Eagle Point Credit (NYSE:ECC) Now Covered by Alliance Global Partners

Key Points

• Analysts at Alliance Global Partners have initiated coverage of Eagle Point Credit (NYSE:ECC), giving it a "buy" rating and setting a price target of $7.75, indicating a potential upside of 11.67%.
• Other brokerages have mixed ratings on ECC, with Zacks recently downgrading it to a "strong sell," whereas Ladunburg Thalm/SH upgraded it to "strong buy," reflecting varying confidence in the stock's performance.
• Institutional investors have increased their stakes in ECC, with significant purchases from firms like Wedbush Securities, which raised its stake by 31.3%.

Alliance Global Partners began coverage on shares of Eagle Point Credit (NYSE:ECC - Free Report) in a research report report published on Thursday, MarketBeat.com reports. The firm issued a buy rating and a $7.75 price target on the investment management company's stock.

ECC has been the subject of a number of other reports. LADENBURG THALM/SH SH raised Eagle Point Credit to a "strong-buy" rating in a report on Wednesday, August 13th. Zacks Research cut Eagle Point Credit from a "hold" rating to a "strong sell" rating in a report on Friday, September 12th. Credit Suisse Group set a $7.50 price target on Eagle Point Credit in a report on Thursday, May 29th. Finally, Keefe, Bruyette & Woods dropped their target price on Eagle Point Credit from $9.00 to $7.50 and set a "market perform" rating for the company in a research note on Thursday, May 29th. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $8.21.

Eagle Point Credit Price Performance

ECC traded down $0.22 during trading on Thursday, reaching $6.66. 1,816,064 shares of the stock were exchanged, compared to its average volume of 1,478,886. The business's 50 day moving average price is $7.06 and its two-hundred day moving average price is $7.51. The company has a debt-to-equity ratio of 0.32, a current ratio of 2.23 and a quick ratio of 2.23. The company has a market capitalization of $512.09 million, a price-to-earnings ratio of 60.51 and a beta of 0.38. Eagle Point Credit has a 1 year low of $6.00 and a 1 year high of $10.00.

Eagle Point Credit Announces Dividend

The business also recently declared a monthly dividend, which will be paid on Friday, November 28th. Investors of record on Monday, November 10th will be given a $0.14 dividend. The ex-dividend date is Monday, November 10th. This represents a c) dividend on an annualized basis and a dividend yield of 25.2%. Eagle Point Credit's dividend payout ratio (DPR) is 1,527.27%.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. AdvisorNet Financial Inc purchased a new position in Eagle Point Credit during the 1st quarter worth approximately $25,000. GPS Wealth Strategies Group LLC purchased a new position in shares of Eagle Point Credit during the second quarter valued at $25,000. IFP Advisors Inc acquired a new position in Eagle Point Credit during the second quarter valued at $28,000. Cape Investment Advisory Inc. lifted its stake in Eagle Point Credit by 91.2% in the 1st quarter. Cape Investment Advisory Inc. now owns 3,592 shares of the investment management company's stock worth $29,000 after acquiring an additional 1,713 shares in the last quarter. Finally, NBC Securities Inc. acquired a new stake in Eagle Point Credit during the 1st quarter worth about $32,000. 19.50% of the stock is owned by hedge funds and other institutional investors.

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.