Eagle Point Credit (NYSE:ECC) Hits New 1-Year Low – Should You Sell?

Eagle Point Credit Company Inc. (NYSE:ECC)’s share price hit a new 52-week low on Thursday . The company traded as low as $9.00 and last traded at $9.02, with a volume of 851099 shares. The stock had previously closed at $9.41.

Analyst Upgrades and Downgrades

Separately, Keefe, Bruyette & Woods dropped their target price on shares of Eagle Point Credit from $10.50 to $10.00 and set a “market perform” rating on the stock in a report on Wednesday, August 7th.

Eagle Point Credit Trading Down 2.3 %

The company has a market capitalization of $707.15 million, a P/E ratio of 5.50 and a beta of 0.76. The company has a 50-day simple moving average of $9.75 and a 200 day simple moving average of $9.95. The company has a debt-to-equity ratio of 0.19, a quick ratio of 2.98 and a current ratio of 2.98.

Eagle Point Credit Announces Dividend

The business also recently disclosed a monthly dividend, which will be paid on Monday, March 31st. Stockholders of record on Tuesday, March 11th will be given a dividend of $0.14 per share. This represents a $1.68 dividend on an annualized basis and a dividend yield of 18.28%. The ex-dividend date of this dividend is Tuesday, March 11th. Eagle Point Credit’s dividend payout ratio is currently 98.25%.

Hedge Funds Weigh In On Eagle Point Credit

Several large investors have recently added to or reduced their stakes in ECC. Ballentine Partners LLC boosted its stake in Eagle Point Credit by 5.3% during the third quarter. Ballentine Partners LLC now owns 23,158 shares of the investment management company’s stock worth $228,000 after buying an additional 1,173 shares in the last quarter. Freestone Capital Holdings LLC raised its position in Eagle Point Credit by 1.3% in the first quarter. Freestone Capital Holdings LLC now owns 90,287 shares of the investment management company’s stock worth $913,000 after purchasing an additional 1,188 shares in the last quarter. Essex Financial Services Inc. lifted its stake in Eagle Point Credit by 8.6% during the second quarter. Essex Financial Services Inc. now owns 26,764 shares of the investment management company’s stock worth $271,000 after purchasing an additional 2,127 shares during the period. Webster Bank N. A. acquired a new stake in Eagle Point Credit during the third quarter valued at approximately $28,000. Finally, Sage Capital Advisors llc boosted its holdings in Eagle Point Credit by 6.5% during the third quarter. Sage Capital Advisors llc now owns 48,923 shares of the investment management company’s stock valued at $482,000 after purchasing an additional 2,986 shares in the last quarter. Institutional investors and hedge funds own 19.50% of the company’s stock.

Eagle Point Credit Company Profile

Eagle Point Credit Company Inc is a closed ended fund launched and managed by Eagle Point Credit Management LLC. It invests in fixed income markets of the United States. The fund invests equity and junior debt tranches of collateralized loan obligations consisting primarily of below investment grade U.S.