Zacks Investment Research cut shares of Eagle Point Credit Co. (NYSE:ECC) from a hold rating to a sell rating in a research note released on Monday morning.

According to Zacks, “Eagle Point Credit Company Inc. is an externally managed closed-end management investment company. Its 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). Eagle Point Credit Company Inc. is based in United States. “

A number of other analysts also recently issued reports on the stock. National Securities reaffirmed a buy rating and set a $24.00 price objective on shares of Eagle Point Credit in a report on Monday, October 10th. Deutsche Bank AG lifted 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. Finally, Compass Point lifted their price objective on shares of Eagle Point Credit from $15.00 to $17.00 and gave the stock a neutral rating in a report on Thursday, August 25th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and three have assigned a buy rating to the stock. The company currently has a consensus rating of Hold and a consensus price target of $19.25.

Analyst Recommendations for Eagle Point Credit (NYSE:ECC)

Shares of Eagle Point Credit (NYSE:ECC) opened at 17.61 on Monday. The company’s market cap is $266.30 million. Eagle Point Credit has a 12 month low of $13.30 and a 12 month high of $19.15. The firm’s 50-day moving average is $16.85 and its 200-day moving average is $16.93.

The company also recently disclosed a quarterly dividend, which was paid on Monday, October 31st. Shareholders of record on Friday, September 30th were given a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a dividend yield of 13.63%. The ex-dividend date of this dividend was Wednesday, September 28th. Eagle Point Credit’s payout ratio is 79.73%.

In other news, CFO Kenneth P. Onorio acquired 1,696 shares of the firm’s stock in a transaction on Thursday, September 1st. The shares were purchased at an average price of $17.75 per share, for a total transaction of $30,104.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.65% of the stock is currently owned by company insiders.

Several institutional investors have recently added to or reduced their stakes in ECC. National Asset Management Inc. purchased a new position in Eagle Point Credit during the second quarter worth about $261,000. Bard Associates Inc. boosted its position in shares of 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 valued at $1,815,000 after buying an additional 334 shares in the last quarter. Freestone Capital Holdings LLC bought a new position in shares of Eagle Point Credit during the second quarter valued at about $2,174,000. Finally, Mycio Wealth Partners LLC boosted its position in shares of 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 valued at $22,198,000 after buying an additional 6,590 shares in the last quarter. Hedge funds and other institutional investors own 70.00% of the company’s stock.

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).

5 Day Chart for NYSE:ECC

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