Eagle Point Credit (NYSE:ECC) Shares Pass Below Fifty Day Moving Average - What's Next?

Key Points

• Eagle Point Credit shares fell below their 50-day moving average, trading as low as $3.66 and closing at $3.685, down 0.4%. The stock’s 50-day and 200-day averages were $3.81 and $3.88, respectively.
• The company reported quarterly EPS of $0.17, missing analysts’ $0.18 estimate, while revenue of $37.9 million came in below expectations of $41.62 million.
• Eagle Point Credit announced a monthly dividend of $0.06 per share, representing a stated annualized yield of 19.5%; however, its dividend payout ratio was elevated at 196.72%.

Eagle Point Credit Company Inc. (NYSE:ECC - Get Free Report)'s share price crossed below its fifty day moving average during trading on Monday . The stock has a fifty day moving average of $3.81 and traded as low as $3.66. Eagle Point Credit shares last traded at $3.6850, with a volume of 547,348 shares trading hands.

Eagle Point Credit Stock Down 0.4%

The company has a market cap of $487.19 million, a PE ratio of 6.04 and a beta of 0.36. The business has a 50-day simple moving average of $3.81 and a 200-day simple moving average of $3.88. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 0.03.

Eagle Point Credit (NYSE:ECC - Get Free Report) last posted its quarterly earnings data on Thursday, August 13th. The investment management company reported $0.17 EPS for the quarter, missing analysts' consensus estimates of $0.18 by ($0.01). The business had revenue of $37.90 million during the quarter, compared to analysts' expectations of $41.62 million. Eagle Point Credit had a negative net margin of 84.29% and a negative return on equity of 1.83%. Equities research analysts anticipate that Eagle Point Credit Company Inc. will post 0.68 EPS for the current year.

Eagle Point Credit Dividend Announcement

The business also recently announced a monthly dividend, which will be paid on Thursday, December 31st. Stockholders of record on Friday, December 11th will be given a $0.06 dividend. The ex-dividend date is Friday, December 11th. This represents a c) annualized dividend and a dividend yield of 19.5%. Eagle Point Credit's dividend payout ratio (DPR) is 196.72%.

Institutional Investors Weigh In On Eagle Point Credit

Several institutional investors have recently bought and sold shares of ECC. BI Asset Management Fondsmaeglerselskab A S boosted its stake in Eagle Point Credit by 268.9% during the fourth quarter. BI Asset Management Fondsmaeglerselskab A S now owns 247,357 shares of the investment management company's stock worth $1,425,000 after buying an additional 180,305 shares during the period. Cetera Investment Advisers raised its stake in shares of Eagle Point Credit by 21.4% in the 1st quarter. Cetera Investment Advisers now owns 142,565 shares of the investment management company's stock valued at $536,000 after acquiring an additional 25,155 shares during the period. PNC Financial Services Group Inc. raised its stake in shares of Eagle Point Credit by 3,944.6% in the 1st quarter. PNC Financial Services Group Inc. now owns 56,624 shares of the investment management company's stock valued at $213,000 after acquiring an additional 55,224 shares during the period. Legacy Wealth Managment LLC ID lifted its holdings in shares of Eagle Point Credit by 2.2% in the 1st quarter. Legacy Wealth Managment LLC ID now owns 575,559 shares of the investment management company's stock worth $2,164,000 after acquiring an additional 12,253 shares during the last quarter. Finally, Essex Financial Services Inc. lifted its holdings in shares of Eagle Point Credit by 32.9% in the 1st quarter. Essex Financial Services Inc. now owns 30,408 shares of the investment management company's stock worth $114,000 after acquiring an additional 7,524 shares during the last quarter. 19.50% of the stock is currently owned by institutional investors and hedge funds.

Eagle Point Credit Company Profile

Eagle Point Credit Company Inc NYSE: ECC is a closed-end management investment company focused primarily on investing in collateralized loan obligations (CLOs). Its portfolio generally includes CLO equity and debt tranches backed mainly by portfolios of senior-secured corporate loans. Through these investments, the company seeks to generate current income and, secondarily, capital appreciation.

Eagle Point Credit invests across the capital structures of CLO transactions, with an emphasis on securities that may provide exposure to diversified pools of corporate borrowers.

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