Brokerages Set Eagle Point Credit Company Inc. (NYSE:ECC) Price Target at $7.13

Shares of Eagle Point Credit Company Inc. (NYSE:ECC) have earned a consensus rating of “Hold” from the six analysts that are currently covering the stock, MarketBeat.com reports. One analyst has rated the stock with a sell rating, two have given a hold rating and three have issued a buy rating on the company. The average 1 year target price among brokers that have issued a report on the stock in the last year is $7.1250.

A number of research firms have weighed in 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. Zacks Research downgraded Eagle Point Credit from a “hold” rating to a “strong sell” rating in a research report on Tuesday, March 10th. LADENBURG THALM/SH SH lowered Eagle Point Credit from a “buy” rating to a “neutral” rating in a research note on Monday, March 2nd. Finally, B. Riley Financial cut their price objective on 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.

Institutional Investors Weigh In On Eagle Point Credit

Several hedge funds have recently modified their holdings of the business. N.E.W. Advisory Services LLC increased its position in Eagle Point Credit by 100.0% during the fourth quarter. N.E.W. Advisory Services LLC now owns 5,300 shares of the investment management company’s stock worth $31,000 after acquiring an additional 2,650 shares during the period. Royal Bank of Canada raised its stake in Eagle Point Credit by 135.5% during the 4th quarter. Royal Bank of Canada now owns 5,600 shares of the investment management company’s stock valued at $32,000 after purchasing an additional 3,222 shares during the last quarter. Ameriflex Group Inc. bought a new stake in Eagle Point Credit in the 3rd quarter valued at $33,000. Geneos Wealth Management Inc. bought a new stake in Eagle Point Credit in the 2nd quarter valued at $33,000. Finally, Spire Wealth Management acquired a new stake in Eagle Point Credit in the 3rd quarter worth $37,000. 19.50% of the stock is owned by institutional investors.

Eagle Point Credit Trading Down 6.4%

NYSE ECC opened at $3.56 on Thursday. Eagle Point Credit has a 1 year low of $3.49 and a 1 year high of $8.35. The company has a fifty day simple moving average of $4.90 and a 200 day simple moving average of $5.83. The company has a market cap of $449.10 million, a P/E ratio of 18.71 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. Shareholders of record on Wednesday, June 10th will be given a $0.06 dividend. This represents a c) annualized dividend and a yield of 20.3%. The ex-dividend date of this dividend is Wednesday, June 10th. Eagle Point Credit’s payout ratio is currently 884.21%.

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.