Eagle Point Credit (NYSE:ECC) Sets New 52-Week Low – Should You Sell?

Shares of Eagle Point Credit Company Inc. (NYSE:ECC) reached a new 52-week low during trading on Friday . The stock traded as low as $8.89 and last traded at $8.94, with a volume of 138557 shares traded. The stock had previously closed at $8.94.

Analyst Ratings Changes

Separately, Keefe, Bruyette & Woods reduced their price target 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 Stock Up 1.2 %

The firm has a fifty day simple moving average of $9.63 and a 200 day simple moving average of $9.90. The company has a debt-to-equity ratio of 0.17, a quick ratio of 2.98 and a current ratio of 2.27. The company has a market cap of $696.40 million, a PE ratio of 11.31 and a beta of 0.76.

Eagle Point Credit Announces Dividend

The business also recently announced a monthly dividend, which will be paid on Monday, March 31st. Investors of record on Tuesday, March 11th will be issued a $0.14 dividend. The ex-dividend date of this dividend is Tuesday, March 11th. This represents a $1.68 dividend on an annualized basis and a yield of 18.56%. Eagle Point Credit’s payout ratio is 210.00%.

Hedge Funds Weigh In On Eagle Point Credit

Large investors have recently bought and sold shares of the stock. PFG Investments LLC raised its holdings in shares of Eagle Point Credit by 115.8% in the 2nd quarter. PFG Investments LLC now owns 387,398 shares of the investment management company’s stock worth $3,893,000 after purchasing an additional 207,875 shares during the period. TrueMark Investments LLC acquired a new position in Eagle Point Credit during the second quarter valued at approximately $1,444,000. Wedbush Securities Inc. lifted its position in Eagle Point Credit by 26.2% during the second quarter. Wedbush Securities Inc. now owns 438,276 shares of the investment management company’s stock valued at $4,405,000 after buying an additional 91,058 shares in the last quarter. International Assets Investment Management LLC purchased a new stake in Eagle Point Credit during the third quarter worth approximately $7,600,000. Finally, Main Street Financial Solutions LLC increased its position in shares of Eagle Point Credit by 95.6% in the second quarter. Main Street Financial Solutions LLC now owns 147,447 shares of the investment management company’s stock worth $1,482,000 after acquiring an additional 72,067 shares in the last quarter. 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.