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

Eagle Point Credit Company Inc. (NYSE:ECC - Get Free Report) saw unusually-high trading volume on Tuesday . Approximately 1,515,996 shares traded hands during trading, an increase of 41% from the previous session's volume of 1,075,041 shares.The stock last traded at $7.32 and had previously closed at $6.94.

Wall Street Analyst Weigh In

Separately, B. Riley lowered their price target on Eagle Point Credit from $12.00 to $11.00 and set a "buy" rating on the stock in a report on Tuesday, January 7th.

Eagle Point Credit Trading Up 1.5 %

The stock's 50 day simple moving average is $8.12 and its 200 day simple moving average is $8.83. The firm has a market cap of $569.57 million, a PE ratio of 8.81 and a beta of 0.35. The company has a debt-to-equity ratio of 0.18, a quick ratio of 2.27 and a current ratio of 2.27.

Eagle Point Credit (NYSE:ECC - Get Free Report) last posted its quarterly earnings data on Thursday, February 20th. The investment management company reported $0.27 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.28 by ($0.01). Eagle Point Credit had a return on equity of 12.53% and a net margin of 44.67%. The company had revenue of $49.55 million for the quarter, compared to the consensus estimate of $49.76 million. On average, sell-side analysts forecast that Eagle Point Credit Company Inc. will post 1.1 earnings per share for the current fiscal year.

Eagle Point Credit Announces Dividend

The company also recently announced a dividend, which will be paid on Wednesday, April 30th. Investors of record on Thursday, April 10th will be given a $0.14 dividend. The ex-dividend date is Thursday, April 10th. Eagle Point Credit's payout ratio is 200.00%.

Insider Buying and Selling at Eagle Point Credit

In other Eagle Point Credit news, CEO Thomas P. Majewski bought 1,087 shares of Eagle Point Credit stock in a transaction that occurred on Friday, March 21st. The shares were bought at an average price of $23.00 per share, with a total value of $25,001.00. Following the acquisition, the chief executive officer now owns 1,087 shares in the company, valued at approximately $25,001. This trade represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.22% of the company's stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the stock. Legacy Investment Solutions LLC boosted its holdings in Eagle Point Credit by 20,306.0% during the 4th quarter. Legacy Investment Solutions LLC now owns 847,871 shares of the investment management company's stock valued at $7,580,000 after acquiring an additional 843,716 shares during the period. Raymond James Financial Inc. bought a new stake in Eagle Point Credit in the fourth quarter valued at approximately $2,038,000. Money Concepts Capital Corp purchased a new stake in shares of Eagle Point Credit during the fourth quarter valued at approximately $1,696,000. Balboa Wealth Partners bought a new position in shares of Eagle Point Credit in the fourth quarter worth approximately $839,000. Finally, Wedbush Securities Inc. increased its stake in shares of Eagle Point Credit by 17.0% in the fourth quarter. Wedbush Securities Inc. now owns 567,610 shares of the investment management company's stock worth $5,040,000 after buying an additional 82,367 shares during the period. 19.50% of the stock is owned by institutional investors.

About Eagle Point Credit

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.