Eagle Point Credit Company Inc. (NYSE:ECC) Short Interest Update

Eagle Point Credit Company Inc. (NYSE:ECC - Get Free Report) was the target of a large growth in short interest in the month of May. As of May 15th, there was short interest totalling 3,320,000 shares, a growth of 27.7% from the April 30th total of 2,600,000 shares. Based on an average daily volume of 1,473,600 shares, the days-to-cover ratio is presently 2.3 days. Approximately 4.3% of the company's stock are sold short.

Eagle Point Credit Stock Up 1.8%

Shares of NYSE ECC traded up $0.14 during midday trading on Friday, reaching $7.90. The company's stock had a trading volume of 1,523,047 shares, compared to its average volume of 1,155,836. The company has a current ratio of 2.27, a quick ratio of 2.27 and a debt-to-equity ratio of 0.18. Eagle Point Credit has a fifty-two week low of $6.54 and a fifty-two week high of $10.49. The stock has a market capitalization of $607.89 million, a price-to-earnings ratio of 9.40 and a beta of 0.46. The stock has a 50 day simple moving average of $7.67 and a 200-day simple moving average of $8.39.

Eagle Point Credit (NYSE:ECC - Get Free Report) last posted its quarterly earnings results on Wednesday, May 28th. The investment management company reported $0.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.26 by $0.02. Eagle Point Credit had a net margin of 44.67% and a return on equity of 12.53%. The firm had revenue of $52.30 million for the quarter, compared to analyst estimates of $53.54 million. 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 business also recently disclosed a monthly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Wednesday, September 10th will be given a $0.14 dividend. This represents a $1.68 annualized dividend and a dividend yield of 21.27%. The ex-dividend date of this dividend is Wednesday, September 10th. Eagle Point Credit's payout ratio is presently -420.00%.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on ECC shares. Credit Suisse Group set a $7.50 price objective on shares of Eagle Point Credit in a report on Thursday, May 29th. Keefe, Bruyette & Woods lowered their price objective on shares of Eagle Point Credit from $9.00 to $7.50 and set a "market perform" rating on the stock in a report on Thursday, May 29th.

Insider Activity at Eagle Point Credit

In other Eagle Point Credit news, CEO Thomas P. Majewski acquired 1,087 shares of the firm's stock in a transaction that occurred on Friday, March 21st. The stock was acquired 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 of the company's stock, valued at $25,001. This trade represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.17% of the stock is owned by insiders.

Hedge Funds Weigh In On Eagle Point Credit

Several large investors have recently modified their holdings of ECC. Legacy Investment Solutions LLC grew 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 valued at $7,580,000 after acquiring an additional 843,716 shares in the last quarter. Raymond James Financial Inc. acquired a new position in shares of Eagle Point Credit in the fourth quarter valued at about $2,038,000. Money Concepts Capital Corp acquired a new position in shares of Eagle Point Credit in the fourth quarter valued at about $1,696,000. Wedbush Securities Inc. grew its stake in shares of Eagle Point Credit by 31.3% in the first quarter. Wedbush Securities Inc. now owns 745,271 shares of the investment management company's stock valued at $6,037,000 after acquiring an additional 177,661 shares in the last quarter. Finally, Freestone Capital Holdings LLC grew its stake in shares of 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 valued at $2,840,000 after acquiring an additional 128,531 shares in the last quarter. 19.50% of the stock is owned by 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.