I'm LongbridgeAI, I can summarize articles.Eagle Point Credit (NYSE:ECC) reached a new 52-week low of $3.89 during trading, closing at $3.9450. Analysts have mixed views, with Credit Suisse setting a $5.00 target, while B. Riley lowered theirs to $7.00. The stock has a market cap of $495.85 million and a P/E ratio of 20.67. A monthly dividend of $0.06 per share will be paid on June 30th, yielding 18.3%. Institutional investors own 19.50% of the stock, which focuses on investments in collateralized loan obligations (CLOs).
Eagle Point Credit Company Inc. (NYSE:ECC - Get Free Report)'s share price reached a new 52-week low during mid-day trading on Tuesday . The stock traded as low as $3.89 and last traded at $3.9450, with a volume of 1301807 shares traded. The stock had previously closed at $3.99.
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Wall Street Analysts Forecast Growth
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ECC has been the topic of a number of analyst reports. Credit Suisse Group set a $5.00 price target on Eagle Point Credit in a research note on Wednesday, February 18th. B. Riley Financial cut their target price on Eagle Point Credit from $10.00 to $7.00 and set a "buy" rating on the stock in a research report on Thursday, November 20th. Finally, Zacks Research upgraded shares of Eagle Point Credit from a "strong sell" rating to a "hold" rating in a research note on Tuesday, December 16th. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $7.13.
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Eagle Point Credit Stock Down 1.6%
The stock has a fifty day moving average of $5.38 and a two-hundred day moving average of $6.10. The stock has a market cap of $495.85 million, a price-to-earnings ratio of 20.67 and a beta of 0.28.
Eagle Point Credit Announces Dividend
The business also recently disclosed a monthly dividend, which will be paid on Tuesday, June 30th. Investors of record on Wednesday, June 10th will be given a dividend of $0.06 per share. This represents a c) dividend on an annualized basis and a yield of 18.3%. The ex-dividend date is Wednesday, June 10th. Eagle Point Credit's dividend payout ratio (DPR) is currently 884.21%.
Institutional Trading of Eagle Point Credit
A number of hedge funds have recently bought and sold shares of the company. GPS Wealth Strategies Group LLC purchased a new stake in shares of Eagle Point Credit in the second quarter valued at $25,000. N.E.W. Advisory Services LLC increased its stake in shares of Eagle Point Credit by 100.0% during the 4th quarter. N.E.W. Advisory Services LLC now owns 5,300 shares of the investment management company's stock valued at $31,000 after acquiring an additional 2,650 shares during the last quarter. Royal Bank of Canada boosted its position in shares of Eagle Point Credit by 135.5% in the fourth quarter. Royal Bank of Canada now owns 5,600 shares of the investment management company's stock worth $32,000 after acquiring an additional 3,222 shares during the last quarter. Ameriflex Group Inc. purchased a new stake in Eagle Point Credit in the third quarter valued at approximately $33,000. Finally, Geneos Wealth Management Inc. acquired a new position in Eagle Point Credit during the second quarter worth approximately $33,000. Institutional investors and hedge funds own 19.50% of the company's stock.
Eagle Point Credit Company Profile
(Get Free Report)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.
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