Eagle Point Credit (NYSE:ECC) Reaches New 52-Week Low - What's Next?

Eagle Point Credit Company Inc. (NYSE:ECC - Get Free Report) shares hit a new 52-week low during mid-day trading on Tuesday . The company traded as low as $8.16 and last traded at $8.36, with a volume of 1819682 shares changing hands. The stock had previously closed at $8.62.

Analyst Ratings Changes

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

Eagle Point Credit Stock Up 1.2 %

The stock has a 50-day moving average of $8.76 and a two-hundred day moving average of $9.23. The company has a market cap of $632.90 million, a P/E ratio of 9.79 and a beta of 0.73. 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 announced its quarterly earnings results on Thursday, February 20th. The investment management company reported $0.27 EPS for the quarter, missing analysts' consensus estimates of $0.28 by ($0.01). The company had revenue of $49.55 million during the quarter, compared to analysts' expectations of $49.76 million. Eagle Point Credit had a return on equity of 12.53% and a net margin of 44.67%. On average, research analysts anticipate that Eagle Point Credit Company Inc. will post 1.1 EPS for the current fiscal year.

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Eagle Point Credit Dividend Announcement

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

Institutional Investors Weigh In On Eagle Point Credit

A number of institutional investors have recently modified their holdings of the stock. Legacy Investment Solutions LLC grew its stake in shares of Eagle Point Credit by 20,306.0% in the fourth quarter. Legacy Investment Solutions LLC now owns 847,871 shares of the investment management company's stock worth $7,580,000 after acquiring an additional 843,716 shares during the last quarter. PFG Investments LLC boosted its position in shares of Eagle Point Credit by 11.9% during the fourth quarter. PFG Investments LLC now owns 619,399 shares of the investment management company's stock valued at $5,500,000 after buying an additional 65,893 shares during the last quarter. Wedbush Securities Inc. boosted its position in shares of Eagle Point Credit by 17.0% during the fourth quarter. Wedbush Securities Inc. now owns 567,610 shares of the investment management company's stock valued at $5,040,000 after buying an additional 82,367 shares during the last quarter. Envestnet Asset Management Inc. boosted its position in shares of Eagle Point Credit by 48.5% during the fourth quarter. Envestnet Asset Management Inc. now owns 246,876 shares of the investment management company's stock valued at $2,192,000 after buying an additional 80,616 shares during the last quarter. Finally, Raymond James Financial Inc. purchased a new position in Eagle Point Credit in the fourth quarter worth about $2,038,000. 19.50% of the stock is owned by hedge funds and other 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.