Keefe, Bruyette & Woods Trims Eagle Point Credit (NYSE:ECC) Target Price to $10.00

Eagle Point Credit (NYSE:ECC) had its price target decreased by equities research analysts at Keefe, Bruyette & Woods from $10.50 to $10.00 in a research note issued on Wednesday, Benzinga reports. The brokerage presently has a “market perform” rating on the investment management company’s stock. Keefe, Bruyette & Woods’ target price indicates a potential upside of 1.42% from the stock’s previous close.

Eagle Point Credit Trading Up 1.2 %

Eagle Point Credit stock traded up $0.12 during trading hours on Wednesday, reaching $9.86. The company had a trading volume of 312,044 shares, compared to its average volume of 825,198. The firm has a market cap of $758.73 million, a price-to-earnings ratio of 5.31 and a beta of 0.77. Eagle Point Credit has a 12-month low of $8.60 and a 12-month high of $10.58. The company has a debt-to-equity ratio of 0.20, a current ratio of 4.55 and a quick ratio of 4.55. The company has a 50-day moving average price of $10.07 and a 200 day moving average price of $10.08.

Eagle Point Credit (NYSE:ECC) last posted its earnings results on Tuesday, May 21st. The investment management company reported $0.29 earnings per share for the quarter, missing analysts’ consensus estimates of $0.35 by ($0.06). Eagle Point Credit had a return on equity of 13.48% and a net margin of 88.90%. The firm had revenue of $40.81 million for the quarter, compared to analysts’ expectations of $42.30 million. Equities analysts forecast that Eagle Point Credit will post 1.34 earnings per share for the current year.

Institutional Trading of Eagle Point Credit

A number of hedge funds have recently modified their holdings of ECC. Choreo LLC bought a new position in shares of Eagle Point Credit in the second quarter worth approximately $377,000. Wedbush Securities Inc. raised its holdings in Eagle Point Credit by 26.2% in the 2nd quarter. Wedbush Securities Inc. now owns 438,276 shares of the investment management company’s stock worth $4,405,000 after acquiring an additional 91,058 shares during the last quarter. PFG Investments LLC lifted its position in Eagle Point Credit by 115.8% in the 2nd quarter. PFG Investments LLC now owns 387,398 shares of the investment management company’s stock valued at $3,893,000 after acquiring an additional 207,875 shares in the last quarter. Ballentine Partners LLC purchased a new stake in Eagle Point Credit during the 2nd quarter valued at $221,000. Finally, Private Advisor Group LLC increased its holdings in shares of Eagle Point Credit by 5.0% in the 2nd quarter. Private Advisor Group LLC now owns 85,103 shares of the investment management company’s stock worth $855,000 after purchasing an additional 4,040 shares in the last quarter. 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.