Eagle Point Credit (NYSE:ECC) Sets New 52-Week Low - Here's Why

Eagle Point Credit Company Inc. (NYSE:ECC - Get Free Report)'s stock price hit a new 52-week low during trading on Monday . The stock traded as low as $8.02 and last traded at $8.05, with a volume of 1835794 shares trading hands. The stock had previously closed at $8.24.

Wall Street Analyst Weigh In

Separately, B. Riley dropped their price objective on shares of Eagle Point Credit from $12.00 to $11.00 and set a "buy" rating for the company in a research note on Tuesday, January 7th.

Eagle Point Credit Stock Performance

The company has a current ratio of 2.27, a quick ratio of 2.27 and a debt-to-equity ratio of 0.18. The company's 50-day simple moving average is $8.66 and its 200-day simple moving average is $9.17. The stock has a market capitalization of $612.12 million, a price-to-earnings ratio of 9.47 and a beta of 0.73.

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

Remove Ads

Eagle Point Credit Dividend Announcement

The company also recently disclosed a dividend, which will be paid on Wednesday, April 30th. Stockholders of record on Thursday, April 10th will be given a dividend of $0.14 per share. The ex-dividend date is Thursday, April 10th. Eagle Point Credit's dividend payout ratio (DPR) is presently 200.00%.

Institutional Investors Weigh In On Eagle Point Credit

Large investors have recently modified their holdings of the company. Freestone Capital Holdings LLC increased its position in shares of Eagle Point Credit by 26.1% during the fourth quarter. Freestone Capital Holdings LLC now owns 222,083 shares of the investment management company's stock worth $1,972,000 after buying an additional 46,006 shares during the period. Stifel Financial Corp acquired a new stake in Eagle Point Credit in the third quarter worth $149,000. Balboa Wealth Partners acquired a new stake in Eagle Point Credit in the fourth quarter worth $839,000. PFG Investments LLC grew its holdings in Eagle Point Credit by 11.9% in the fourth quarter. PFG Investments LLC now owns 619,399 shares of the investment management company's stock worth $5,500,000 after purchasing an additional 65,893 shares during the period. Finally, Strategic Financial Concepts LLC acquired a new stake in Eagle Point Credit in the fourth quarter worth $158,000. 19.50% of the stock is currently owned by institutional investors and hedge funds.

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.