Today, The Zacks Investment Research Downgraded Eagle Point Credit Co. (ECC) to Sell

Today, The Zacks Investment Research Downgraded Eagle Point Credit Co. (ECC) to Sell

Zacks Investment Research lowered shares of Eagle Point Credit Co. (NYSE:ECC) from a hold rating to a sell rating in a report published on Monday.

According to Zacks, “Eagle Point Credit Company Inc. is an externally managed closed-end management investment company. Its primary investment objective is to generate high current income, with a secondary objective to generate capital appreciation. The Company invests primarily in equity and junior debt tranches of collateralized loan obligations (CLOs). Eagle Point Credit Company Inc. is based in United States. “

Several other analysts also recently weighed in on the stock. National Securities reissued a buy rating and issued a $24.00 price target on shares of Eagle Point Credit in a research note on Wednesday, November 16th. Deutsche Bank AG upped their price objective on shares of Eagle Point Credit from $18.50 to $19.00 and gave the company a buy rating in a research note on Thursday, August 25th. Finally, Compass Point upped their price objective on shares of Eagle Point Credit from $15.00 to $17.00 and gave the company a neutral rating in a research note on Thursday, August 25th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and three have given a buy rating to the company. The company has a consensus rating of Hold and a consensus target price of $19.25.

Eagle Point Credit (NYSE:ECC) opened at 17.77 on Monday. The company has a 50-day moving average of $16.90 and a 200 day moving average of $16.93. The company’s market cap is $268.72 million. Eagle Point Credit has a 12 month low of $13.30 and a 12 month high of $19.15.

The business also recently declared a quarterly dividend, which was paid on Monday, October 31st. Investors of record on Friday, September 30th were paid a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a yield of 13.51%. The ex-dividend date of this dividend was Wednesday, September 28th. Eagle Point Credit’s payout ratio is currently 79.73%.

In related news, CFO Kenneth P. Onorio purchased 1,696 shares of the firm’s stock in a transaction that occurred on Thursday, September 1st. The stock was bought at an average cost of $17.75 per share, with a total value of $30,104.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.65% of the stock is currently owned by corporate insiders.

A number of institutional investors have recently added to or reduced their stakes in ECC. National Asset Management Inc. bought a new position in Eagle Point Credit during the second quarter worth about $261,000. Bard Associates Inc. increased its position in Eagle Point Credit by 0.3% in the second quarter. Bard Associates Inc. now owns 112,704 shares of the investment management company’s stock worth $1,815,000 after buying an additional 334 shares during the last quarter. Freestone Capital Holdings LLC bought a new position in Eagle Point Credit during the second quarter worth about $2,174,000. Finally, Mycio Wealth Partners LLC increased its position in Eagle Point Credit by 0.5% in the second quarter. Mycio Wealth Partners LLC now owns 1,378,743 shares of the investment management company’s stock worth $22,198,000 after buying an additional 6,590 shares during the last quarter. 70.00% of the stock is owned by institutional investors.

Eagle Point Credit Company Profile

Eagle Point Credit Company Inc is a non-diversified, closed-end management investment company. The Company’s primary investment objective is to generate high current income, with a secondary objective to generate capital appreciation. The Company invests primarily in equity and junior debt tranches of collateralized loan obligations (CLOs).

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