Eagle Point Credit (NYSE:ECC) Stock Crosses Above 50 Day Moving Average – Should You Sell?

Eagle Point Credit Company Inc. (NYSE:ECC)’s stock price crossed above its fifty day moving average during trading on Thursday . The stock has a fifty day moving average of $3.77 and traded as high as $3.82. Eagle Point Credit shares last traded at $3.81, with a volume of 447,796 shares traded.

Analyst Ratings Changes

Separately, Zacks Research upgraded Eagle Point Credit from a “strong sell” rating to a “hold” rating in a report on Friday, May 1st. Three investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $6.50.

Eagle Point Credit Price Performance

The company has a current ratio of 0.23, a quick ratio of 0.23 and a debt-to-equity ratio of 0.02. The company has a 50 day simple moving average of $3.77 and a 200 day simple moving average of $3.97. The stock has a market cap of $502.40 million, a P/E ratio of 6.23 and a beta of 0.36.

Eagle Point Credit (NYSE:ECC) last issued its quarterly earnings results on Thursday, August 13th. The investment management company reported $0.17 earnings per share for the quarter, missing the consensus estimate of $0.18 by ($0.01). Eagle Point Credit had a negative return on equity of 1.74% and a negative net margin of 84.29%.The business had revenue of $37.90 million for the quarter, compared to the consensus estimate of $41.62 million. Sell-side analysts forecast that Eagle Point Credit Company Inc. will post 0.68 earnings per share for the current fiscal year.

Eagle Point Credit Dividend Announcement

The firm also recently announced a monthly dividend, which will be paid on Thursday, December 31st. Investors of record on Friday, December 11th will be given a $0.06 dividend. The ex-dividend date of this dividend is Friday, December 11th. This represents a c) dividend on an annualized basis and a yield of 18.9%. Eagle Point Credit’s dividend payout ratio (DPR) is 209.84%.

Institutional Investors Weigh In On Eagle Point Credit

Several institutional investors and hedge funds have recently added to or reduced their stakes in ECC. RPg Family Wealth Advisory LLC bought a new position in shares of Eagle Point Credit in the 2nd quarter valued at about $91,000. Kingsview Wealth Management LLC acquired a new stake in shares of Eagle Point Credit in the second quarter valued at about $37,000. Beacon Pointe Advisors LLC bought a new stake in Eagle Point Credit during the second quarter worth about $37,000. Cibc World Market Inc. bought a new stake in Eagle Point Credit during the second quarter worth about $75,000. Finally, Ieq Capital LLC acquired a new position in Eagle Point Credit during the second quarter valued at approximately $62,000. 19.50% of the stock is owned by institutional investors.

About Eagle Point Credit

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.