Eagle Point Credit (NYSE:ECC) Sets New 12-Month Low - Time to Sell?

Shares of Eagle Point Credit Company Inc. (NYSE:ECC - Get Free Report) reached a new 52-week low during mid-day trading on Thursday . The company traded as low as $9.00 and last traded at $9.02, with a volume of 851099 shares. The stock had previously closed at $9.41.

Analysts Set New Price Targets

Separately, Keefe, Bruyette & Woods decreased their target price on Eagle Point Credit from $10.50 to $10.00 and set a "market perform" rating on the stock in a research report on Wednesday, August 7th.

Eagle Point Credit Stock Performance

The firm has a market capitalization of $713.31 million, a P/E ratio of 5.50 and a beta of 0.76. The company's 50 day moving average is $9.75 and its 200-day moving average is $9.95. The company has a quick ratio of 2.98, a current ratio of 2.98 and a debt-to-equity ratio of 0.19.

Eagle Point Credit Dividend Announcement

The business also recently announced a monthly dividend, which will be paid on Monday, March 31st. Shareholders of record on Tuesday, March 11th will be issued a dividend of $0.14 per share. This represents a $1.68 dividend on an annualized basis and a yield of 18.12%. The ex-dividend date of this dividend is Tuesday, March 11th. Eagle Point Credit's payout ratio is presently 98.25%.

Institutional Investors Weigh In On Eagle Point Credit

Several institutional investors have recently added to or reduced their stakes in ECC. Main Street Financial Solutions LLC grew its position in shares of Eagle Point Credit by 95.6% during the 2nd quarter. Main Street Financial Solutions LLC now owns 147,447 shares of the investment management company's stock valued at $1,482,000 after acquiring an additional 72,067 shares during the period. PFG Investments LLC increased its stake in Eagle Point Credit by 42.9% in the 3rd quarter. PFG Investments LLC now owns 553,506 shares of the investment management company's stock worth $5,458,000 after acquiring an additional 166,108 shares during the last quarter. J.W. Cole Advisors Inc. grew its position in Eagle Point Credit by 92.6% in the third quarter. J.W. Cole Advisors Inc. now owns 109,774 shares of the investment management company's stock worth $1,082,000 after acquiring an additional 52,782 shares in the last quarter. International Assets Investment Management LLC purchased a new stake in shares of Eagle Point Credit in the third quarter valued at $7,600,000. Finally, Worth Asset Management LLC increased its stake in Eagle Point Credit by 359.7% in the third quarter. Worth Asset Management LLC now owns 65,647 shares of the investment management company's stock worth $647,000 after purchasing an additional 51,367 shares during the period. 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.