Eagle Point Credit (NYSE:ECC) Price Target Cut to $10.00 by Analysts at Keefe, Bruyette & Woods

Eagle Point Credit (NYSE:ECC) had its target price cut by Keefe, Bruyette & Woods from $10.50 to $10.00 in a research report released on Wednesday morning, Marketbeat.com reports. They currently have a market perform rating on the investment management company’s stock.

Eagle Point Credit Stock Performance

Shares of ECC traded down $0.08 during trading hours on Wednesday, reaching $9.96. 1,299,779 shares of the company traded hands, compared to its average volume of 831,493. The stock has a market capitalization of $766.40 million, a P/E ratio of 5.36 and a beta of 0.77. The company has a quick ratio of 4.55, a current ratio of 4.55 and a debt-to-equity ratio of 0.20. Eagle Point Credit has a 12-month low of $8.60 and a 12-month high of $10.58. The business has a fifty day moving average price of $10.05 and a 200-day moving average price of $10.08.

Eagle Point Credit (NYSE:ECC) last announced its quarterly earnings data on Tuesday, August 6th. The investment management company reported $0.28 earnings per share for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.08). The company had revenue of $42.28 million for the quarter, compared to analysts’ expectations of $45.67 million. Eagle Point Credit had a net margin of 88.90% and a return on equity of 13.48%. Equities analysts anticipate that Eagle Point Credit will post 1.34 EPS for the current fiscal year.

Eagle Point Credit Dividend Announcement

The business also recently disclosed a monthly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Wednesday, December 11th will be issued a dividend of $0.14 per share. This represents a $1.68 dividend on an annualized basis and a dividend yield of 16.87%. The ex-dividend date is Wednesday, December 11th. Eagle Point Credit’s dividend payout ratio (DPR) is presently 90.32%.

Institutional Investors Weigh In On Eagle Point Credit

Several hedge funds have recently added to or reduced their stakes in ECC. NBC Securities Inc. purchased a new stake in Eagle Point Credit in the first quarter valued at $31,000. Nadler Financial Group Inc. purchased a new stake in Eagle Point Credit in the first quarter valued at $101,000. CFO4Life Group LLC purchased a new stake in Eagle Point Credit in the first quarter valued at $105,000. Silverleafe Capital Partners LLC purchased a new stake in Eagle Point Credit in the second quarter valued at $109,000. Finally, J.W. Cole Advisors Inc. purchased a new stake in Eagle Point Credit in the first quarter valued at $114,000. 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.