B. Riley Has Lowered Expectations for Eagle Point Credit (NYSE:ECC) Stock Price

Eagle Point Credit (NYSE:ECC) had its target price decreased by research analysts at B. Riley from $12.00 to $11.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm currently has a “buy” rating on the investment management company’s stock. B. Riley’s price objective suggests a potential upside of 20.88% from the company’s current price.

Eagle Point Credit Trading Up 0.3 %

NYSE:ECC opened at $9.10 on Tuesday. The stock has a fifty day simple moving average of $9.16 and a 200 day simple moving average of $9.63. The firm has a market capitalization of $700.23 million, a price-to-earnings ratio of 11.38 and a beta of 0.75. Eagle Point Credit has a 1-year low of $8.56 and a 1-year high of $10.49. The company has a quick ratio of 2.27, a current ratio of 2.27 and a debt-to-equity ratio of 0.18.

Institutional Investors Weigh In On Eagle Point Credit

Several hedge funds have recently made changes to their positions in the company. Webster Bank N. A. acquired a new stake in Eagle Point Credit during the 3rd quarter valued at $28,000. Legacy Investment Solutions LLC acquired a new position in Eagle Point Credit during the third quarter valued at $39,000. McIlrath & Eck LLC purchased a new stake in Eagle Point Credit in the 3rd quarter worth about $57,000. EverSource Wealth Advisors LLC acquired a new stake in Eagle Point Credit during the 2nd quarter worth about $60,000. Finally, Sunbelt Securities Inc. boosted its position in Eagle Point Credit by 646.4% during the 2nd quarter. Sunbelt Securities Inc. now owns 7,464 shares of the investment management company’s stock worth $75,000 after acquiring an additional 6,464 shares during the period. Hedge funds and other institutional investors own 19.50% of the company’s stock.

About Eagle Point Credit

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.