Eagle Point Credit (NYSE:ECC) Trading 7.6% Higher - Here's Why

Eagle Point Credit Company Inc. (NYSE:ECC - Get Free Report)'s stock price was up 7.6% during mid-day trading on Tuesday . The stock traded as high as $7.65 and last traded at $7.59. Approximately 1,148,236 shares changed hands during mid-day trading, an increase of 10% from the average daily volume of 1,043,181 shares. The stock had previously closed at $7.05.

Wall Street Analyst Weigh In

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

Eagle Point Credit Trading Down 2.7 %

The company has a quick ratio of 2.27, a current ratio of 2.27 and a debt-to-equity ratio of 0.18. The company's 50 day moving average price is $8.28 and its two-hundred day moving average price is $8.91. The firm has a market cap of $544.87 million, a PE ratio of 8.43 and a beta of 0.35.

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 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 firm had revenue of $49.55 million during the quarter, compared to analysts' expectations of $49.76 million. As a group, sell-side analysts forecast that Eagle Point Credit Company Inc. will post 1.1 EPS for the current year.

Eagle Point Credit Announces Dividend

The firm also recently disclosed a dividend, which will be paid on Wednesday, April 30th. Shareholders 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 dividend payout ratio (DPR) is presently 200.00%.

Insider Buying and Selling

In other news, CEO Thomas P. Majewski purchased 1,087 shares of the company's stock in a transaction dated Friday, March 21st. The shares were acquired at an average price of $23.00 per share, with a total value of $25,001.00. Following the transaction, the chief executive officer now owns 1,087 shares of the company's stock, valued at $25,001. This represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.22% of the stock is currently owned by insiders.

Institutional Trading of Eagle Point Credit

A number of hedge funds have recently added to or reduced their stakes in the business. NBC Securities Inc. purchased a new position in Eagle Point Credit during the 1st quarter valued at about $32,000. AdvisorNet Financial Inc bought a new position in Eagle Point Credit in the first quarter worth approximately $25,000. B. Riley Wealth Advisors Inc. lifted its holdings in Eagle Point Credit by 16.9% during the fourth quarter. B. Riley Wealth Advisors Inc. now owns 17,061 shares of the investment management company's stock worth $152,000 after buying an additional 2,463 shares during the period. Ameriflex Group Inc. bought a new stake in Eagle Point Credit during the 4th quarter valued at $70,000. Finally, Cresset Asset Management LLC increased its holdings in shares of Eagle Point Credit by 89.4% in the 4th quarter. Cresset Asset Management LLC now owns 57,177 shares of the investment management company's stock valued at $508,000 after acquiring an additional 26,990 shares during the period. 19.50% of the stock is owned by hedge funds and other institutional investors.

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.