Eagle Point Credit (NYSE:ECC) Posts Earnings Results, Beats Estimates By $0.02 EPS

Eagle Point Credit (NYSE:ECC - Get Free Report) announced its earnings results on Wednesday. The investment management company reported $0.28 EPS for the quarter, topping analysts' consensus estimates of $0.26 by $0.02, Zacks reports. The business had revenue of $52.30 million during the quarter, compared to the consensus estimate of $53.54 million. Eagle Point Credit had a net margin of 44.67% and a return on equity of 12.53%.

Eagle Point Credit Stock Up 2.3%

Shares of ECC traded up $0.18 during mid-day trading on Thursday, hitting $7.70. 921,405 shares of the company traded hands, compared to its average volume of 1,149,115. Eagle Point Credit has a 1-year low of $6.54 and a 1-year high of $10.49. 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 company has a market capitalization of $592.11 million, a PE ratio of 9.16 and a beta of 0.46. The business has a 50 day moving average of $7.70 and a 200 day moving average of $8.44.

Eagle Point Credit Announces Dividend

The business also recently disclosed a monthly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Wednesday, September 10th will be issued a dividend of $0.14 per share. The ex-dividend date of this dividend is Wednesday, September 10th. This represents a $1.68 annualized dividend and a dividend yield of 21.83%. Eagle Point Credit's dividend payout ratio (DPR) is currently 200.00%.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on ECC shares. Credit Suisse Group set a $7.50 target price on shares of Eagle Point Credit in a report on Thursday. Keefe, Bruyette & Woods reduced their target price on shares of Eagle Point Credit from $9.00 to $7.50 and set a "market perform" rating for the company in a report on Thursday.

Insider Activity

In other Eagle Point Credit news, CEO Thomas P. Majewski purchased 1,087 shares of the business's stock in a transaction that occurred on Friday, March 21st. The shares were bought at an average price of $23.00 per share, for a total transaction of $25,001.00. Following the acquisition, the chief executive officer now owns 1,087 shares in the company, valued at $25,001. This represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 0.17% of the company's stock.

Hedge Funds Weigh In On Eagle Point Credit

A hedge fund recently bought a new stake in Eagle Point Credit stock. Jane Street Group LLC purchased a new position in Eagle Point Credit Company Inc. (NYSE:ECC - Free Report) during the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 16,572 shares of the investment management company's stock, valued at approximately $134,000. 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.