Eagle Point Credit Company Inc. (NYSE:ECC) Sees Significant Growth in Short Interest

Eagle Point Credit Company Inc. (NYSE:ECC) was the target of a significant increase in short interest during the month of October. As of October 31st, there was short interest totalling 885,300 shares, an increase of 7.9% from the October 15th total of 820,800 shares. Based on an average daily volume of 873,000 shares, the short-interest ratio is currently 1.0 days.

Eagle Point Credit Stock Performance

Shares of ECC opened at $8.98 on Tuesday. The firm has a market cap of $690.99 million, a PE ratio of 11.41 and a beta of 0.76. The stock’s fifty day moving average price is $9.71 and its two-hundred day moving average price is $9.94. The company has a debt-to-equity ratio of 0.19, a current ratio of 2.98 and a quick ratio of 2.98. Eagle Point Credit has a 1 year low of $8.94 and a 1 year high of $10.49.

Eagle Point Credit Announces Dividend

The company also recently announced a monthly dividend, which will be paid on Monday, March 31st. Shareholders of record on Tuesday, March 11th will be paid a $0.14 dividend. The ex-dividend date of this dividend is Tuesday, March 11th. This represents a $1.68 annualized dividend and a dividend yield of 18.71%. Eagle Point Credit’s payout ratio is presently 210.00%.

Analysts Set New Price Targets

Separately, Keefe, Bruyette & Woods lowered their target price on Eagle Point Credit from $10.50 to $10.00 and set a “market perform” rating on the stock in a research note on Wednesday, August 7th.

Institutional Trading of Eagle Point Credit

Several hedge funds have recently made changes to their positions in the company. Legacy Investment Solutions LLC bought a new stake in shares of Eagle Point Credit in the third quarter valued at $39,000. Stifel Financial Corp bought a new stake in shares of Eagle Point Credit during the 3rd quarter valued at $149,000. Rockefeller Capital Management L.P. raised its stake in shares of Eagle Point Credit by 2.8% during the 3rd quarter. Rockefeller Capital Management L.P. now owns 77,375 shares of the investment management company’s stock valued at $763,000 after purchasing an additional 2,112 shares during the period. Chicago Partners Investment Group LLC raised its stake in shares of Eagle Point Credit by 10.5% during the 3rd quarter. Chicago Partners Investment Group LLC now owns 91,924 shares of the investment management company’s stock valued at $889,000 after purchasing an additional 8,719 shares during the period. Finally, Stephens Inc. AR bought a new stake in shares of Eagle Point Credit during the 3rd quarter valued at $99,000. 19.50% of the stock is currently owned by 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.