Eagle Point Credit (ECC) Lowered to “Sell” at Zacks Investment Research

Zacks Investment Research cut shares of Eagle Point Credit (NYSE:ECC) from a hold rating to a sell rating in a research report report published on Friday, November 17th.

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. “

A number of other research firms have also commented on ECC. National Securities reiterated a buy rating and issued a $24.00 target price on shares of Eagle Point Credit in a research report on Wednesday, August 2nd. Ladenburg Thalmann Financial Services began coverage on shares of Eagle Point Credit in a report on Monday, September 25th. They issued a buy rating and a $20.50 target price on the stock. CIBC dropped their target price on shares of Eagle Point Credit from $24.00 to $20.00 and set an outperform rating on the stock in a report on Wednesday, November 15th. Finally, Oppenheimer dropped their target price on shares of Eagle Point Credit from $24.00 to $20.00 and set an outperform rating on the stock in a report on Wednesday, November 15th. One equities research analyst has rated the stock with a sell rating and four have given a buy rating to the company’s stock. Eagle Point Credit presently has an average rating of Buy and a consensus price target of $21.13.

Shares of Eagle Point Credit (NYSE ECC) opened at $18.61 on Friday. The company has a quick ratio of 3.25, a current ratio of 3.25 and a debt-to-equity ratio of 0.18. Eagle Point Credit has a 1-year low of $16.70 and a 1-year high of $22.11. The company has a market cap of $343.80, a P/E ratio of 9.54 and a beta of 0.27.

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

Several hedge funds have recently made changes to their positions in the company. Belpointe Asset Management LLC bought a new stake in shares of Eagle Point Credit during the 3rd quarter valued at $456,000. Stifel Financial Corp bought a new stake in Eagle Point Credit in the 2nd quarter valued at $215,000. Blair William & Co. IL bought a new stake in Eagle Point Credit in the 2nd quarter valued at $393,000. Finally, Howard Capital Management bought a new stake in Eagle Point Credit in the 2nd quarter valued at $316,000. Hedge funds and other institutional investors own 56.85% of the company’s stock.

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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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