Eagle Point Credit Company Inc. (ECC) Cut to “Sell” at Zacks Investment Research

Zacks Investment Research lowered shares of Eagle Point Credit Company Inc. (NYSE:ECC) from a hold rating to a sell rating in a research report report published on Friday.

According to Zacks, “Eagle Point Credit Company Inc. is an externally managed closed-end management investment company. Its primary investment objective is to generate high current income, with a secondary objective to generate capital appreciation. The Company invests primarily in equity and junior debt tranches of collateralized loan obligations (CLOs). Eagle Point Credit Company Inc. is based in United States. “

A number of other research analysts have also recently issued reports on the stock. CIBC cut their target price on shares of Eagle Point Credit from $24.00 to $20.00 and set an outperform rating for the company in a research note on Wednesday, November 15th. Oppenheimer Holdings, Inc. dropped their price objective on shares of Eagle Point Credit from $24.00 to $20.00 and set an outperform rating for the company in a research report on Wednesday, November 15th. Ladenburg Thalmann Financial Services assumed coverage on shares of Eagle Point Credit in a research report on Monday, September 25th. They issued a buy rating and a $20.50 price objective for the company. Finally, National Securities restated a buy rating and issued a $24.00 price objective on shares of Eagle Point Credit in a research report on Wednesday, August 16th. One research analyst has rated the stock with a sell rating and four have given a buy rating to the company. The company presently has an average rating of Buy and an average price target of $21.13.

Shares of Eagle Point Credit (ECC) opened at $18.79 on Friday. The company has a debt-to-equity ratio of 0.18, a quick ratio of 3.25 and a current ratio of 3.25. The firm has a market capitalization of $347.13, a P/E ratio of 9.64 and a beta of 0.30. Eagle Point Credit has a 1-year low of $16.70 and a 1-year high of $22.11.

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The firm also recently announced a monthly dividend, which will be paid on Thursday, November 30th. Shareholders of record on Friday, November 10th will be given a dividend of $0.20 per share. This represents a $2.40 annualized dividend and a dividend yield of 12.77%. The ex-dividend date of this dividend is Thursday, November 9th. Eagle Point Credit’s payout ratio is 95.24%.

Several institutional investors have recently modified their holdings of the business. Belpointe Asset Management LLC bought a new stake in shares of Eagle Point Credit during the 3rd quarter valued at $456,000. Blair William & Co. IL bought a new stake in shares of Eagle Point Credit during the 2nd quarter valued at $393,000. Howard Capital Management bought a new stake in shares of Eagle Point Credit during the 2nd quarter valued at $316,000. Finally, Stifel Financial Corp bought a new stake in shares of Eagle Point Credit during the 2nd quarter valued at $215,000. Institutional investors own 57.71% of the company’s stock.

Eagle Point Credit Company Profile

Eagle Point Credit Company Inc is a non-diversified, closed-end management investment company. The Company’s primary investment objective is to generate high current income, with a secondary objective to generate capital appreciation. The Company primarily invests in equity and junior debt tranches of collateralized loan obligations (CLOs) that are collateralized by a portfolio consisting primarily of the below investment grade United States senior secured loans.

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