Eagle Point Credit (NYSE:ECC) Sees Large Volume Increase – Here’s What Happened

Shares of Eagle Point Credit Company Inc. (NYSE:ECC) saw an uptick in trading volume on Friday . 1,990,298 shares traded hands during mid-day trading, an increase of 103% from the previous session’s volume of 981,439 shares.The stock last traded at $8.73 and had previously closed at $8.80.

Wall Street Analysts Forecast Growth

Separately, B. Riley dropped their price objective on Eagle Point Credit from $12.00 to $11.00 and set a “buy” rating on the stock in a research note on Tuesday, January 7th.

Eagle Point Credit Stock Performance

The company has a market cap of $669.83 million, a P/E ratio of 10.88 and a beta of 0.75. The firm has a 50 day moving average of $9.00 and a 200-day moving average of $9.53. The company has a quick ratio of 2.27, a current ratio of 2.27 and a debt-to-equity ratio of 0.18.

Eagle Point Credit Announces Dividend

The company also recently disclosed a dividend, which will be paid on Friday, January 31st. Investors of record on Tuesday, January 14th will be paid a $0.14 dividend. The ex-dividend date of this dividend is Monday, January 13th. This represents a yield of 18.88%. Eagle Point Credit’s dividend payout ratio (DPR) is currently 210.00%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in ECC. EverSource Wealth Advisors LLC purchased a new position in shares of Eagle Point Credit in the 2nd quarter valued at $60,000. Sunbelt Securities Inc. boosted its position in shares of Eagle Point Credit by 646.4% in the 2nd quarter. Sunbelt Securities Inc. now owns 7,464 shares of the investment management company’s stock worth $75,000 after purchasing an additional 6,464 shares in the last quarter. B. Riley Wealth Advisors Inc. boosted its position in shares of Eagle Point Credit by 13.7% in the 2nd quarter. B. Riley Wealth Advisors Inc. now owns 102,886 shares of the investment management company’s stock worth $1,034,000 after purchasing an additional 12,391 shares in the last quarter. Parisi Gray Wealth Management boosted its position in shares of Eagle Point Credit by 27.6% in the 3rd quarter. Parisi Gray Wealth Management now owns 76,550 shares of the investment management company’s stock worth $755,000 after purchasing an additional 16,550 shares in the last quarter. Finally, Atomi Financial Group Inc. boosted its position in shares of Eagle Point Credit by 32.4% in the 3rd quarter. Atomi Financial Group Inc. now owns 14,273 shares of the investment management company’s stock worth $141,000 after purchasing an additional 3,491 shares in the last quarter. 19.50% of the stock is currently owned by hedge funds and other institutional investors.

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.