Eagle Point Credit Company Inc. (NYSE:ECC) Sees Large Growth in Short Interest

Eagle Point Credit Company Inc. (NYSE:ECC) saw a significant increase in short interest in February. As of February 13th, there was short interest totaling 12,393,477 shares, an increase of 38.4% from the January 29th total of 8,956,209 shares. Currently, 9.8% of the company’s stock are short sold. Based on an average daily volume of 3,397,498 shares, the short-interest ratio is presently 3.6 days. Based on an average daily volume of 3,397,498 shares, the short-interest ratio is presently 3.6 days. Currently, 9.8% of the company’s stock are short sold.

Eagle Point Credit Stock Up 2.0%

NYSE:ECC traded up $0.08 during trading hours on Monday, reaching $4.11. The company had a trading volume of 4,260,161 shares, compared to its average volume of 2,708,900. Eagle Point Credit has a twelve month low of $3.85 and a twelve month high of $8.86. The firm has a market cap of $519.22 million, a price-to-earnings ratio of 21.63 and a beta of 0.28. The business’s 50-day simple moving average is $5.25 and its two-hundred day simple moving average is $6.03.

Eagle Point Credit Dividend Announcement

The firm also recently disclosed 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. The ex-dividend date of this dividend is Wednesday, June 10th. This represents a c) annualized dividend and a yield of 17.5%. Eagle Point Credit’s dividend payout ratio (DPR) is 884.21%.

Wall Street Analyst Weigh In

ECC has been the topic of a number of recent research reports. Zacks Research upgraded Eagle Point Credit from a “strong sell” rating to a “hold” rating in a research note on Tuesday, December 16th. B. Riley Financial cut their price target on Eagle Point Credit from $10.00 to $7.00 and set a “buy” rating for the company in a research note on Thursday, November 20th. Credit Suisse Group set a $5.00 price objective on Eagle Point Credit in a research note on Wednesday, February 18th. Finally, LADENBURG THALM/SH SH lowered Eagle Point Credit from a “buy” rating to a “neutral” rating in a report on Monday. Three analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $7.13.

Hedge Funds Weigh In On Eagle Point Credit

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. GPS Wealth Strategies Group LLC purchased a new stake in Eagle Point Credit in the 2nd quarter worth $25,000. N.E.W. Advisory Services LLC boosted its stake in shares of Eagle Point Credit by 100.0% in 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 boosted its stake in shares of Eagle Point Credit by 135.5% in the fourth quarter. Royal Bank of Canada now owns 5,600 shares of the investment management company’s stock worth $32,000 after acquiring an additional 3,222 shares during the period. Ameriflex Group Inc. purchased a new position in Eagle Point Credit in the 3rd quarter worth approximately $33,000. Finally, Geneos Wealth Management Inc. bought a new position in Eagle Point Credit in the 2nd quarter worth approximately $33,000. 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.