Eagle Point Credit (NYSE:ECC) Reaches New 52-Week Low – What’s Next?

Eagle Point Credit Company Inc. (NYSE:ECC) hit a new 52-week low during mid-day trading on Friday . The stock traded as low as $8.89 and last traded at $8.94, with a volume of 138557 shares trading hands. The stock had previously closed at $8.94.

Analysts Set New Price Targets

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

Eagle Point Credit Stock Up 0.8 %

The company has a current ratio of 2.98, a quick ratio of 2.98 and a debt-to-equity ratio of 0.19. The firm has a market capitalization of $693.30 million, a price-to-earnings ratio of 11.18 and a beta of 0.76. The firm has a 50 day moving average price of $9.64 and a two-hundred day moving average price of $9.91.

Eagle Point Credit Announces Dividend

The firm also recently declared a monthly dividend, which will be paid on Monday, March 31st. Shareholders of record on Tuesday, March 11th will be given a dividend of $0.14 per share. The ex-dividend date is Tuesday, March 11th. This represents a $1.68 dividend on an annualized basis and a yield of 18.65%. Eagle Point Credit’s dividend payout ratio (DPR) is 210.00%.

Hedge Funds Weigh In On Eagle Point Credit

A number of hedge funds have recently made changes to their positions in ECC. Webster Bank N. A. acquired a new stake in Eagle Point Credit in the 3rd quarter valued at $28,000. Legacy Investment Solutions LLC acquired a new stake in shares of Eagle Point Credit in the third quarter valued at about $39,000. McIlrath & Eck LLC purchased a new stake in shares of Eagle Point Credit during the 3rd quarter valued at about $57,000. EverSource Wealth Advisors LLC acquired a new position in Eagle Point Credit during the 2nd quarter worth approximately $60,000. Finally, Sunbelt Securities Inc. lifted its position in Eagle Point Credit by 646.4% during the 2nd quarter. Sunbelt Securities Inc. now owns 7,464 shares of the investment management company’s stock worth $75,000 after acquiring an additional 6,464 shares in the last quarter. Hedge funds and other institutional investors own 19.50% of the company’s stock.

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.