B. Riley Financial Cuts Eagle Point Credit (NYSE:ECC) Price Target to $4.25

Eagle Point Credit (NYSE:ECC) had its target price lowered by B. Riley Financial from $7.00 to $4.25 in a report released on Monday morning,Benzinga reports. The firm currently has a buy rating on the investment management company’s stock.

A number of other equities research analysts have also recently issued reports on ECC. Credit Suisse Group set a $5.00 target price on shares of Eagle Point Credit in a research report on Wednesday, February 18th. LADENBURG THALM/SH SH cut shares of Eagle Point Credit from a “buy” rating to a “neutral” rating in a research note on Monday, March 2nd. Finally, Zacks Research cut shares of Eagle Point Credit from a “hold” rating to a “strong sell” rating in a research note on Tuesday, March 10th. Three equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Eagle Point Credit currently has a consensus rating of “Hold” and a consensus price target of $6.67.

Eagle Point Credit Stock Performance

Shares of NYSE ECC opened at $3.51 on Monday. Eagle Point Credit has a 52-week low of $3.48 and a 52-week high of $8.35. The business has a fifty day moving average of $4.75 and a two-hundred day moving average of $5.76. The stock has a market cap of $442.79 million, a PE ratio of 18.45 and a beta of 0.32.

Eagle Point Credit Dividend Announcement

The firm also recently declared a monthly dividend, which will be paid on Tuesday, June 30th. Investors of record on Wednesday, June 10th will be issued a $0.06 dividend. This represents a c) dividend on an annualized basis and a dividend yield of 20.5%. The ex-dividend date of this dividend is Wednesday, June 10th. Eagle Point Credit’s payout ratio is currently 884.21%.

Insider Activity

In related news, Portfolio Manager Daniel W. Ko purchased 57,165 shares of Eagle Point Credit stock in a transaction that occurred on Wednesday, March 18th. The shares were acquired at an average price of $3.50 per share, for a total transaction of $200,077.50. Following the transaction, the portfolio manager directly owned 82,665 shares in the company, valued at approximately $289,327.50. This represents a 224.18% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. 0.15% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Eagle Point Credit

Institutional investors have recently modified their holdings of the stock. North Ground Capital bought a new stake in shares of Eagle Point Credit during the third quarter valued at approximately $4,186,000. Alpine Global Management LLC bought a new position in Eagle Point Credit in the 3rd quarter worth approximately $2,203,000. International Assets Investment Management LLC lifted its holdings in Eagle Point Credit by 40.7% during the 3rd quarter. International Assets Investment Management LLC now owns 423,570 shares of the investment management company’s stock worth $2,800,000 after buying an additional 122,470 shares in the last quarter. J.W. Cole Advisors Inc. lifted its holdings in Eagle Point Credit by 10.6% during the 2nd quarter. J.W. Cole Advisors Inc. now owns 294,869 shares of the investment management company’s stock worth $2,259,000 after buying an additional 28,354 shares in the last quarter. Finally, B. Riley Wealth Advisors Inc. boosted its position in Eagle Point Credit by 34.4% in the 3rd quarter. B. Riley Wealth Advisors Inc. now owns 29,814 shares of the investment management company’s stock valued at $197,000 after buying an additional 7,639 shares during the last quarter. 19.50% of the stock is owned by institutional investors.

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.