Eagle Point Credit (NYSE:ECC) had its price target decreased by CIBC from $24.00 to $20.00 in a report published on Wednesday, November 15th. CIBC currently has an outperform rating on the investment management company’s stock.
Several other research firms also recently weighed in on ECC. Oppenheimer decreased their target price on Eagle Point Credit from $24.00 to $20.00 and set an outperform rating for the company in a research report on Wednesday, November 15th. Zacks Investment Research upgraded Eagle Point Credit from a sell rating to a hold rating in a research report on Tuesday, October 17th. Ladenburg Thalmann Financial Services assumed coverage on Eagle Point Credit in a research report on Monday, September 25th. They set a buy rating and a $20.50 target price for the company. Finally, National Securities reiterated a buy rating and set a $24.00 target price on shares of Eagle Point Credit in a research report on Wednesday, August 16th. One research analyst has rated the stock with a sell rating and four have issued a buy rating to the company. The stock presently has a consensus rating of Buy and an average target price of $21.13.
Shares of Eagle Point Credit (ECC) traded down $0.05 on Wednesday, reaching $18.56. The company had a trading volume of 96,869 shares, compared to its average volume of 63,208. The company has a market capitalization of $343.80, a P/E ratio of 9.54 and a beta of 0.27. Eagle Point Credit has a 12 month low of $16.70 and a 12 month high of $22.11. The company has a debt-to-equity ratio of 0.18, a quick ratio of 3.25 and a current ratio of 3.25.
The company also recently declared a monthly dividend, which was paid on Thursday, November 30th. Stockholders of record on Friday, November 10th were paid a dividend of $0.20 per share. The ex-dividend date was Thursday, November 9th. This represents a $2.40 annualized dividend and a dividend yield of 12.93%.
Several institutional investors have recently made changes to their positions in ECC. Belpointe Asset Management LLC purchased a new position in shares of Eagle Point Credit during the third quarter valued at $456,000. Blair William & Co. IL purchased a new position in shares of Eagle Point Credit during the second quarter valued at $393,000. Howard Capital Management purchased a new position in shares of Eagle Point Credit during the second quarter valued at $316,000. Finally, Stifel Financial Corp purchased a new position in Eagle Point Credit in the second quarter valued at about $215,000. Hedge funds and other institutional investors own 56.85% of the company’s stock.
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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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