Q3 2017 EPS Estimates for Eagle Point Credit Company Inc. (ECC) Reduced by Analyst
Eagle Point Credit Company Inc. (NYSE:ECC) – Oppenheimer Holdings decreased their Q3 2017 earnings per share (EPS) estimates for Eagle Point Credit in a research note issued to investors on Tuesday. Oppenheimer Holdings analyst C. Kotowski now anticipates that the investment management company will post earnings per share of $0.50 for the quarter, down from their prior forecast of $0.57. Oppenheimer Holdings has a “Outperform” rating and a $24.00 price objective on the stock. Oppenheimer Holdings also issued estimates for Eagle Point Credit’s Q4 2017 earnings at $0.52 EPS and FY2018 earnings at $2.36 EPS.
ECC has been the topic of a number of other reports. Zacks Investment Research raised shares of Eagle Point Credit from a “sell” rating to a “hold” rating in a research report on Tuesday, July 25th. National Securities reaffirmed a “buy” rating and issued a $24.00 target price on shares of Eagle Point Credit in a research report on Wednesday, August 2nd. Finally, CIBC assumed coverage on shares of Eagle Point Credit in a research report on Tuesday, May 16th. They issued an “outperform” rating on the stock. Two research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus target price of $21.00.
Eagle Point Credit (ECC) opened at 21.15 on Thursday. Eagle Point Credit has a one year low of $16.13 and a one year high of $22.11. The company’s 50-day moving average is $20.68 and its 200 day moving average is $19.87.
Eagle Point Credit (NYSE:ECC) last issued its quarterly earnings data on Tuesday, August 15th. The investment management company reported $0.53 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.51 by $0.02. The business had revenue of $16.23 million for the quarter, compared to analysts’ expectations of $16.60 million.
Hedge funds have recently added to or reduced their stakes in the company. Baird Financial Group Inc. purchased a new stake in Eagle Point Credit during the first quarter valued at approximately $653,000. Relative Value Partners Group LLC boosted its stake in shares of Eagle Point Credit by 8.4% in the first quarter. Relative Value Partners Group LLC now owns 30,677 shares of the investment management company’s stock valued at $621,000 after buying an additional 2,385 shares during the period. Bard Associates Inc. boosted its stake in shares of Eagle Point Credit by 8.6% in the first quarter. Bard Associates Inc. now owns 132,433 shares of the investment management company’s stock valued at $2,761,000 after buying an additional 10,450 shares during the period. Howard Capital Management bought a new stake in shares of Eagle Point Credit during the second quarter valued at approximately $316,000. Finally, Blair William & Co. IL bought a new stake in shares of Eagle Point Credit during the second quarter valued at approximately $393,000. Institutional investors own 58.60% of the company’s stock.
The firm also recently disclosed a special dividend, which will be paid on Friday, September 8th. Shareholders of record on Friday, August 25th will be given a dividend of $0.45 per share. This represents a yield of 11.36%. The ex-dividend date of this dividend is Wednesday, August 23rd. Eagle Point Credit’s payout ratio is currently 46.15%.
About Eagle Point Credit
Eagle Point Credit Company Inc is a non-diversified, closed-end management investment company. The Company’s primary investment objective is to generate high current income, with a secondary objective to generate capital appreciation. The Company primarily invests in equity and junior debt tranches of collateralized loan obligations (CLOs) that are collateralized by a portfolio consisting primarily of the below investment grade United States senior secured loans.
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