Eagle Point Credit (NYSE:ECC) Stock Price Down 3% – Here’s What Happened

Eagle Point Credit Company Inc. (NYSE:ECC) shares fell 3% during mid-day trading on Wednesday . The stock traded as low as $7.75 and last traded at $7.70. 304,793 shares changed hands during mid-day trading, a decline of 73% from the average session volume of 1,113,068 shares. The stock had previously closed at $7.93.

Analyst Upgrades and Downgrades

Separately, B. Riley dropped their price target on Eagle Point Credit from $12.00 to $11.00 and set a “buy” rating on the stock in a research note on Tuesday, January 7th.

Eagle Point Credit Price Performance

The firm has a market cap of $587.50 million, a PE ratio of 9.07 and a beta of 0.73. The company has a quick ratio of 2.27, a current ratio of 2.27 and a debt-to-equity ratio of 0.18. The stock has a 50 day moving average price of $8.71 and a two-hundred day moving average price of $9.19.

Eagle Point Credit (NYSE:ECC) last issued its quarterly earnings results on Thursday, February 20th. The investment management company reported $0.27 earnings per share 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 business had revenue of $49.55 million for the quarter, compared to analysts’ expectations of $49.76 million. As a group, equities analysts expect that Eagle Point Credit Company Inc. will post 1.1 earnings per share for the current year.

Eagle Point Credit Dividend Announcement

The company also recently announced a dividend, which will be paid on Wednesday, April 30th. Investors of record on Thursday, April 10th will be issued a dividend of $0.14 per share. The ex-dividend date is Thursday, April 10th. Eagle Point Credit’s dividend payout ratio (DPR) is 200.00%.

Institutional Investors Weigh In On Eagle Point Credit

A number of institutional investors and hedge funds have recently modified their holdings of the company. Commonwealth Equity Services LLC lifted its holdings in shares of Eagle Point Credit by 1.6% during the fourth quarter. Commonwealth Equity Services LLC now owns 103,691 shares of the investment management company’s stock worth $921,000 after purchasing an additional 1,666 shares during the period. Rockefeller Capital Management L.P. lifted its holdings in Eagle Point Credit by 2.8% in the third quarter. Rockefeller Capital Management L.P. now owns 77,375 shares of the investment management company’s stock valued at $763,000 after acquiring an additional 2,112 shares during the period. B. Riley Wealth Advisors Inc. lifted its holdings in Eagle Point Credit by 16.9% in the fourth quarter. B. Riley Wealth Advisors Inc. now owns 17,061 shares of the investment management company’s stock valued at $152,000 after acquiring an additional 2,463 shares during the period. Union Bancaire Privee UBP SA acquired a new position in Eagle Point Credit in the fourth quarter valued at approximately $27,000. Finally, Kestra Private Wealth Services LLC lifted its holdings in Eagle Point Credit by 4.7% in the fourth quarter. Kestra Private Wealth Services LLC now owns 76,425 shares of the investment management company’s stock valued at $679,000 after acquiring an additional 3,464 shares during the period. Institutional investors and hedge funds own 19.50% of the company’s stock.

About Eagle Point Credit

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.