Eagle Point Credit Company Inc. (NYSE:ECC) Short Interest Update

Eagle Point Credit Company Inc. (NYSE:ECC) saw a significant growth in short interest in November. As of November 15th, there was short interest totalling 978,800 shares, a growth of 10.6% from the October 31st total of 885,300 shares. Based on an average daily volume of 969,500 shares, the short-interest ratio is currently 1.0 days.

Wall Street Analysts Forecast Growth

Separately, Keefe, Bruyette & Woods dropped their price target on shares of Eagle Point Credit from $10.50 to $10.00 and set a “market perform” rating on the stock in a research report on Wednesday, August 7th.

Hedge Funds Weigh In On Eagle Point Credit

Several large investors have recently modified their holdings of the business. PFG Investments LLC increased its stake in shares of Eagle Point Credit by 42.9% in the third quarter. PFG Investments LLC now owns 553,506 shares of the investment management company’s stock worth $5,458,000 after purchasing an additional 166,108 shares in the last quarter. Cadent Capital Advisors LLC grew its stake in Eagle Point Credit by 7.8% during the second quarter. Cadent Capital Advisors LLC now owns 451,611 shares of the investment management company’s stock valued at $4,539,000 after acquiring an additional 32,666 shares in the last quarter. Wedbush Securities Inc. grew its stake in Eagle Point Credit by 26.2% during the second quarter. Wedbush Securities Inc. now owns 438,276 shares of the investment management company’s stock valued at $4,405,000 after acquiring an additional 91,058 shares in the last quarter. Oxinas Partners Wealth Management LLC grew its stake in Eagle Point Credit by 44.0% during the third quarter. Oxinas Partners Wealth Management LLC now owns 177,492 shares of the investment management company’s stock valued at $1,750,000 after acquiring an additional 54,240 shares in the last quarter. Finally, Main Street Financial Solutions LLC grew its stake in Eagle Point Credit by 95.6% during the second quarter. Main Street Financial Solutions LLC now owns 147,447 shares of the investment management company’s stock valued at $1,482,000 after acquiring an additional 72,067 shares in the last quarter. Hedge funds and other institutional investors own 19.50% of the company’s stock.

Eagle Point Credit Stock Performance

NYSE ECC traded up $0.21 during trading hours on Wednesday, reaching $9.50. 1,044,026 shares of the company were exchanged, compared to its average volume of 877,720. Eagle Point Credit has a 1 year low of $8.89 and a 1 year high of $10.49. The business’s 50 day simple moving average is $9.53 and its 200-day simple moving average is $9.84. The company has a quick ratio of 2.27, a current ratio of 2.27 and a debt-to-equity ratio of 0.18. The stock has a market capitalization of $731.01 million, a P/E ratio of 11.84 and a beta of 0.75.

Eagle Point Credit Announces Dividend

The firm also recently announced a monthly dividend, which will be paid on Monday, March 31st. Stockholders of record on Tuesday, March 11th will be paid a $0.14 dividend. The ex-dividend date of this dividend is Tuesday, March 11th. This represents a $1.68 annualized dividend and a dividend yield of 17.68%. Eagle Point Credit’s payout ratio is 210.00%.

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.