Eagle Point Credit (NYSE:ECC) Releases Earnings Results, Meets Expectations

Eagle Point Credit (NYSE:ECC) issued its quarterly earnings data on Thursday. The investment management company reported $0.24 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.24, Zacks reports. Eagle Point Credit had a net margin of 12.33% and a return on equity of 13.53%. The firm had revenue of $52.00 million for the quarter, compared to analyst estimates of $50.86 million.

Eagle Point Credit Stock Down 2.3%

ECC stock traded down $0.14 during mid-day trading on Friday, reaching $5.84. The company had a trading volume of 1,479,476 shares, compared to its average volume of 1,551,523. The firm has a fifty day simple moving average of $6.48 and a 200 day simple moving average of $7.11. The company has a debt-to-equity ratio of 0.32, a quick ratio of 2.23 and a current ratio of 2.23. The company has a market capitalization of $737.15 million, a price-to-earnings ratio of 30.71 and a beta of 0.37. Eagle Point Credit has a fifty-two week low of $5.80 and a fifty-two week high of $9.53.

Eagle Point Credit Dividend Announcement

The business also recently declared a monthly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Wednesday, March 11th will be given a $0.14 dividend. The ex-dividend date of this dividend is Wednesday, March 11th. This represents a c) dividend on an annualized basis and a yield of 28.8%. Eagle Point Credit’s dividend payout ratio (DPR) is currently 884.21%.

Wall Street Analysts Forecast Growth

ECC has been the subject of a number of recent analyst reports. Zacks Research upgraded shares of Eagle Point Credit from a “strong sell” rating to a “hold” rating in a research report on Monday, October 13th. Alliance Global Partners assumed coverage on shares of Eagle Point Credit in a report on Thursday, September 18th. They issued a “buy” rating and a $7.75 target price for the company. Industrial Alliance Securities set a $7.75 target price on Eagle Point Credit in a research report on Thursday, September 18th. LADENBURG THALM/SH SH upgraded Eagle Point Credit to a “strong-buy” rating in a research report on Wednesday, August 13th. Finally, Craig Hallum assumed coverage on Eagle Point Credit in a research note on Thursday, September 18th. They issued a “buy” rating and a $7.75 price objective for the company. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $8.21.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in ECC. Jane Street Group LLC acquired a new position in Eagle Point Credit during the 1st quarter worth approximately $134,000. Creative Planning purchased a new stake in shares of Eagle Point Credit during the 2nd quarter worth $96,000. NewEdge Advisors LLC grew its stake in shares of Eagle Point Credit by 647.5% during the second quarter. NewEdge Advisors LLC now owns 22,260 shares of the investment management company’s stock worth $171,000 after purchasing an additional 19,282 shares in the last quarter. Vident Advisory LLC purchased a new position in Eagle Point Credit in the second quarter valued at $206,000. Finally, Corient Private Wealth LLC acquired a new stake in Eagle Point Credit in the second quarter valued at $128,000. Hedge funds and other institutional investors own 19.50% of the company’s stock.

Eagle Point Credit Company Profile

Eagle Point Credit Company Inc is a closed ended fund launched and managed by Eagle Point Credit Management LLC. It invests in fixed income markets of the United States. The fund invests equity and junior debt tranches of collateralized loan obligations consisting primarily of below investment grade U.S.