CIBC Trims Eagle Point Credit (NYSE:ECC) Target Price to $20.00

Eagle Point Credit (NYSE:ECC) had its target price cut by CIBC from $24.00 to $20.00 in a research note released on Wednesday, November 15th. They currently have an outperform rating on the investment management company’s stock.

Several other brokerages have also recently issued reports on ECC. Zacks Investment Research upgraded Eagle Point Credit from a sell rating to a hold rating in a research report on Tuesday, July 25th. National Securities reiterated a buy rating and set a $24.00 target price on shares of Eagle Point Credit in a research report on Wednesday, August 2nd. Oppenheimer dropped their target price on Eagle Point Credit from $24.00 to $20.00 and set an outperform rating on the stock in a research report on Wednesday, November 15th. Finally, Ladenburg Thalmann Financial Services started coverage on Eagle Point Credit in a research report on Monday, September 25th. They set a buy rating and a $20.50 target price on the stock. One equities research analyst has rated the stock with a sell rating and four have assigned a buy rating to the company. Eagle Point Credit currently has a consensus rating of Buy and an average target price of $21.13.

Shares of Eagle Point Credit (NYSE ECC) remained flat at $$18.61 during mid-day trading on Wednesday. 363,523 shares of the stock were exchanged, compared to its average volume of 67,179. The stock has a market cap of $343.80, a price-to-earnings ratio of 9.54 and a beta of 0.27. Eagle Point Credit has a 12 month low of $16.70 and a 12 month high of $22.11. The company has a debt-to-equity ratio of 0.18, a quick ratio of 3.25 and a current ratio of 3.25.

The firm also recently announced a monthly dividend, which was paid on Thursday, November 30th. Shareholders of record on Friday, November 10th were given a dividend of $0.20 per share. This represents a $2.40 annualized dividend and a yield of 12.90%. The ex-dividend date was Thursday, November 9th. Eagle Point Credit’s payout ratio is 95.24%.

Large investors have recently made changes to their positions in the company. Howard Capital Management purchased a new stake in shares of Eagle Point Credit during the 2nd quarter worth approximately $316,000. Stifel Financial Corp purchased a new stake in shares of Eagle Point Credit during the 2nd quarter worth approximately $215,000. Belpointe Asset Management LLC purchased a new stake in shares of Eagle Point Credit during the 3rd quarter worth approximately $456,000. Finally, Blair William & Co. IL purchased a new stake in shares of Eagle Point Credit during the 2nd quarter worth approximately $393,000. 56.85% of the stock is currently owned by institutional investors and hedge funds.

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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 primarily invests in equity and junior debt tranches of collateralized loan obligations (CLOs) that are collateralized by a portfolio consisting primarily of the below investment grade United States senior secured loans.

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