B. Riley Cuts Eagle Point Credit (NYSE:ECC) Price Target to $11.00

Eagle Point Credit (NYSE:ECC) had its price target cut by analysts at B. Riley from $12.00 to $11.00 in a note issued to investors on Tuesday,Benzinga reports. The brokerage presently has a “buy” rating on the investment management company’s stock. B. Riley’s target price would suggest a potential upside of 20.88% from the stock’s current price.

Eagle Point Credit Price Performance

Shares of NYSE:ECC opened at $9.10 on Tuesday. The firm has a market cap of $700.23 million, a price-to-earnings ratio of 11.38 and a beta of 0.75. Eagle Point Credit has a 1 year low of $8.56 and a 1 year high of $10.49. The company has a current ratio of 2.27, a quick ratio of 2.27 and a debt-to-equity ratio of 0.18. The business has a fifty day simple moving average of $9.16 and a 200 day simple moving average of $9.63.

Hedge Funds Weigh In On Eagle Point Credit

Hedge funds have recently added to or reduced their stakes in the company. Ballentine Partners LLC lifted its stake in Eagle Point Credit by 5.3% in the third quarter. Ballentine Partners LLC now owns 23,158 shares of the investment management company’s stock valued at $228,000 after acquiring an additional 1,173 shares during the last quarter. Rockefeller Capital Management L.P. lifted its stake in shares of Eagle Point Credit by 2.8% in the 3rd quarter. Rockefeller Capital Management L.P. now owns 77,375 shares of the investment management company’s stock valued at $763,000 after purchasing an additional 2,112 shares during the last quarter. Webster Bank N. A. bought a new stake in Eagle Point Credit in the third quarter worth $28,000. Sage Capital Advisors llc increased its position in Eagle Point Credit by 6.5% during the third quarter. Sage Capital Advisors llc now owns 48,923 shares of the investment management company’s stock worth $482,000 after buying an additional 2,986 shares during the last quarter. Finally, Atomi Financial Group Inc. raised its holdings in Eagle Point Credit by 32.4% during the third quarter. Atomi Financial Group Inc. now owns 14,273 shares of the investment management company’s stock valued at $141,000 after buying an additional 3,491 shares in the last quarter. Institutional investors and hedge funds 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.