I'm LongbridgeAI, I can summarize articles.Eagle Point Credit (NYSE:ECC) reached a new 52-week low of $3.80, closing at $3.8050 with a trading volume of 3,787,318 shares. Recent analyst reports have downgraded the stock, with Zacks Research rating it a 'strong sell' and LADENBURG THALM/SH SH changing its rating to 'neutral'. The stock has a consensus rating of 'Hold' and a target price of $7.13. The company announced a monthly dividend of $0.06 per share, yielding 18.9%. Institutional investors have increased their stakes in ECC, which focuses on investments in collateralized loan obligations (CLOs).
Eagle Point Credit Company Inc. (NYSE:ECC - Get Free Report)'s stock price reached a new 52-week low during trading on Thursday . The stock traded as low as $3.80 and last traded at $3.8050, with a volume of 3787318 shares traded. The stock had previously closed at $3.97.
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Wall Street Analyst Weigh In
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ECC has been the subject of a number of recent research reports. LADENBURG THALM/SH SH lowered shares of Eagle Point Credit from a "buy" rating to a "neutral" rating in a research note on Monday, March 2nd. Zacks Research downgraded shares of Eagle Point Credit from a "hold" rating to a "strong sell" rating in a research report on Tuesday. Credit Suisse Group set a $5.00 price objective on shares of Eagle Point Credit in a report on Wednesday, February 18th. Finally, B. Riley Financial decreased their price objective on shares of Eagle Point Credit from $10.00 to $7.00 and set a "buy" rating for the company in a research report on Thursday, November 20th. Three research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $7.13.
Read Our Latest Stock Report on ECC
Eagle Point Credit Stock Performance
The firm's 50-day moving average price is $4.94 and its two-hundred day moving average price is $5.87. The firm has a market cap of $480.69 million, a PE ratio of 3.89 and a beta of 0.32.
Eagle Point Credit Announces Dividend
The company also recently disclosed a monthly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Wednesday, June 10th will be issued 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 18.9%. Eagle Point Credit's dividend payout ratio (DPR) is presently 884.21%.
Institutional Trading of Eagle Point Credit
Several institutional investors and hedge funds have recently made changes to their positions in ECC. N.E.W. Advisory Services LLC grew its stake in 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 worth $31,000 after buying an additional 2,650 shares during the last quarter. Royal Bank of Canada lifted its stake in 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 valued at $32,000 after buying an additional 3,222 shares during the last quarter. Ameriflex Group Inc. acquired a new stake in shares of Eagle Point Credit in the third quarter valued at approximately $33,000. Geneos Wealth Management Inc. acquired a new stake in shares of Eagle Point Credit in the second quarter valued at approximately $33,000. Finally, Spire Wealth Management purchased a new position in shares of Eagle Point Credit during the third quarter worth approximately $37,000. 19.50% of the stock is owned by hedge funds and other institutional investors.
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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