Eagle Point Credit Company Inc. (NYSE:ECC) Short Interest Up 10.6% in November

Eagle Point Credit Company Inc. (NYSE:ECC) was the recipient of a large increase in short interest during the month of November. As of November 15th, there was short interest totalling 978,800 shares, an increase of 10.6% from the October 31st total of 885,300 shares. Based on an average trading volume of 969,500 shares, the days-to-cover ratio is currently 1.0 days.

Hedge Funds Weigh In On Eagle Point Credit

A number of large investors have recently bought and sold shares of ECC. Ballentine Partners LLC increased its stake in shares of Eagle Point Credit by 5.3% during the third quarter. Ballentine Partners LLC now owns 23,158 shares of the investment management company’s stock worth $228,000 after purchasing an additional 1,173 shares in the last quarter. Rockefeller Capital Management L.P. boosted its stake in shares of Eagle Point Credit by 2.8% during the third quarter. Rockefeller Capital Management L.P. now owns 77,375 shares of the investment management company’s stock valued at $763,000 after acquiring an additional 2,112 shares during the last quarter. Essex Financial Services Inc. raised its stake in shares of Eagle Point Credit by 8.6% in the 2nd quarter. Essex Financial Services Inc. now owns 26,764 shares of the investment management company’s stock valued at $271,000 after acquiring an additional 2,127 shares during the period. Webster Bank N. A. bought a new stake in shares of Eagle Point Credit in the 3rd quarter worth about $28,000. Finally, Sage Capital Advisors llc grew its position in Eagle Point Credit by 6.5% in 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. Hedge funds and other institutional investors own 19.50% of the company’s stock.

Analysts Set New Price Targets

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

Eagle Point Credit Stock Performance

NYSE ECC remained flat at $9.09 during trading on Monday. 1,058,711 shares of the company’s stock traded hands, compared to its average volume of 872,846. The stock has a market capitalization of $699.48 million, a PE ratio of 11.36 and a beta of 0.76. The company has a quick ratio of 2.27, a current ratio of 2.27 and a debt-to-equity ratio of 0.18. The business’s 50-day simple moving average is $9.56 and its 200 day simple moving average is $9.86. Eagle Point Credit has a 1-year low of $8.89 and a 1-year high of $10.49.

Eagle Point Credit Dividend Announcement

The business also recently announced a monthly dividend, which will be paid on Monday, March 31st. Investors of record on Tuesday, March 11th will be given a dividend of $0.14 per share. The ex-dividend date of this dividend is Tuesday, March 11th. This represents a $1.68 annualized dividend and a yield of 18.48%. Eagle Point Credit’s dividend payout ratio (DPR) is presently 210.00%.

Eagle Point Credit Company Profile

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.