Eagle Point Credit (NYSE:ECC) Sees Strong Trading Volume – Here’s What Happened

Eagle Point Credit Company Inc. (NYSE:ECC) shares saw strong trading volume on Monday . 448,904 shares were traded during mid-day trading, a decline of 46% from the previous session’s volume of 830,740 shares.The stock last traded at $9.68 and had previously closed at $9.77.

Wall Street Analyst Weigh In

Separately, Keefe, Bruyette & Woods reduced their price objective on Eagle Point Credit from $10.50 to $10.00 and set a “market perform” rating for the company in a research report on Wednesday, August 7th.

Eagle Point Credit Price Performance

The company has a debt-to-equity ratio of 0.19, a current ratio of 2.98 and a quick ratio of 2.98. The stock has a market capitalization of $748.70 million, a P/E ratio of 5.25 and a beta of 0.76. The stock’s fifty day moving average is $9.86 and its 200-day moving average is $10.02.

Eagle Point Credit (NYSE:ECC) last issued its quarterly earnings data on Tuesday, August 6th. The investment management company reported $0.28 EPS for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.08). Eagle Point Credit had a net margin of 76.61% and a return on equity of 12.87%. The company had revenue of $42.28 million for the quarter, compared to analyst estimates of $45.67 million. On average, equities analysts anticipate that Eagle Point Credit Company Inc. will post 1.11 earnings per share for the current year.

Eagle Point Credit Announces Dividend

The company also recently disclosed a monthly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Wednesday, December 11th will be paid a $0.14 dividend. This represents a $1.68 dividend on an annualized basis and a dividend yield of 17.27%. The ex-dividend date is Wednesday, December 11th. Eagle Point Credit’s payout ratio is 90.32%.

Institutional Investors Weigh In On Eagle Point Credit

A number of hedge funds have recently bought and sold shares of the company. PFG Investments LLC lifted its position in shares of Eagle Point Credit by 115.8% during the 2nd quarter. PFG Investments LLC now owns 387,398 shares of the investment management company’s stock worth $3,893,000 after purchasing an additional 207,875 shares during the last quarter. TrueMark Investments LLC acquired a new position in shares of Eagle Point Credit during the second quarter worth approximately $1,444,000. Quadrature Capital Ltd bought a new stake in shares of Eagle Point Credit in the fourth quarter valued at approximately $1,192,000. Wedbush Securities Inc. grew its stake in shares of Eagle Point Credit by 26.2% in the second quarter. Wedbush Securities Inc. now owns 438,276 shares of the investment management company’s stock worth $4,405,000 after acquiring an additional 91,058 shares during the last quarter. Finally, Cadent Capital Advisors LLC increased its position in Eagle Point Credit by 21.3% during the first quarter. Cadent Capital Advisors LLC now owns 418,945 shares of the investment management company’s stock worth $4,236,000 after acquiring an additional 73,583 shares during the period. 19.50% of the stock is currently owned by 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.