Eagle Point Credit (NYSE:ECC) Price Target Cut to $7.50 by Analysts at Keefe, Bruyette & Woods

Eagle Point Credit (NYSE:ECC - Free Report) had its price objective cut by Keefe, Bruyette & Woods from $9.00 to $7.50 in a report issued on Thursday,Benzinga reports. They currently have a market perform rating on the investment management company's stock.

Separately, Credit Suisse Group set a $7.50 price target on Eagle Point Credit in a report on Thursday.

Eagle Point Credit Stock Performance

ECC stock traded up $0.15 during midday trading on Thursday, hitting $7.85. 1,327,334 shares of the company traded hands, compared to its average volume of 1,151,723. Eagle Point Credit has a twelve month low of $6.54 and a twelve month 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 business has a 50 day simple moving average of $7.70 and a 200-day simple moving average of $8.43. The stock has a market capitalization of $604.04 million, a price-to-earnings ratio of 9.35 and a beta of 0.46.

Eagle Point Credit (NYSE:ECC - Get Free Report) last issued its earnings results on Wednesday, May 28th. The investment management company reported $0.28 EPS for the quarter, beating analysts' consensus estimates of $0.26 by $0.02. Eagle Point Credit had a return on equity of 12.53% and a net margin of 44.67%. The business had revenue of $52.30 million during the quarter, compared to analyst estimates of $53.54 million. As a group, equities research analysts predict that Eagle Point Credit will post 1.1 earnings per share for the current year.

Eagle Point Credit Announces Dividend

The company also recently announced a monthly dividend, which will be paid on Tuesday, September 30th. Investors of record on Wednesday, September 10th will be given a $0.14 dividend. This represents a $1.68 dividend on an annualized basis and a yield of 21.40%. The ex-dividend date of this dividend is Wednesday, September 10th. Eagle Point Credit's dividend payout ratio is presently 200.00%.

Insider Activity at Eagle Point Credit

In related news, CEO Thomas P. Majewski bought 1,087 shares of the business's stock in a transaction dated Friday, March 21st. The stock was purchased at an average cost of $23.00 per share, for a total transaction of $25,001.00. Following the transaction, the chief executive officer now owns 1,087 shares in the company, valued at $25,001. The trade was a ∞ increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.17% of the stock is owned by insiders.

Institutional Investors Weigh In On Eagle Point Credit

Several institutional investors and hedge funds have recently made changes to their positions in ECC. Legacy Investment Solutions LLC raised its stake in shares of Eagle Point Credit by 20,306.0% in 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 during the last quarter. Freestone Capital Holdings LLC raised its stake in shares of Eagle Point Credit by 26.1% in the fourth quarter. Freestone Capital Holdings LLC now owns 222,083 shares of the investment management company's stock worth $1,972,000 after purchasing an additional 46,006 shares during the last quarter. Balboa Wealth Partners purchased a new stake in shares of Eagle Point Credit in the fourth quarter worth approximately $839,000. Raymond James Financial Inc. purchased a new stake in shares of Eagle Point Credit in the fourth quarter worth approximately $2,038,000. Finally, Thomas J. Herzfeld Advisors Inc. raised its stake in shares of Eagle Point Credit by 66.0% in the fourth quarter. Thomas J. Herzfeld Advisors Inc. now owns 206,460 shares of the investment management company's stock worth $1,833,000 after purchasing an additional 82,061 shares during the last quarter. Institutional investors own 19.50% of the company's stock.

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.