Eagle Point Credit (NYSE:ECC) Stock Price Down 3% - Should You Sell?

Eagle Point Credit Company Inc. (NYSE:ECC - Get Free Report)'s share price was down 3% on Wednesday . The stock traded as low as $7.75 and last traded at $7.70. Approximately 304,793 shares were traded during mid-day trading, a decline of 73% from the average daily volume of 1,113,068 shares. The stock had previously closed at $7.93.

Analysts Set New Price Targets

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

Eagle Point Credit Trading Up 0.3 %

The stock has a market cap of $609.04 million, a P/E ratio of 9.42 and a beta of 0.73. The firm's 50 day simple moving average is $8.64 and its two-hundred day simple moving average is $9.15. The company has a quick ratio of 2.27, a current ratio of 2.27 and a debt-to-equity ratio of 0.18.

Eagle Point Credit (NYSE:ECC - Get Free Report) last announced 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). The business had revenue of $49.55 million for the quarter, compared to the consensus estimate of $49.76 million. Eagle Point Credit had a net margin of 44.67% and a return on equity of 12.53%. As a group, equities research analysts predict that Eagle Point Credit Company Inc. will post 1.1 earnings per share for the current fiscal year.

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Eagle Point Credit Announces Dividend

The business also recently declared 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 of this dividend is Thursday, April 10th. Eagle Point Credit's payout ratio is 200.00%.

Insider Buying and Selling

In related news, CEO Thomas P. Majewski bought 1,087 shares of the company's stock in a transaction on Friday, March 21st. The shares were purchased at an average cost of $23.00 per share, with a total value of $25,001.00. Following the completion of the transaction, the chief executive officer now directly owns 1,087 shares of the company's stock, valued at approximately $25,001. This represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 0.22% of the company's stock.

Hedge Funds Weigh In On Eagle Point Credit

Several hedge funds and other institutional investors have recently modified their holdings of the company. Union Bancaire Privee UBP SA bought a new stake in Eagle Point Credit in the 4th quarter valued at about $27,000. Legacy Investment Solutions LLC acquired a new stake in shares of Eagle Point Credit in the third quarter valued at approximately $39,000. Transce3nd LLC bought a new stake in shares of Eagle Point Credit during the fourth quarter valued at approximately $45,000. McIlrath & Eck LLC acquired a new position in shares of Eagle Point Credit during the third quarter worth approximately $57,000. Finally, Ameriflex Group Inc. bought a new position in Eagle Point Credit in the 4th quarter worth approximately $70,000. Institutional investors and hedge funds 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.