Eagle Point Credit (NYSE:ECC) Stock Passes Below 50-Day Moving Average – Here’s What Happened

Shares of Eagle Point Credit Company Inc. (NYSE:ECC) passed below its 50 day moving average during trading on Friday . The stock has a 50 day moving average of $5.91 and traded as low as $5.78. Eagle Point Credit shares last traded at $5.9050, with a volume of 2,100,857 shares trading hands.

Analysts Set New Price Targets

ECC has been the subject of a number of analyst reports. B. Riley cut their price objective on shares of Eagle Point Credit from $10.00 to $7.00 and set a “buy” rating for the company in a research report on Thursday, November 20th. Zacks Research raised shares of Eagle Point Credit from a “strong sell” rating to a “hold” rating in a report on Tuesday, December 16th. Alliance Global Partners started coverage on Eagle Point Credit in a report on Thursday, September 18th. They issued a “buy” rating and a $7.75 price objective on the stock. Craig Hallum assumed coverage on Eagle Point Credit in a research report on Thursday, September 18th. They set a “buy” rating and a $7.75 target price on the stock. Finally, Industrial Alliance Securities set a $7.75 price target on Eagle Point Credit in a report on Thursday, September 18th. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $7.46.

Eagle Point Credit Trading Up 1.8%

The firm has a market cap of $745.98 million, a PE ratio of 31.08 and a beta of 0.27. The company has a 50 day moving average price of $5.91 and a 200 day moving average price of $6.58.

Eagle Point Credit Announces Dividend

The firm also recently disclosed a monthly dividend, which will be paid on Tuesday, March 31st. Investors of record on Wednesday, March 11th will be given a $0.14 dividend. The ex-dividend date is Wednesday, March 11th. This represents a c) annualized dividend and a dividend yield of 28.5%. Eagle Point Credit’s payout ratio is currently 884.21%.

Hedge Funds Weigh In On Eagle Point Credit

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. International Assets Investment Management LLC acquired a new position in shares of Eagle Point Credit in the second quarter worth about $2,306,000. Farther Finance Advisors LLC purchased a new stake in Eagle Point Credit during the 2nd quarter worth approximately $35,000. IFP Advisors Inc purchased a new stake in Eagle Point Credit during the 2nd quarter worth approximately $28,000. Cadent Capital Advisors LLC boosted its stake in shares of Eagle Point Credit by 6.8% during the 2nd quarter. Cadent Capital Advisors LLC now owns 255,502 shares of the investment management company’s stock valued at $1,957,000 after buying an additional 16,289 shares during the last quarter. Finally, Freestate Advisors LLC acquired a new stake in shares of Eagle Point Credit during the second quarter worth approximately $80,000. Institutional investors and hedge funds own 19.50% of the company’s stock.

About Eagle Point Credit

Eagle Point Credit Company is a closed-end, non-diversified management investment company that seeks to generate attractive risk-adjusted returns primarily through investments in collateralized loan obligations (CLOs) and related structured credit instruments. The firm is externally managed by Eagle Point Credit Management, LLC, a specialized credit asset manager focused on the structured credit markets. Eagle Point Credit Company’s shares trade on the New York Stock Exchange under the ticker symbol ECC.

The company’s investment strategy centers on acquiring both equity and debt tranches of actively managed CLOs alongside opportunistic positions in senior secured loans, high-yield bonds and credit derivatives.