Brokers Issue Forecasts for Eagle Point Credit Company Inc.’s FY2022 Earnings (NYSE:ECC)

Eagle Point Credit Company Inc. (NYSE:ECC – Get Rating) – Equities research analysts at Oppenheimer cut their FY2022 EPS estimates for shares of Eagle Point Credit in a research report issued to clients and investors on Tuesday, May 31st. Oppenheimer analyst M. Penn now expects that the investment management company will post earnings of $1.57 per share for the year, down from their previous estimate of $1.62.

Shares of NYSE ECC opened at $12.70 on Friday. The stock has a fifty day moving average price of $12.80 and a 200 day moving average price of $13.69. The company has a market cap of $524.00 million, a PE ratio of 5.47 and a beta of 0.97. Eagle Point Credit has a 1-year low of $11.00 and a 1-year high of $15.54.

A number of institutional investors have recently added to or reduced their stakes in ECC. Morgan Stanley lifted its position in Eagle Point Credit by 281.6% during the second quarter. Morgan Stanley now owns 226,696 shares of the investment management company’s stock valued at $3,072,000 after buying an additional 167,290 shares in the last quarter. Advisor Group Holdings Inc. boosted its holdings in Eagle Point Credit by 96.0% in the third quarter. Advisor Group Holdings Inc. now owns 17,814 shares of the investment management company’s stock worth $243,000 after purchasing an additional 8,725 shares during the period. Royal Bank of Canada lifted its stake in Eagle Point Credit by 15.7% in the third quarter. Royal Bank of Canada now owns 67,510 shares of the investment management company’s stock valued at $920,000 after buying an additional 9,136 shares during the last quarter. Verition Fund Management LLC boosted its stake in Eagle Point Credit by 70.0% during the 3rd quarter. Verition Fund Management LLC now owns 85,000 shares of the investment management company’s stock valued at $1,158,000 after purchasing an additional 35,000 shares during the period. Finally, Sugarloaf Wealth Management LLC bought a new position in shares of Eagle Point Credit in the fourth quarter worth $158,000. Hedge funds and other institutional investors own 21.56% of the company’s stock.

The company also recently declared a monthly dividend, which will be paid on Friday, September 30th. Shareholders of record on Monday, September 12th will be paid a dividend of $0.14 per share. The ex-dividend date of this dividend is Friday, September 9th. This represents a $1.68 annualized dividend and a dividend yield of 13.23%. Eagle Point Credit’s dividend payout ratio is currently 59.48%.

Eagle Point Credit Company Profile (Get Rating)

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.

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• Get a free copy of the StockNews.com research report on Eagle Point Credit (ECC)
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