Eagle Point Credit Company Inc. (NYSE:ECC) Short Interest Update

Eagle Point Credit Company Inc. (NYSE:ECC) was the target of a significant increase in short interest in February. As of February 13th, there was short interest totaling 12,393,477 shares, an increase of 38.4% from the January 29th total of 8,956,209 shares. Approximately 9.8% of the company’s stock are short sold. Based on an average trading volume of 3,397,498 shares, the short-interest ratio is currently 3.6 days. Based on an average trading volume of 3,397,498 shares, the short-interest ratio is currently 3.6 days. Approximately 9.8% of the company’s stock are short sold.

Eagle Point Credit Price Performance

Shares of NYSE ECC traded down $0.08 during trading on Tuesday, hitting $4.05. The stock had a trading volume of 2,008,161 shares, compared to its average volume of 3,566,034. The firm has a fifty day moving average of $5.18 and a two-hundred day moving average of $5.99. The company has a market capitalization of $511.64 million, a PE ratio of 21.32 and a beta of 0.32. Eagle Point Credit has a 12 month low of $3.85 and a 12 month high of $8.86.

Eagle Point Credit Announces Dividend

The company also recently announced a monthly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Wednesday, June 10th will be given a dividend of $0.06 per share. The ex-dividend date of this dividend is Wednesday, June 10th. This represents a c) annualized dividend and a dividend yield of 17.8%. Eagle Point Credit’s dividend payout ratio (DPR) is currently 884.21%.

Hedge Funds Weigh In On Eagle Point Credit

Institutional investors have recently modified their holdings of the business. Jane Street Group LLC bought a new stake in Eagle Point Credit during the first quarter worth $134,000. GPS Wealth Strategies Group LLC bought a new position in Eagle Point Credit in the 2nd quarter valued at $25,000. Creative Planning purchased a new stake in shares of Eagle Point Credit during the 2nd quarter valued at $96,000. Cetera Investment Advisers raised its stake in shares of Eagle Point Credit by 84.6% during the 2nd quarter. Cetera Investment Advisers now owns 130,627 shares of the investment management company’s stock worth $1,001,000 after purchasing an additional 59,881 shares during the period. Finally, J.W. Cole Advisors Inc. raised its stake in shares of Eagle Point Credit by 10.6% during the 2nd quarter. J.W. Cole Advisors Inc. now owns 294,869 shares of the investment management company’s stock worth $2,259,000 after purchasing an additional 28,354 shares during the period. 19.50% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

ECC has been the subject of several recent research reports. B. Riley Financial decreased their price objective on Eagle Point Credit from $10.00 to $7.00 and set a “buy” rating for the company in a report on Thursday, November 20th. LADENBURG THALM/SH SH downgraded shares of Eagle Point Credit from a “buy” rating to a “neutral” rating in a research report on Monday. Credit Suisse Group set a $5.00 price objective on shares of Eagle Point Credit in a report on Wednesday, February 18th. Finally, Zacks Research raised shares of Eagle Point Credit from a “strong sell” rating to a “hold” rating in a research note on Tuesday, December 16th. Three investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, Eagle Point Credit has a consensus rating of “Moderate Buy” and an average target price of $7.13.

About Eagle Point Credit

Eagle Point Credit Company is a closed-end, non-diversified management investment company that seeks to generate attractive risk-adjusted returns primarily through investments in collateralized loan obligations (CLOs) and related structured credit instruments. The firm is externally managed by Eagle Point Credit Management, LLC, a specialized credit asset manager focused on the structured credit markets. Eagle Point Credit Company’s shares trade on the New York Stock Exchange under the ticker symbol ECC.

The company’s investment strategy centers on acquiring both equity and debt tranches of actively managed CLOs alongside opportunistic positions in senior secured loans, high-yield bonds and credit derivatives.