Eagle Point Credit (NYSE:ECC) Sees Strong Trading Volume – Here’s What Happened

Shares of Eagle Point Credit Company Inc. (NYSE:ECC) saw an uptick in trading volume on Tuesday . 1,515,996 shares changed hands during mid-day trading, an increase of 41% from the previous session’s volume of 1,075,041 shares.The stock last traded at $7.32 and had previously closed at $6.94.

Analysts Set New Price Targets

Separately, B. Riley lowered their price objective on Eagle Point Credit from $12.00 to $11.00 and set a “buy” rating for the company in a research note on Tuesday, January 7th.

Eagle Point Credit Stock Up 6.5 %

The company has a market cap of $568.65 million, a P/E ratio of 8.80 and a beta of 0.35. 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 company has a fifty day moving average of $8.24 and a 200 day moving average of $8.89.

Eagle Point Credit (NYSE:ECC) last released its earnings results on Thursday, February 20th. The investment management company reported $0.27 earnings per share for the quarter, missing the consensus estimate of $0.28 by ($0.01). The company had revenue of $49.55 million for the quarter, compared to analysts’ expectations of $49.76 million. Eagle Point Credit had a net margin of 44.67% and a return on equity of 12.53%. On average, research analysts anticipate that Eagle Point Credit Company Inc. will post 1.1 earnings per share for the current fiscal year.

Eagle Point Credit Dividend Announcement

The firm also recently declared a dividend, which will be paid on Wednesday, April 30th. Shareholders of record on Thursday, April 10th will be paid a $0.14 dividend. The ex-dividend date of this dividend is Thursday, April 10th. Eagle Point Credit’s payout ratio is presently 200.00%.

Insider Buying and Selling at Eagle Point Credit

In other Eagle Point Credit news, CEO Thomas P. Majewski purchased 1,087 shares of the stock in a transaction that occurred on Friday, March 21st. The shares were bought at an average cost of $23.00 per share, with a total value of $25,001.00. Following the acquisition, the chief executive officer now owns 1,087 shares in the company, valued at approximately $25,001. This trade represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 0.22% of the company’s stock.

Institutional Investors Weigh In On Eagle Point Credit

Several institutional investors and hedge funds have recently modified their holdings of the stock. AdvisorNet Financial Inc bought a new position in shares of Eagle Point Credit during the first quarter worth $25,000. Union Bancaire Privee UBP SA bought a new position in shares of Eagle Point Credit during the 4th quarter valued at about $27,000. NBC Securities Inc. bought a new position in shares of Eagle Point Credit during the 1st quarter valued at about $32,000. Transce3nd LLC purchased a new position in shares of Eagle Point Credit during the fourth quarter valued at about $45,000. Finally, McIlrath & Eck LLC bought a new stake in shares of Eagle Point Credit in the third quarter worth about $57,000. Institutional investors 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.