The Manufacturers Life Insurance Company bought a new position in shares of Eagle Point Credit Company Inc (NYSE:ECC) in the 4th quarter, Holdings Channel reports. The fund bought 219,967 shares of the investment management company’s stock, valued at approximately $4,138,000.
Separately, Belpointe Asset Management LLC bought a new stake in shares of Eagle Point Credit during the 3rd quarter worth about $456,000. Institutional investors own 57.14% of the company’s stock.
Shares of Eagle Point Credit Company Inc (ECC) opened at $18.06 on Monday. The company has a quick ratio of 3.25, a current ratio of 3.25 and a debt-to-equity ratio of 0.18. The stock has a market cap of $339.51, a PE ratio of 9.41 and a beta of 0.21. Eagle Point Credit Company Inc has a twelve month low of $17.28 and a twelve month high of $22.11.
ECC has been the subject of a number of recent research reports. Zacks Investment Research raised shares of Eagle Point Credit from a “strong sell” rating to a “hold” rating in a report on Tuesday, January 16th. CIBC cut their price objective on shares of Eagle Point Credit from $24.00 to $20.00 and set an “outperform” rating for the company in a report on Wednesday, November 15th. National Securities reissued a “buy” rating and issued a $24.00 price objective on shares of Eagle Point Credit in a report on Monday, November 20th. Finally, Oppenheimer cut their price objective on shares of Eagle Point Credit from $24.00 to $20.00 and set an “outperform” rating for the company in a report on Wednesday, November 15th. One research analyst has rated the stock with a sell rating and four have given a buy rating to the stock. Eagle Point Credit presently has a consensus rating of “Buy” and a consensus price target of $21.13.
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Eagle Point Credit 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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