Analysts Set Eagle Point Credit Co. (NYSE:ECC) Target Price at $19.30
Shares of Eagle Point Credit Co. (NYSE:ECC) have earned a consensus recommendation of “Hold” from the six analysts that are covering the firm. One investment analyst has rated the stock with a sell rating, two have given a hold rating and three have issued a buy rating on the company. The average 12-month target price among analysts that have issued ratings on the stock in the last year is C$19.30.
A number of analysts recently issued reports on ECC shares. Deutsche Bank AG raised their price objective on shares of Eagle Point Credit from $18.50 to $19.00 and gave the stock a “buy” rating in a report on Thursday, August 25th. National Securities reiterated a “buy” rating and issued a $24.00 target price on shares of Eagle Point Credit in a research note on Thursday, August 25th. Zacks Investment Research downgraded shares of Eagle Point Credit from a “hold” rating to a “sell” rating in a research note on Monday, August 29th. Finally, Compass Point lifted their target price on shares of Eagle Point Credit from $15.00 to $17.00 and gave the stock a “neutral” rating in a research note on Thursday, August 25th.
In other news, CFO Kenneth P. Onorio acquired 1,696 shares of the business’s stock in a transaction dated Thursday, September 1st. The stock was bought at an average cost of C$17.75 per share, for a total transaction of C$30,104.00. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.65% of the stock is currently owned by insiders.
Several institutional investors have recently added to or reduced their stakes in ECC. Bessemer Group Inc. raised its position in Eagle Point Credit by 54.1% in the first quarter. Bessemer Group Inc. now owns 8,427 shares of the investment management company’s stock worth $139,000 after buying an additional 2,959 shares during the period. National Asset Management Inc. purchased a new position in Eagle Point Credit during the second quarter worth approximately $261,000. Bard Associates Inc. raised its position in Eagle Point Credit by 0.3% in the second quarter. Bard Associates Inc. now owns 112,704 shares of the investment management company’s stock worth $1,815,000 after buying an additional 334 shares during the period. Freestone Capital Holdings LLC purchased a new position in Eagle Point Credit during the second quarter worth approximately $2,174,000. Finally, Mycio Wealth Partners LLC raised its position in Eagle Point Credit by 0.5% in the second quarter. Mycio Wealth Partners LLC now owns 1,378,743 shares of the investment management company’s stock worth $22,198,000 after buying an additional 6,590 shares during the period. Institutional investors own 70.31% of the company’s stock.
Shares of Eagle Point Credit (NYSE:ECC) opened at 16.92 on Thursday. The firm has a 50-day moving average of $17.42 and a 200-day moving average of $17.10. Eagle Point Credit has a 12-month low of $13.30 and a 12-month high of $19.22.
Eagle Point Credit (NYSE:ECC) last posted its quarterly earnings data on Wednesday, August 24th. The investment management company reported $0.57 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.59 by $0.02. On average, analysts anticipate that Eagle Point Credit will post $2.33 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 31st. Stockholders of record on Friday, September 30th will be given a $0.60 dividend. The ex-dividend date of this dividend is Wednesday, September 28th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 14.18%. Eagle Point Credit’s dividend payout ratio (DPR) is currently -120.60%.
Eagle Point Credit Company Profile
Eagle Point Credit Company Inc is a non-diversified, closed-end management investment company. The Company’s primary investment objective is to generate high current income, with a secondary objective to generate capital appreciation. The Company invests primarily in equity and junior debt tranches of collateralized loan obligations (CLOs).
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