Eagle Point Credit (NYSE:ECC) Raised to “Strong-Buy” at LADENBURG THALM/SH SH

LADENBURG THALM/SH SH upgraded shares of Eagle Point Credit (NYSE:ECC) to a strong-buy rating in a report released on Wednesday,Zacks.com reports.

Other equities research analysts also recently issued reports about the company. Credit Suisse Group set a $7.50 target price on Eagle Point Credit in a report on Thursday, May 29th. Keefe, Bruyette & Woods lowered their target price on Eagle Point Credit from $9.00 to $7.50 and set a “market perform” rating for the company in a report on Thursday, May 29th.

Eagle Point Credit Price Performance

Shares of ECC opened at $6.70 on Wednesday. Eagle Point Credit has a 1 year low of $6.00 and a 1 year high of $10.06. The company has a debt-to-equity ratio of 0.32, a current ratio of 2.23 and a quick ratio of 2.23. The company has a market capitalization of $515.57 million, a price-to-earnings ratio of 60.91 and a beta of 0.38. The business has a 50-day moving average of $7.30 and a 200-day moving average of $7.80.

Eagle Point Credit (NYSE:ECC) last issued its earnings results on Wednesday, May 28th. The investment management company reported $0.28 earnings per share for the quarter, topping analysts’ consensus estimates of $0.26 by $0.02. The business had revenue of $52.30 million during the quarter, compared to the consensus estimate of $53.54 million. Eagle Point Credit had a return on equity of 13.49% and a net margin of 6.73%. As a group, equities research analysts anticipate that Eagle Point Credit will post 1.1 earnings per share for the current year.

Eagle Point Credit Announces Dividend

The company also recently disclosed a monthly dividend, which will be paid on Wednesday, December 31st. Stockholders of record on Thursday, December 11th will be issued a dividend of $0.14 per share. The ex-dividend date is Thursday, December 11th. This represents a c) annualized dividend and a dividend yield of 25.1%. Eagle Point Credit’s payout ratio is currently -420.00%.

Institutional Investors Weigh In On Eagle Point Credit

Several hedge funds and other institutional investors have recently modified their holdings of ECC. Tower Research Capital LLC TRC purchased a new stake in Eagle Point Credit in the 2nd quarter valued at $65,000. Corient Private Wealth LLC purchased a new stake in Eagle Point Credit in the 2nd quarter valued at $128,000. Vident Advisory LLC purchased a new stake in Eagle Point Credit in the 2nd quarter valued at $206,000. Jane Street Group LLC raised its position in Eagle Point Credit by 869.6% in the 2nd quarter. Jane Street Group LLC now owns 160,677 shares of the investment management company’s stock valued at $1,231,000 after buying an additional 144,105 shares during the last quarter. Finally, NewEdge Advisors LLC raised its position in Eagle Point Credit by 647.5% in the 2nd quarter. NewEdge Advisors LLC now owns 22,260 shares of the investment management company’s stock valued at $171,000 after buying an additional 19,282 shares during the last quarter. Institutional investors own 19.50% of the company’s stock.

About Eagle Point Credit

Eagle Point Credit Company Inc is a closed ended fund launched and managed by Eagle Point Credit Management LLC. It invests in fixed income markets of the United States. The fund invests equity and junior debt tranches of collateralized loan obligations consisting primarily of below investment grade U.S.