Eagle Point Credit (NYSE:ECC) Sees Unusually-High Trading Volume - Time to Buy?

Eagle Point Credit Company Inc. (NYSE:ECC - Get Free Report) shares saw unusually-high trading volume on Thursday . 3,465,207 shares changed hands during trading, an increase of 157% from the previous session's volume of 1,348,914 shares.The stock last traded at $6.74 and had previously closed at $7.14.

Analyst Upgrades and Downgrades

ECC has been the subject of several research analyst reports. Credit Suisse Group set a $7.50 price objective on shares of Eagle Point Credit in a research report on Thursday, May 29th. Keefe, Bruyette & Woods decreased their price target 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, May 29th.

Eagle Point Credit Trading Down 6.2%

The company has a 50 day simple moving average of $7.62 and a two-hundred day simple moving average of $8.05. The company has a debt-to-equity ratio of 0.32, a quick ratio of 2.23 and a current ratio of 2.23. The firm has a market cap of $515.18 million, a PE ratio of -16.74 and a beta of 0.41.

Eagle Point Credit (NYSE:ECC - Get Free Report) last released its earnings results on Wednesday, May 28th. The investment management company reported $0.28 EPS for the quarter, topping analysts' consensus estimates 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 firm had revenue of $52.30 million during the quarter, compared to the consensus estimate of $53.54 million. Analysts expect that Eagle Point Credit Company Inc. will post 1.1 EPS for the current fiscal year.

Eagle Point Credit Dividend Announcement

The firm also recently disclosed a dividend, which will be paid on Thursday, July 31st. Stockholders of record on Monday, July 14th will be issued a $0.14 dividend. This represents a dividend yield of 21.79%. The ex-dividend date is Friday, July 11th. Eagle Point Credit's dividend payout ratio (DPR) is currently -420.00%.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Global Assets Advisory LLC acquired a new position in shares of Eagle Point Credit during the 1st quarter worth approximately $844,000. Legacy Investment Solutions LLC increased its position in shares of Eagle Point Credit by 20,306.0% during the fourth quarter. Legacy Investment Solutions LLC now owns 847,871 shares of the investment management company's stock worth $7,580,000 after purchasing an additional 843,716 shares in the last quarter. Wedbush Securities Inc. raised its stake in Eagle Point Credit by 31.3% in the 1st 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 during the last quarter. PFG Investments LLC lifted its holdings in Eagle Point Credit by 10.7% in the 1st quarter. PFG Investments LLC now owns 685,957 shares of the investment management company's stock valued at $5,556,000 after purchasing an additional 66,558 shares in the last quarter. Finally, Raymond James Financial Inc. acquired a new stake in Eagle Point Credit during the 4th quarter worth $2,038,000. 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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