EPS for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.01). Eagle Point Credit had a return on equity of 12.53% and a net margin of 44.67%. The company had revenue of $49.55 million for the quarter, compared to analyst estimates of $49.76 million. On average, sell-side analysts forecast that Eagle Point Credit Company Inc. will post 1.1 earnings per share for the current fiscal year.

Eagle Point Credit Announces Dividend

The company also recently disclosed a dividend, which will be paid on Wednesday, April 30th. Stockholders of record on Thursday, April 10th will be paid a dividend of $0.14 per share. The ex-dividend date of this dividend is Thursday, April 10th. Eagle Point Credit’s dividend payout ratio is currently 200.00%.

Institutional Investors Weigh In On Eagle Point Credit

A number of large investors have recently added to or reduced their stakes in the company. Legacy Investment Solutions LLC lifted its holdings in Eagle Point Credit by 20,306.0% in the 4th quarter. Legacy Investment Solutions LLC now owns 847,871 shares of the investment management company’s stock worth $7,580,000 after buying an additional 843,716 shares in the last quarter. PFG Investments LLC boosted its holdings in Eagle Point Credit by 11.9% in the fourth quarter. PFG Investments LLC now owns 619,399 shares of the investment management company’s stock valued at $5,500,000 after purchasing an additional 65,893 shares during the last quarter. Wedbush Securities Inc. raised its position in shares of Eagle Point Credit by 17.0% in the 4th quarter. Wedbush Securities Inc. now owns 567,610 shares of the investment management company’s stock valued at $5,040,000 after purchasing an additional 82,367 shares in the last quarter. Envestnet Asset Management Inc. raised its position in shares of Eagle Point Credit by 48.5% in the 4th quarter. Envestnet Asset Management Inc. now owns 246,876 shares of the investment management company’s stock valued at $2,192,000 after purchasing an additional 80,616 shares in the last quarter. Finally, Raymond James Financial Inc. purchased a new position in shares of Eagle Point Credit during the 4th quarter valued at approximately $2,038,000. 19.50% of the stock is owned by institutional investors and hedge funds.

Eagle Point Credit Company Profile

Eagle Point Credit Company Inc is a closed ended fund launched and managed by Eagle Point Credit Management LLC. It invests in fixed income markets of the United States. The fund invests equity and junior debt tranches of collateralized loan obligations consisting primarily of below investment grade U.S.