Zacks Investment Research upgraded shares of Eagle Point Credit Company Inc. (NYSE:ECC) from a sell rating to a hold rating in a report issued on Wednesday.

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. “

Several other equities research analysts have also recently commented on ECC. National Securities reissued a buy rating and issued a $24.00 target price on shares of Eagle Point Credit in a research note on Wednesday, August 2nd. Oppenheimer Holdings, Inc. began coverage on Eagle Point Credit in a research note on Tuesday, May 16th. They issued an outperform rating and a $24.00 target price for the company. Finally, CIBC began coverage on Eagle Point Credit in a research note on Tuesday, May 16th. They issued an outperform rating for the company.

Shares of Eagle Point Credit (NYSE:ECC) traded up 1.41% on Wednesday, reaching $20.89. The company’s stock had a trading volume of 67,253 shares. The stock has a 50-day moving average of $20.67 and a 200 day moving average of $20.20. Eagle Point Credit has a 52 week low of $16.13 and a 52 week high of $22.11.

Eagle Point Credit (NYSE:ECC) last released its earnings results on Tuesday, August 15th. The investment management company reported $0.53 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.51 by $0.02. The firm had revenue of $16.23 million during the quarter, compared to analyst estimates of $16.60 million. On average, equities analysts expect that Eagle Point Credit will post $2.04 EPS for the current fiscal year.

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The company also recently announced a special dividend, which was paid on Friday, September 8th. Stockholders of record on Friday, August 25th were paid a $0.45 dividend. The ex-dividend date of this dividend was Wednesday, August 23rd. This represents a dividend yield of 11.36%. Eagle Point Credit’s dividend payout ratio (DPR) is currently 46.15%.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Relative Value Partners Group LLC increased its stake in shares of Eagle Point Credit by 8.4% in the 1st quarter. Relative Value Partners Group LLC now owns 30,677 shares of the investment management company’s stock valued at $621,000 after buying an additional 2,385 shares during the period. Bard Associates Inc. increased its stake in shares of Eagle Point Credit by 8.6% in the 1st quarter. Bard Associates Inc. now owns 132,433 shares of the investment management company’s stock valued at $2,761,000 after buying an additional 10,450 shares during the period. Stifel Financial Corp acquired a new stake in shares of Eagle Point Credit in the 2nd quarter valued at $215,000. Howard Capital Management acquired a new stake in shares of Eagle Point Credit in the 2nd quarter valued at $316,000. Finally, Blair William & Co. IL acquired a new stake in shares of Eagle Point Credit in the 2nd quarter valued at $393,000. 58.28% of the stock is owned by institutional investors.

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 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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