Eagle Point Credit Company Inc. (NYSE:ECC) Upgraded by Zacks Investment Research to “Hold”
Zacks Investment Research upgraded shares of Eagle Point Credit Company Inc. (NYSE:ECC) from a sell rating to a hold rating in a report issued on Tuesday morning.
According to Zacks, “Eagle Point Credit Company Inc. is an externally managed closed-end management investment company. Its primary investment objective is to generate high current income, with a secondary objective to generate capital appreciation. The Company invests primarily in equity and junior debt tranches of collateralized loan obligations (CLOs). Eagle Point Credit Company Inc. is based in United States. “
Several other research firms have also recently weighed in on ECC. National Securities reiterated a buy rating and issued a $24.00 price objective on shares of Eagle Point Credit in a report on Wednesday, May 24th. Oppenheimer Holdings, Inc. started coverage on Eagle Point Credit in a report on Tuesday, May 16th. They issued an outperform rating and a $24.00 price objective for the company. Finally, CIBC started coverage on Eagle Point Credit in a report on Tuesday, May 16th. They issued an outperform rating for the company. Two equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. The stock presently has a consensus rating of Buy and an average price target of $21.00.
Shares of Eagle Point Credit (ECC) traded up 0.34% during trading on Tuesday, reaching $20.46. The company’s stock had a trading volume of 31,997 shares. Eagle Point Credit has a 52-week low of $16.13 and a 52-week high of $22.11. The stock’s 50 day moving average price is $20.63 and its 200-day moving average price is $19.52.
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The firm also recently disclosed a monthly dividend, which will be paid on Friday, September 29th. Shareholders of record on Tuesday, September 12th will be issued a $0.20 dividend. This represents a $2.40 annualized dividend and a yield of 11.73%. The ex-dividend date is Monday, September 11th. Eagle Point Credit’s dividend payout ratio (DPR) is currently 39.15%.
Large investors have recently added to or reduced their stakes in the company. Bard Associates Inc. boosted its stake in Eagle Point Credit by 8.6% in the first quarter. Bard Associates Inc. now owns 132,433 shares of the investment management company’s stock valued at $2,761,000 after buying an additional 10,450 shares during the period. Baird Financial Group Inc. purchased a new position in Eagle Point Credit during the first quarter worth approximately $653,000. Relative Value Partners Group LLC boosted its position in Eagle Point Credit by 8.4% in the first quarter. Relative Value Partners Group LLC now owns 30,677 shares of the investment management company’s stock worth $621,000 after buying an additional 2,385 shares during the last quarter. Finally, Howard Capital Management purchased a new position in Eagle Point Credit during the second quarter worth approximately $316,000. Institutional investors and hedge funds own 58.77% of the company’s stock.
About Eagle Point Credit
Eagle Point Credit Company Inc is a non-diversified, closed-end management investment company. The Company’s primary investment objective is to generate high current income, with a secondary objective to generate capital appreciation. The Company primarily invests in equity and junior debt tranches of collateralized loan obligations (CLOs) that are collateralized by a portfolio consisting primarily of the below investment grade United States senior secured loans.
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