Eagle Point Credit Company Inc. (NYSE:ECC) Sees Large Growth in Short Interest

Eagle Point Credit Company Inc. (NYSE:ECC - Get Free Report) saw a significant increase in short interest in the month of March. As of March 15th, there was short interest totalling 1,340,000 shares, an increase of 40.9% from the February 28th total of 950,700 shares. Based on an average daily trading volume, of 1,169,200 shares, the short-interest ratio is currently 1.1 days. Currently, 1.7% of the company's stock are short sold.

Insiders Place Their Bets

In other news, CEO Thomas P. Majewski bought 1,087 shares of Eagle Point Credit stock in a transaction on Friday, March 21st. The stock was acquired at an average cost of $23.00 per share, for a total transaction of $25,001.00. Following the completion of the acquisition, the chief executive officer now owns 1,087 shares of the company's stock, valued at $25,001. This trade represents a ∞ increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.22% of the stock is owned by company insiders.

Institutional Investors Weigh In On Eagle Point Credit

Several institutional investors and hedge funds have recently made changes to their positions in ECC. B. Riley Wealth Advisors Inc. increased its position in shares of Eagle Point Credit by 16.9% in the 4th quarter. B. Riley Wealth Advisors Inc. now owns 17,061 shares of the investment management company's stock valued at $152,000 after acquiring an additional 2,463 shares during the period. Ameriflex Group Inc. purchased a new stake in Eagle Point Credit during the 4th quarter valued at about $70,000. Cresset Asset Management LLC increased its holdings in shares of Eagle Point Credit by 89.4% in the fourth quarter. Cresset Asset Management LLC now owns 57,177 shares of the investment management company's stock valued at $508,000 after purchasing an additional 26,990 shares during the period. Cetera Investment Advisers raised its stake in shares of Eagle Point Credit by 53.5% in the fourth quarter. Cetera Investment Advisers now owns 28,109 shares of the investment management company's stock worth $250,000 after purchasing an additional 9,796 shares during the last quarter. Finally, Lido Advisors LLC acquired a new stake in shares of Eagle Point Credit during the fourth quarter worth about $162,000. 19.50% of the stock is currently owned by institutional investors and hedge funds.

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Wall Street Analyst Weigh In

Separately, B. Riley reduced 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 Down 6.7 %

Shares of Eagle Point Credit stock traded down $0.56 during trading on Thursday, reaching $7.76. The company's stock had a trading volume of 2,208,292 shares, compared to its average volume of 1,027,007. The company has a 50-day simple moving average of $8.49 and a two-hundred day simple moving average of $9.04. Eagle Point Credit has a 1-year low of $7.36 and a 1-year high of $10.49. The company has a market cap of $596.73 million, a price-to-earnings ratio of 9.23 and a beta of 0.35. 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 issued its quarterly earnings results on Thursday, February 20th. The investment management company reported $0.27 earnings per share for the quarter, missing the consensus estimate 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 business had revenue of $49.55 million during the quarter, compared to analyst estimates of $49.76 million. As a group, equities analysts forecast that Eagle Point Credit will post 1.1 earnings per share for the current year.

Eagle Point Credit Dividend Announcement

The business also recently declared a dividend, which will be paid on Wednesday, April 30th. Shareholders of record on Thursday, April 10th will be paid 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%.

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.