Eagle Point Credit (NYSE:ECC) Given New $11.00 Price Target at B. Riley

Eagle Point Credit (NYSE:ECC) had its target price reduced by B. Riley from $12.00 to $11.00 in a report released on Tuesday morning,Benzinga reports. They currently have a buy rating on the investment management company’s stock.

Eagle Point Credit Stock Performance

NYSE:ECC opened at $9.09 on Tuesday. Eagle Point Credit has a 52 week low of $8.56 and a 52 week high of $10.49. The company has a fifty day simple moving average of $9.16 and a two-hundred day simple moving average of $9.63. The company has a quick ratio of 2.27, a current ratio of 2.27 and a debt-to-equity ratio of 0.18. The company has a market cap of $699.46 million, a price-to-earnings ratio of 11.36 and a beta of 0.75.

Eagle Point Credit Dividend Announcement

The business also recently declared a dividend, which will be paid on Friday, January 31st. Shareholders of record on Monday, January 13th will be issued a dividend of $0.14 per share. The ex-dividend date of this dividend is Monday, January 13th. Eagle Point Credit’s dividend payout ratio (DPR) is 210.00%.

Hedge Funds Weigh In On Eagle Point Credit

A number of institutional investors and hedge funds have recently made changes to their positions in ECC. PFG Investments LLC raised its holdings in Eagle Point Credit by 42.9% in the third quarter. PFG Investments LLC now owns 553,506 shares of the investment management company’s stock valued at $5,458,000 after acquiring an additional 166,108 shares in the last quarter. International Assets Investment Management LLC acquired a new stake in shares of Eagle Point Credit during the third quarter worth about $7,600,000. Main Street Financial Solutions LLC lifted its stake in 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 valued at $1,482,000 after buying an additional 72,067 shares during the last quarter. Oxinas Partners Wealth Management LLC raised its position in 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 valued at $1,750,000 after purchasing an additional 54,240 shares during the last quarter. Finally, J.W. Cole Advisors Inc. boosted its stake in shares of Eagle Point Credit by 92.6% during the third quarter. J.W. Cole Advisors Inc. now owns 109,774 shares of the investment management company’s stock worth $1,082,000 after buying an additional 52,782 shares during the period. 19.50% of the stock is owned by institutional investors and hedge funds.

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.