Eagle Point Credit (NYSE:ECC) Sees Unusually-High Trading Volume – Here’s What Happened

Eagle Point Credit Company Inc. (NYSE:ECC) shares saw unusually-strong trading volume on Friday . Approximately 1,177,498 shares were traded during mid-day trading, a decline of 14% from the previous session’s volume of 1,366,576 shares.The stock last traded at $5.5450 and had previously closed at $5.79.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on ECC shares. Credit Suisse Group set a $7.00 price objective on Eagle Point Credit in a research report on Thursday, November 20th. Zacks Research raised shares of Eagle Point Credit from a “strong sell” rating to a “hold” rating in a research note on Tuesday, December 16th. Finally, B. Riley reduced their price objective on shares of 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. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, Eagle Point Credit has an average rating of “Moderate Buy” and an average price target of $7.46.

Eagle Point Credit Price Performance

The stock has a market cap of $689.14 million, a price-to-earnings ratio of 28.70 and a beta of 0.27. The firm has a fifty day moving average of $5.85 and a 200 day moving average of $6.40.

Eagle Point Credit Announces Dividend

The company also recently announced a monthly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Wednesday, March 11th will be paid a dividend of $0.14 per share. The ex-dividend date of this dividend is Wednesday, March 11th. This represents a c) dividend on an annualized basis and a yield of 30.8%. Eagle Point Credit’s payout ratio is 957.89%.

Institutional Investors Weigh In On Eagle Point Credit

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. GPS Wealth Strategies Group LLC purchased a new position in shares of Eagle Point Credit during the 2nd quarter worth $25,000. IFP Advisors Inc acquired a new position in Eagle Point Credit in the second quarter valued at about $28,000. N.E.W. Advisory Services LLC boosted its stake 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 buying an additional 2,650 shares during the period. Ameriflex Group Inc. acquired a new stake in shares of Eagle Point Credit during the third quarter valued at about $33,000. Finally, Geneos Wealth Management Inc. acquired a new stake in shares of Eagle Point Credit during the second quarter valued at about $33,000. Institutional investors and hedge funds 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.