Eagle Point Credit (NYSE:ECC) Reaches New 52-Week Low - What's Next?

Key Points

• Eagle Point Credit has reached a new 52-week low, with shares trading as low as $6.33 and recently at $6.42.
• Analysts have lowered their price target for the company, with Credit Suisse now forecasting a target price of $7.50.
• The company announced a dividend of $0.14 per share, resulting in an exceptionally high yield of 2,438.0% despite a negative dividend payout ratio.

Shares of Eagle Point Credit Company Inc. (NYSE:ECC - Get Free Report) reached a new 52-week low on Thursday . The stock traded as low as $6.33 and last traded at $6.42, with a volume of 4271708 shares traded. The stock had previously closed at $6.82.

Analyst Ratings Changes

A number of equities analysts recently commented on the company. Credit Suisse Group set a $7.50 target price on Eagle Point Credit in a report on Thursday, May 29th. Keefe, Bruyette & Woods cut their price objective on Eagle Point Credit from $9.00 to $7.50 and set a "market perform" rating on the stock in a research report on Thursday, May 29th.

Eagle Point Credit Trading Down 5.9%

The company has a market cap of $493.63 million, a P/E ratio of -16.04 and a beta of 0.38. The stock has a 50-day moving average of $7.44 and a two-hundred day moving average of $7.89. The company has a debt-to-equity ratio of 0.32, a quick ratio of 2.23 and a current ratio of 2.23.

Eagle Point Credit (NYSE:ECC - Get Free Report) last released its earnings results on Wednesday, May 28th. The investment management company reported $0.28 earnings per share for the quarter, beating the consensus estimate of $0.26 by $0.02. Eagle Point Credit had a positive return on equity of 12.90% and a negative net margin of 27.15%. The company had revenue of $52.30 million for the quarter, compared to the consensus estimate of $53.54 million. On average, equities research analysts predict 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 Friday, August 29th. Investors of record on Tuesday, August 12th will be paid a $0.14 dividend. The ex-dividend date is Monday, August 11th. This represents a yield of 2,438.0%. Eagle Point Credit's dividend payout ratio (DPR) is -420.00%.

Institutional Trading of Eagle Point Credit

Several institutional investors have recently made changes to their positions in the company. Legacy Investment Solutions LLC raised its stake in shares of 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 valued at $7,580,000 after acquiring an additional 843,716 shares during the period. International Assets Investment Management LLC acquired a new stake in shares of Eagle Point Credit in the 2nd quarter worth approximately $2,306,000. Raymond James Financial Inc. bought a new stake in shares of Eagle Point Credit in the 4th quarter worth approximately $2,038,000. Wedbush Securities Inc. grew its position in Eagle Point Credit by 31.3% during the first quarter. Wedbush Securities Inc. now owns 745,271 shares of the investment management company's stock valued at $6,037,000 after purchasing an additional 177,661 shares in the last quarter. Finally, Freestone Capital Holdings LLC grew its position in Eagle Point Credit by 57.9% in the first quarter. Freestone Capital Holdings LLC now owns 350,614 shares of the investment management company's stock worth $2,840,000 after acquiring an additional 128,531 shares in the last quarter. Hedge funds and other institutional investors 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.

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