Eagle Point Credit (NYSE:ECC) Sees Large Volume Increase – Still a Buy?

Eagle Point Credit Company Inc. (NYSE:ECC) saw an uptick in trading volume on Friday . 1,990,298 shares changed hands during mid-day trading, an increase of 103% from the previous session’s volume of 981,439 shares.The stock last traded at $8.73 and had previously closed at $8.80.

Analysts Set New Price Targets

Separately, B. Riley reduced their target price on Eagle Point Credit from $12.00 to $11.00 and set a “buy” rating for the company in a research report on Tuesday, January 7th.

Eagle Point Credit Trading Down 1.1 %

The company has a debt-to-equity ratio of 0.18, a quick ratio of 2.27 and a current ratio of 2.27. The firm has a market cap of $669.85 million, a PE ratio of 10.88 and a beta of 0.75. The stock’s 50 day simple moving average is $9.00 and its 200 day simple moving average is $9.54.

Eagle Point Credit Dividend Announcement

The company also recently disclosed a dividend, which will be paid on Friday, January 31st. Stockholders of record on Tuesday, January 14th will be given a dividend of $0.14 per share. The ex-dividend date of this dividend is Monday, January 13th. This represents a dividend yield of 18.88%. Eagle Point Credit’s dividend payout ratio (DPR) is presently 210.00%.

Institutional Investors Weigh In On Eagle Point Credit

Several institutional investors have recently bought and sold shares of ECC. Stifel Financial Corp purchased a new position in shares of Eagle Point Credit in the third quarter valued at about $149,000. PFG Investments LLC raised its position in 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 during the last quarter. J.W. Cole Advisors Inc. raised its position in Eagle Point Credit by 92.6% during the 3rd quarter. J.W. Cole Advisors Inc. now owns 109,774 shares of the investment management company’s stock valued at $1,082,000 after purchasing an additional 52,782 shares during the last quarter. International Assets Investment Management LLC purchased a new stake in Eagle Point Credit in the 3rd quarter worth approximately $7,600,000. Finally, Worth Asset Management LLC grew its position in shares of Eagle Point Credit by 359.7% in the 3rd quarter. Worth Asset Management LLC now owns 65,647 shares of the investment management company’s stock worth $647,000 after buying an additional 51,367 shares during the last quarter. 19.50% of the stock is currently owned by hedge funds and other institutional investors.

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.