Eagle Point Credit Company Inc. (NYSE:ECC) – Analysts at Oppenheimer Holdings cut their FY2017 earnings estimates for Eagle Point Credit in a research report issued to clients and investors on Tuesday. Oppenheimer Holdings analyst C. Kotowski now expects that the investment management company will earn $1.90 per share for the year, down from their previous estimate of $2.15. Oppenheimer Holdings has a “Outperform” rating and a $20.00 price objective on the stock. Oppenheimer Holdings also issued estimates for Eagle Point Credit’s Q4 2017 earnings at $0.45 EPS, Q1 2018 earnings at $0.47 EPS, Q2 2018 earnings at $0.50 EPS, Q3 2018 earnings at $0.52 EPS, Q4 2018 earnings at $0.54 EPS and FY2018 earnings at $2.03 EPS.
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Shares of Eagle Point Credit (ECC) opened at $18.79 on Friday. The firm has a market cap of $347.13, a P/E ratio of 9.64 and a beta of 0.30. The company has a debt-to-equity ratio of 0.18, a quick ratio of 3.25 and a current ratio of 3.25. Eagle Point Credit has a fifty-two week low of $16.70 and a fifty-two week high of $22.11.
Hedge funds and other institutional investors have recently bought and sold shares of the company. Stifel Financial Corp acquired a new stake in shares of Eagle Point Credit during the second quarter worth approximately $215,000. Howard Capital Management acquired a new stake in shares of Eagle Point Credit in the second quarter valued at approximately $316,000. Blair William & Co. IL acquired a new stake in shares of Eagle Point Credit in the second quarter valued at approximately $393,000. Finally, Belpointe Asset Management LLC acquired a new stake in shares of Eagle Point Credit in the third quarter valued at approximately $456,000. 57.69% of the stock is owned by institutional investors.
The company also recently disclosed a monthly dividend, which will be paid on Thursday, November 30th. Stockholders of record on Friday, November 10th will be issued a dividend of $0.20 per share. This represents a $2.40 annualized dividend and a dividend yield of 12.77%. The ex-dividend date of this dividend is Thursday, November 9th. Eagle Point Credit’s payout ratio is 95.24%.
About Eagle Point Credit
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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