Eagle Point Credit (NYSE:ECC) Reaches New 52-Week Low – Here’s What Happened

Eagle Point Credit Company Inc. (NYSE:ECC) hit a new 52-week low during mid-day trading on Monday . The company traded as low as $8.56 and last traded at $8.71, with a volume of 717183 shares changing hands. The stock had previously closed at $8.82.

Eagle Point Credit Price Performance

The company’s 50 day simple moving average is $9.22 and its 200 day simple moving average is $9.67. The company has a debt-to-equity ratio of 0.18, a current ratio of 2.27 and a quick ratio of 2.27. The stock has a market cap of $683.30 million, a P/E ratio of 11.10 and a beta of 0.75.

Eagle Point Credit Dividend Announcement

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

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. PFG Investments LLC lifted its holdings in shares of Eagle Point Credit by 42.9% during the 3rd quarter. PFG Investments LLC now owns 553,506 shares of the investment management company’s stock valued at $5,458,000 after purchasing an additional 166,108 shares in the last quarter. Wedbush Securities Inc. boosted its holdings in shares of Eagle Point Credit by 26.2% in 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 during the period. Oxinas Partners Wealth Management LLC increased its position in shares of Eagle Point Credit by 44.0% during the third quarter. Oxinas Partners Wealth Management LLC now owns 177,492 shares of the investment management company’s stock worth $1,750,000 after acquiring an additional 54,240 shares in the last quarter. Main Street Financial Solutions LLC increased its position in shares of Eagle Point Credit by 95.6% during 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. Finally, Commonwealth Equity Services LLC raised its holdings in shares of Eagle Point Credit by 11.1% during the second quarter. Commonwealth Equity Services LLC now owns 119,238 shares of the investment management company’s stock worth $1,198,000 after acquiring an additional 11,925 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.