Brokerages Set Eagle Point Credit Company Inc. (NYSE:ECC) Target Price at $21.00
Eagle Point Credit Company Inc. (NYSE:ECC) has been assigned an average rating of “Buy” from the six brokerages that are presently covering the firm, Marketbeat Ratings reports. Two investment analysts have rated the stock with a hold recommendation and four have issued a buy recommendation on the company. The average twelve-month price objective among analysts that have issued a report on the stock in the last year is $21.00.
A number of research analysts have weighed in on ECC shares. National Securities reiterated a “buy” rating and issued a $24.00 target price on shares of Eagle Point Credit in a research note on Monday, April 24th. CIBC started coverage on shares of Eagle Point Credit in a research note on Tuesday, May 16th. They issued an “outperform” rating on the stock. Oppenheimer Holdings, Inc. started coverage on shares of Eagle Point Credit in a research note on Tuesday, May 16th. They issued an “outperform” rating and a $24.00 target price on the stock. Finally, Zacks Investment Research cut shares of Eagle Point Credit from a “hold” rating to a “sell” rating in a research note on Tuesday, July 18th.
Several hedge funds have recently made changes to their positions in ECC. Baird Financial Group Inc. purchased a new stake in Eagle Point Credit during the first quarter worth $653,000. Blair William & Co. IL purchased a new stake in Eagle Point Credit during the second quarter worth $393,000. Howard Capital Management purchased a new stake in Eagle Point Credit during the second quarter worth $316,000. Bard Associates Inc. raised its stake in Eagle Point Credit by 8.6% in the first quarter. Bard Associates Inc. now owns 132,433 shares of the investment management company’s stock worth $2,761,000 after buying an additional 10,450 shares during the period. Finally, Relative Value Partners Group LLC raised its stake in Eagle Point Credit by 8.4% in the first quarter. Relative Value Partners Group LLC now owns 30,677 shares of the investment management company’s stock worth $621,000 after buying an additional 2,385 shares during the period. Institutional investors own 58.86% of the company’s stock.
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Shares of Eagle Point Credit (ECC) traded up 0.53% during trading on Friday, reaching $21.04. The company had a trading volume of 42,322 shares. Eagle Point Credit has a 12 month low of $16.13 and a 12 month high of $22.11. The firm has a 50 day moving average price of $20.64 and a 200 day moving average price of $19.62.
The firm also recently declared a monthly dividend, which will be paid on Friday, September 29th. Investors of record on Tuesday, September 12th will be paid a dividend of $0.20 per share. This represents a $2.40 dividend on an annualized basis and a dividend yield of 11.41%. The ex-dividend date is Monday, September 11th. Eagle Point Credit’s payout ratio is currently 39.15%.
About Eagle Point Credit
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 primarily invests in equity and junior debt tranches of collateralized loan obligations (CLOs) that are collateralized by a portfolio consisting primarily of the below investment grade United States senior secured loans.
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