Key Points
- Portfolio manager Daniel Ko purchased 57,165 shares of Eagle Point Credit on March 18 at an average price of $3.50, boosting his stake to 82,665 shares (a 224.18% increase) as disclosed in an SEC filing.
- Eagle Point declared a monthly dividend of $0.06 per share (record June 10, payable June 30), implying a stated yield of 20.5% while carrying a very high payout ratio of 884.21%, which raises sustainability concerns.
- ECC shares trade near their 52-week low (~$3.51) and face mixed analyst views with an average rating of "Hold" and a consensus price target of $6.67, market capitalization about $443 million.
Eagle Point Credit Company Inc. (NYSE:ECC - Get Free Report) Portfolio Manager Daniel Ko bought 57,165 shares of the stock in a transaction that occurred on Wednesday, March 18th. The shares were acquired at an average cost of $3.50 per share, with a total value of $200,077.50. Following the completion of the purchase, the portfolio manager owned 82,665 shares in the company, valued at $289,327.50. This represents a 224.18% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.
Eagle Point Credit Stock Performance
Shares of ECC stock opened at $3.51 on Thursday. Eagle Point Credit Company Inc. has a 52 week low of $3.48 and a 52 week high of $8.35. The company's 50 day moving average price is $4.75 and its two-hundred day moving average price is $5.76. The company has a market capitalization of $442.79 million, a P/E ratio of 18.45 and a beta of 0.32.
Eagle Point Credit Announces Dividend
The business also recently disclosed a monthly dividend, which will be paid on Tuesday, June 30th. Investors of record on Wednesday, June 10th will be issued a dividend of $0.06 per share. This represents a c) dividend on an annualized basis and a dividend yield of 20.5%. The ex-dividend date is Wednesday, June 10th. Eagle Point Credit's dividend payout ratio (DPR) is presently 884.21%.
Wall Street Analyst Weigh In
ECC has been the subject of a number of research analyst reports. Zacks Research lowered shares of Eagle Point Credit from a "hold" rating to a "strong sell" rating in a research note on Tuesday, March 10th. Credit Suisse Group set a $5.00 price target on Eagle Point Credit in a report on Wednesday, February 18th. B. Riley Financial reduced their price objective on Eagle Point Credit from $7.00 to $4.25 and set a "buy" rating for the company in a research report on Monday. Finally, LADENBURG THALM/SH SH downgraded Eagle Point Credit from a "buy" rating to a "neutral" rating in a report on Monday, March 2nd. Three research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Eagle Point Credit has an average rating of "Hold" and a consensus price target of $6.67.
View Our Latest Report on Eagle Point Credit
Hedge Funds Weigh In On Eagle Point Credit
Large investors have recently modified their holdings of the business. Compound Planning Inc. grew its holdings in shares of Eagle Point Credit by 19.5% in the 4th quarter. Compound Planning Inc. now owns 19,220 shares of the investment management company's stock valued at $111,000 after acquiring an additional 3,135 shares in the last quarter. Invesco Ltd. bought a new stake in Eagle Point Credit during the fourth quarter worth about $1,161,000. XTX Topco Ltd bought a new stake in Eagle Point Credit during the fourth quarter worth about $774,000. Quadrature Capital Ltd acquired a new position in Eagle Point Credit during the fourth quarter valued at approximately $389,000. Finally, Rivernorth Capital Management LLC bought a new position in Eagle Point Credit in the fourth quarter valued at approximately $2,616,000. 19.50% of the stock is currently owned by institutional investors and hedge funds.
About Eagle Point Credit
(
Get Free Report)
Eagle Point Credit Company is a closed-end, non-diversified management investment company that seeks to generate attractive risk-adjusted returns primarily through investments in collateralized loan obligations (CLOs) and related structured credit instruments. The firm is externally managed by Eagle Point Credit Management, LLC, a specialized credit asset manager focused on the structured credit markets. Eagle Point Credit Company’s shares trade on the New York Stock Exchange under the ticker symbol ECC.
The company’s investment strategy centers on acquiring both equity and debt tranches of actively managed CLOs alongside opportunistic positions in senior secured loans, high-yield bonds and credit derivatives.
See Also
This instant news alert was generated by narrative science technology and financial data from InsiderTrades.com in order to provide readers with the fastest and most accurate reporting. Please send any questions or comments about this story to [email protected].
