Eagle Point Credit (ECC) Lifted to “Hold” at Zacks Investment Research

Zacks Investment Research upgraded shares of Eagle Point Credit (NYSE:ECC) from a strong sell rating to a hold rating in a research report released on Tuesday morning.

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 analysts have also commented on ECC. Ladenburg Thalmann Financial Services assumed coverage on Eagle Point Credit in a research report on Monday, September 25th. They set a buy rating and a $20.50 price objective on the stock. Oppenheimer reduced their price target on Eagle Point Credit from $24.00 to $20.00 and set an outperform rating on the stock in a research report on Wednesday, November 15th. National Securities restated a buy rating and set a $24.00 price target on shares of Eagle Point Credit in a research report on Monday, November 20th. Finally, CIBC reduced their price target on Eagle Point Credit from $24.00 to $20.00 and set an outperform rating on the stock in a research report on Wednesday, November 15th. One research analyst has rated the stock with a hold rating and four have given a buy rating to the stock. The stock presently has an average rating of Buy and a consensus target price of $21.13.

Shares of Eagle Point Credit (NYSE:ECC) traded up $0.10 during trading on Tuesday, hitting $18.30. The stock had a trading volume of 440,815 shares, compared to its average volume of 195,138. The company has a debt-to-equity ratio of 0.18, a current ratio of 3.25 and a quick ratio of 3.25. The company has a market cap of $336.23, a price-to-earnings ratio of 7.22 and a beta of 0.27. Eagle Point Credit has a 12-month low of $17.15 and a 12-month high of $22.11.

Eagle Point Credit (NYSE:ECC) last announced its quarterly earnings data on Tuesday, November 14th. The investment management company reported $0.44 EPS for the quarter, missing the consensus estimate of $0.50 by ($0.06). Eagle Point Credit had a net margin of 65.86% and a return on equity of 10.73%. analysts expect that Eagle Point Credit will post 1.9 EPS for the current year.

The business also recently declared a monthly dividend, which will be paid on Wednesday, February 28th. Investors of record on Monday, February 12th will be given a dividend of $0.20 per share. The ex-dividend date of this dividend is Friday, February 9th. This represents a $2.40 annualized dividend and a yield of 13.11%.

An institutional investor recently bought a new position in Eagle Point Credit stock. Belpointe Asset Management LLC purchased a new position in shares of Eagle Point Credit Company Inc (NYSE:ECC) during the 3rd quarter, according to its most recent 13F filing with the SEC. The firm purchased 22,059 shares of the investment management company’s stock, valued at approximately $456,000. Belpointe Asset Management LLC owned about 0.12% of Eagle Point Credit at the end of the most recent reporting period. 56.85% of the stock is owned by hedge funds and other institutional investors.

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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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