Eagle Point Credit (NYSE:ECC) Posts Earnings Results, Misses Estimates By $0.03 EPS

Eagle Point Credit (NYSE:ECC) released its quarterly earnings results on Tuesday. The investment management company reported $0.20 earnings per share for the quarter, missing the consensus estimate of $0.23 by ($0.03), Zacks reports. Eagle Point Credit had a net margin of 12.33% and a return on equity of 13.47%.

Eagle Point Credit Stock Down 0.1%

Shares of ECC opened at $4.03 on Tuesday. Eagle Point Credit has a twelve month low of $3.46 and a twelve month high of $7.99. The company has a market capitalization of $532.15 million, a P/E ratio of 21.19 and a beta of 0.35. The firm has a 50 day moving average of $3.93 and a 200 day moving average of $4.94.

Eagle Point Credit Announces Dividend

The company also recently declared a monthly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Thursday, September 10th will be issued a dividend of $0.06 per share. The ex-dividend date is Thursday, September 10th. This represents a c) dividend on an annualized basis and a dividend yield of 17.9%. Eagle Point Credit’s dividend payout ratio is presently 800.00%.

Insider Transactions at Eagle Point Credit

In other Eagle Point Credit news, Portfolio Manager Daniel W. Ko bought 57,165 shares of the business’s stock in a transaction on Wednesday, March 18th. The shares were acquired at an average cost of $3.50 per share, for a total transaction of $200,077.50. Following the purchase, the portfolio manager owned 82,665 shares in the company, valued at approximately $289,327.50. This trade represents a 224.18% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.26% of the company’s stock.

Hedge Funds Weigh In On Eagle Point Credit

A number of hedge funds have recently bought and sold shares of ECC. Royal Bank of Canada boosted its holdings in shares of Eagle Point Credit by 135.5% during the 4th quarter. Royal Bank of Canada now owns 5,600 shares of the investment management company’s stock valued at $32,000 after acquiring an additional 3,222 shares during the last quarter. Geneos Wealth Management Inc. bought a new stake in shares of Eagle Point Credit in the second quarter worth approximately $33,000. TCTC Holdings LLC raised its holdings in shares of Eagle Point Credit by 45.5% during the fourth quarter. TCTC Holdings LLC now owns 8,000 shares of the investment management company’s stock valued at $46,000 after purchasing an additional 2,500 shares during the last quarter. Tower Research Capital LLC TRC bought a new position in Eagle Point Credit during the second quarter valued at approximately $65,000. Finally, Abel Hall LLC bought a new position in Eagle Point Credit during the third quarter valued at approximately $66,000. Hedge funds and other institutional investors own 19.50% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have commented on the company. Credit Suisse Group set a $5.00 price objective on Eagle Point Credit in a research report on Wednesday, February 18th. LADENBURG THALM/SH SH lowered shares of Eagle Point Credit from a “buy” rating to a “neutral” rating in a research note on Monday, March 2nd. Alliance Global Partners reissued a “buy” rating on shares of Eagle Point Credit in a research report on Wednesday, April 15th. Zacks Research upgraded shares of Eagle Point Credit from a “strong sell” rating to a “hold” rating in a report on Friday, May 1st. Finally, B. Riley Financial decreased their target price on shares of Eagle Point Credit from $7.00 to $4.25 and set a “buy” rating for the company in a research note on Monday, March 16th. Three investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $6.67.

Eagle Point Credit Company Profile

Eagle Point Credit Company is a closed-end, non-diversified management investment company that seeks to generate attractive risk-adjusted returns primarily through investments in collateralized loan obligations (CLOs) and related structured credit instruments. The firm is externally managed by Eagle Point Credit Management, LLC, a specialized credit asset manager focused on the structured credit markets. Eagle Point Credit Company’s shares trade on the New York Stock Exchange under the ticker symbol ECC.

The company’s investment strategy centers on acquiring both equity and debt tranches of actively managed CLOs alongside opportunistic positions in senior secured loans, high-yield bonds and credit derivatives.