Eagle Point Credit (NYSE:ECC) Stock Price Crosses Above 50-Day Moving Average – Here’s Why

Eagle Point Credit Company Inc. (NYSE:ECC)’s stock price crossed above its fifty day moving average during trading on Wednesday . The stock has a fifty day moving average of $3.81 and traded as high as $3.88. Eagle Point Credit shares last traded at $3.8350, with a volume of 781,636 shares traded.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on ECC. Zacks Research upgraded shares of Eagle Point Credit from a “strong sell” rating to a “hold” rating in a report on Friday, May 1st. Alliance Global Partners reissued a “buy” rating on shares of Eagle Point Credit in a report on Wednesday, April 15th. Three research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $6.50.

Eagle Point Credit Stock Down 0.4%

The stock has a market capitalization of $507.03 million, a PE ratio of 5.72 and a beta of 0.36. The firm has a 50 day moving average of $3.81 and a two-hundred day moving average of $4.12. The company has a current ratio of 0.23, a quick ratio of 0.23 and a debt-to-equity ratio of 0.02.

Eagle Point Credit (NYSE:ECC) last issued its quarterly earnings data on Tuesday, May 19th. The investment management company reported $0.20 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.23 by ($0.03). The firm had revenue of $42.40 million for the quarter, compared to analyst estimates of $48.79 million. Eagle Point Credit had a negative return on equity of 1.09% and a negative net margin of 87.16%. Equities research analysts anticipate that Eagle Point Credit Company Inc. will post 0.71 earnings per share for the current year.

Eagle Point Credit Announces Dividend

The company also recently declared a monthly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Thursday, September 10th will be given a $0.06 dividend. The ex-dividend date is Thursday, September 10th. This represents a c) dividend on an annualized basis and a dividend yield of 18.8%. Eagle Point Credit’s dividend payout ratio (DPR) is currently 202.99%.

Institutional Investors Weigh In On Eagle Point Credit

Institutional investors and hedge funds have recently made changes to their positions in the business. Jane Street Group LLC acquired a new position in Eagle Point Credit during the first quarter worth about $134,000. Creative Planning purchased a new stake in shares of Eagle Point Credit in the second quarter valued at about $96,000. NewEdge Advisors LLC lifted its holdings in shares of Eagle Point Credit by 647.5% in the second quarter. NewEdge Advisors LLC now owns 22,260 shares of the investment management company’s stock valued at $171,000 after purchasing an additional 19,282 shares in the last quarter. Vident Advisory LLC acquired a new stake in shares of Eagle Point Credit in the second quarter valued at approximately $206,000. Finally, Corient Private Wealth LLC acquired a new stake in shares of Eagle Point Credit in the second quarter valued at approximately $128,000. 19.50% of the stock is currently owned by hedge funds and other institutional investors.

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.