Eagle Point Credit (NYSE:ECC) Downgraded by LADENBURG THALM/SH SH to Neutral

LADENBURG THALM/SH SH downgraded shares of Eagle Point Credit (NYSE:ECC) from a buy rating to a neutral rating in a research report report published on Monday morning, MarketBeat reports.

Other analysts also recently issued reports about the company. B. Riley Financial cut their target price on Eagle Point Credit from $10.00 to $7.00 and set a “buy” rating on the stock in a research note on Thursday, November 20th. Zacks Research raised Eagle Point Credit from a “strong sell” rating to a “hold” rating in a report on Tuesday, December 16th. Finally, Credit Suisse Group set a $5.00 price objective on Eagle Point Credit in a report on Wednesday, February 18th. Three analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $7.13.

Eagle Point Credit Stock Up 2.0%

Shares of ECC opened at $4.11 on Monday. The company has a market capitalization of $519.22 million, a P/E ratio of 21.63 and a beta of 0.32. The firm has a 50 day moving average of $5.22 and a 200 day moving average of $6.01. Eagle Point Credit has a twelve month low of $3.85 and a twelve month high of $8.86.

Eagle Point Credit Announces Dividend

The company also recently announced a monthly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Wednesday, June 10th will be issued a $0.06 dividend. The ex-dividend date of this dividend is Wednesday, June 10th. This represents a c) dividend on an annualized basis and a yield of 17.5%. Eagle Point Credit’s dividend payout ratio is currently 884.21%.

Institutional Investors Weigh In On Eagle Point Credit

Several hedge funds and other institutional investors have recently made changes to their positions in ECC. International Assets Investment Management LLC raised its stake in shares of Eagle Point Credit by 201.8% in the fourth quarter. International Assets Investment Management LLC now owns 1,278,195 shares of the investment management company’s stock worth $7,362,000 after buying an additional 854,625 shares during the period. North Ground Capital bought a new position in shares of Eagle Point Credit during the 3rd quarter valued at approximately $4,186,000. Rivernorth Capital Management LLC purchased a new stake in Eagle Point Credit in the 4th quarter worth approximately $2,616,000. Alpine Global Management LLC bought a new stake in Eagle Point Credit during the 3rd quarter worth approximately $2,203,000. Finally, Ares Management LLC purchased a new position in Eagle Point Credit during the fourth quarter valued at approximately $1,795,000. Hedge funds and other institutional investors own 19.50% of the company’s stock.

Eagle Point Credit Company Profile

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.