Eagle Point Credit (NYSE:ECC) Stock Crosses Below 50-Day Moving Average – Here’s Why

Eagle Point Credit Company Inc. (NYSE:ECC)’s stock price passed below its 50 day moving average during trading on Tuesday. The stock has a 50 day moving average of $3.67 and traded as low as $2.80. Eagle Point Credit shares last traded at $2.8850, with a volume of 5,507,680 shares changing hands.

Eagle Point Credit Price Performance

The firm has a market capitalization of $381.43 million, a price-to-earnings ratio of 4.73 and a beta of 0.38. The stock’s fifty day moving average price is $3.67 and its two-hundred day moving average price is $3.82. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 0.03.

Eagle Point Credit (NYSE:ECC) last issued its earnings results on Thursday, August 13th. The investment management company reported $0.17 EPS for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.01). The firm had revenue of $37.90 million for the quarter, compared to analyst estimates of $41.62 million. Eagle Point Credit had a negative return on equity of 1.83% and a negative net margin of 84.29%. Equities research analysts expect that Eagle Point Credit Company Inc. will post 0.68 EPS for the current year.

Eagle Point Credit Dividend Announcement

The firm also recently declared a monthly dividend, which will be paid on Thursday, December 31st. Shareholders of record on Friday, December 11th will be paid a $0.06 dividend. The ex-dividend date is Friday, December 11th. This represents a $0.72 dividend on an annualized basis and a yield of 25.0%. Eagle Point Credit’s dividend payout ratio (DPR) is currently 196.72%.

Institutional Trading of Eagle Point Credit

A number of institutional investors have recently bought and sold shares of the business. Legacy Wealth Managment LLC ID raised its position in shares of Eagle Point Credit by 2.2% during the 1st quarter. Legacy Wealth Managment LLC ID now owns 575,559 shares of the investment management company’s stock worth $2,164,000 after acquiring an additional 12,253 shares in the last quarter. BI Asset Management Fondsmaeglerselskab A S lifted its stake in Eagle Point Credit by 3.3% during the first quarter. BI Asset Management Fondsmaeglerselskab A S now owns 255,535 shares of the investment management company’s stock worth $961,000 after purchasing an additional 8,178 shares during the last quarter. Cetera Investment Advisers lifted its stake in Eagle Point Credit by 21.4% during the first quarter. Cetera Investment Advisers now owns 142,565 shares of the investment management company’s stock worth $536,000 after purchasing an additional 25,155 shares during the last quarter. Keudell Morrison Wealth Management acquired a new position in Eagle Point Credit in the first quarter valued at approximately $270,000. Finally, PNC Financial Services Group Inc. boosted its holdings in Eagle Point Credit by 3,944.6% in the first quarter. PNC Financial Services Group Inc. now owns 56,624 shares of the investment management company’s stock valued at $213,000 after purchasing an additional 55,224 shares in the last quarter. 19.50% of the stock is owned by hedge funds and other institutional investors.

Eagle Point Credit Company Profile

Eagle Point Credit Company Inc (NYSE: ECC) is a non-diversified closed-end management investment company that focuses primarily on investments in collateralized loan obligations (CLOs). CLOs are investment vehicles that generally hold portfolios of senior secured loans made to companies, with securities issued in different levels of seniority and risk.

The company’s portfolio has historically emphasized the equity and junior debt tranches of CLOs, which may provide exposure to income generated by pools of corporate loans.