Eagle Point Credit Company Inc. (NYSE:ECC) Sees Significant Growth in Short Interest

Eagle Point Credit Company Inc. (NYSE:ECC) saw a large increase in short interest in the month of October. As of October 31st, there was short interest totalling 885,300 shares, an increase of 7.9% from the October 15th total of 820,800 shares. Based on an average daily volume of 873,000 shares, the days-to-cover ratio is presently 1.0 days.

Analysts Set New Price Targets

Separately, Keefe, Bruyette & Woods decreased their price objective on Eagle Point Credit from $10.50 to $10.00 and set a “market perform” rating on the stock in a research note on Wednesday, August 7th.

Eagle Point Credit Price Performance

Eagle Point Credit stock opened at $8.98 on Tuesday. Eagle Point Credit has a 52 week low of $8.94 and a 52 week high of $10.49. The business has a 50-day simple moving average of $9.71 and a 200 day simple moving average of $9.94. The company has a quick ratio of 2.98, a current ratio of 2.98 and a debt-to-equity ratio of 0.19. The stock has a market cap of $690.99 million, a price-to-earnings ratio of 11.41 and a beta of 0.76.

Eagle Point Credit Announces Dividend

The firm also recently announced a monthly dividend, which will be paid on Monday, March 31st. Investors of record on Tuesday, March 11th will be given a dividend of $0.14 per share. This represents a $1.68 annualized dividend and a yield of 18.71%. The ex-dividend date of this dividend is Tuesday, March 11th. Eagle Point Credit’s payout ratio is 210.00%.

Hedge Funds Weigh In On Eagle Point Credit

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. PFG Investments LLC grew its position in Eagle Point Credit by 42.9% during the third quarter. PFG Investments LLC now owns 553,506 shares of the investment management company’s stock worth $5,458,000 after buying an additional 166,108 shares in the last quarter. Cadent Capital Advisors LLC boosted its holdings in shares of Eagle Point Credit by 7.8% in the 2nd quarter. Cadent Capital Advisors LLC now owns 451,611 shares of the investment management company’s stock worth $4,539,000 after purchasing an additional 32,666 shares in the last quarter. Wedbush Securities Inc. boosted its holdings in shares of Eagle Point Credit by 26.2% in the 2nd quarter. Wedbush Securities Inc. now owns 438,276 shares of the investment management company’s stock worth $4,405,000 after purchasing an additional 91,058 shares in the last quarter. Oxinas Partners Wealth Management LLC boosted its holdings in shares of Eagle Point Credit by 44.0% in the 3rd quarter. Oxinas Partners Wealth Management LLC now owns 177,492 shares of the investment management company’s stock worth $1,750,000 after purchasing an additional 54,240 shares in the last quarter. Finally, Main Street Financial Solutions LLC boosted its holdings in shares of Eagle Point Credit by 95.6% in the 2nd quarter. Main Street Financial Solutions LLC now owns 147,447 shares of the investment management company’s stock worth $1,482,000 after purchasing an additional 72,067 shares in the last quarter. 19.50% of the stock is currently owned by hedge funds and other institutional investors.

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.