EAGLE POINT CR/COM (NYSE:ECC) Sees Significant Decrease in Short Interest

EAGLE POINT CR/COM (NYSE:ECC) saw a large decrease in short interest in September. As of September 30th, there was short interest totalling 362,900 shares, a decrease of 22.1% from the September 15th total of 465,700 shares. Based on an average daily trading volume, of 141,300 shares, the short-interest ratio is presently 2.6 days.

Institutional investors and hedge funds have recently modified their holdings of the company. Wedbush Securities Inc. boosted its stake in shares of EAGLE POINT CR/COM by 5.2% in the second quarter. Wedbush Securities Inc. now owns 79,299 shares of the investment management company’s stock worth $564,000 after buying an additional 3,938 shares during the last quarter. Morgan Stanley boosted its stake in shares of EAGLE POINT CR/COM by 82.5% in the first quarter. Morgan Stanley now owns 68,249 shares of the investment management company’s stock worth $466,000 after buying an additional 30,856 shares during the last quarter. Jane Street Group LLC purchased a new stake in shares of EAGLE POINT CR/COM in the first quarter worth about $123,000. Private Advisor Group LLC purchased a new position in EAGLE POINT CR/COM during the second quarter worth approximately $35,000. Finally, Sage Capital Advisors llc boosted its position in EAGLE POINT CR/COM by 61.3% during the second quarter. Sage Capital Advisors llc now owns 18,159 shares of the investment management company’s stock worth $129,000 after purchasing an additional 6,904 shares in the last quarter. Hedge funds and other institutional investors own 35.78% of the company’s stock.

EAGLE POINT CR/COM stock traded down $0.16 during trading hours on Friday, hitting $8.66. 74,532 shares of the stock traded hands, compared to its average volume of 284,225. EAGLE POINT CR/COM has a 1 year low of $3.78 and a 1 year high of $16.30. The stock has a market capitalization of $204.78 million, a price-to-earnings ratio of -1.83 and a beta of 1.04. The firm’s 50 day moving average price is $8.45 and its 200-day moving average price is $7.30.

EAGLE POINT CR/COM (NYSE:ECC) last issued its earnings results on Monday, August 17th. The investment management company reported $0.28 EPS for the quarter, hitting analysts’ consensus estimates of $0.28. The company had revenue of $15.38 million during the quarter, compared to analysts’ expectations of $14.70 million. Sell-side analysts expect that EAGLE POINT CR/COM will post 1.15 earnings per share for the current year.

The business also recently announced a monthly dividend, which will be paid on Thursday, December 31st. Stockholders of record on Friday, December 11th will be paid a $0.08 dividend. The ex-dividend date of this dividend is Thursday, December 10th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 11.09%. EAGLE POINT CR/COM’s payout ratio is 110.45%.

Several research analysts recently issued reports on the company. ValuEngine raised EAGLE POINT CR/COM from a “strong sell” rating to a “sell” rating in a research report on Thursday, July 2nd. B. Riley boosted their price target on EAGLE POINT CR/COM from $8.00 to $10.00 in a research note on Tuesday, August 18th.

About EAGLE POINT CR/COM

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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