B. Riley Cuts Eagle Point Credit (NYSE:ECC) Price Target to $11.00

Eagle Point Credit (NYSE:ECC) had its target price decreased by B. Riley from $12.00 to $11.00 in a report released on Tuesday morning,Benzinga reports. B. Riley currently has a buy rating on the investment management company’s stock.

Eagle Point Credit Trading Down 0.3 %

Shares of Eagle Point Credit stock opened at $9.09 on Tuesday. The company has a 50-day moving average of $9.16 and a two-hundred day moving average of $9.63. The stock has a market cap of $699.46 million, a PE ratio of 11.36 and a beta of 0.75. The company has a current ratio of 2.27, a quick ratio of 2.27 and a debt-to-equity ratio of 0.18. Eagle Point Credit has a 12-month low of $8.56 and a 12-month high of $10.49.

Eagle Point Credit Announces Dividend

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

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Ballentine Partners LLC grew its stake in Eagle Point Credit by 5.3% in the 3rd quarter. Ballentine Partners LLC now owns 23,158 shares of the investment management company’s stock valued at $228,000 after acquiring an additional 1,173 shares during the last quarter. Rockefeller Capital Management L.P. increased 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 worth $763,000 after purchasing an additional 2,112 shares in the last quarter. Webster Bank N. A. purchased a new position in shares of Eagle Point Credit during the 3rd quarter worth approximately $28,000. Sage Capital Advisors llc raised its position in shares of Eagle Point Credit by 6.5% during the 3rd quarter. Sage Capital Advisors llc now owns 48,923 shares of the investment management company’s stock worth $482,000 after purchasing an additional 2,986 shares during the last quarter. Finally, Atomi Financial Group Inc. lifted its stake in Eagle Point Credit by 32.4% in the 3rd quarter. Atomi Financial Group Inc. now owns 14,273 shares of the investment management company’s stock valued at $141,000 after buying an additional 3,491 shares in the last quarter. Institutional investors and hedge funds own 19.50% of the company’s stock.

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.