Eagle Point Credit Company Inc. (NYSE:ECC) – Oppenheimer Holdings decreased their FY2017 earnings per share (EPS) estimates for Eagle Point Credit in a report released on Tuesday. Oppenheimer Holdings analyst C. Kotowski now forecasts that the investment management company will earn $2.15 per share for the year, down from their previous forecast of $2.20. Oppenheimer Holdings currently has a “Outperform” rating and a $24.00 target price on the stock.

Several other research firms also recently weighed in on ECC. National Securities reissued a “buy” rating and issued a $24.00 price objective on shares of Eagle Point Credit in a report on Monday, April 24th. CIBC initiated coverage on Eagle Point Credit in a research note on Tuesday, May 16th. They set an “outperform” rating for the company. Finally, Zacks Investment Research cut Eagle Point Credit from a “hold” rating to a “sell” rating in a research note on Tuesday, July 18th. One research analyst has rated the stock with a sell rating, one has given a hold rating and four have assigned a buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus price target of $21.00.

COPYRIGHT VIOLATION WARNING: This story was reported by American Banking News and is the property of of American Banking News. If you are viewing this story on another website, it was stolen and reposted in violation of international trademark & copyright laws. The legal version of this story can be accessed at https://www.americanbankingnews.com/2017/08/18/fy2017-earnings-estimate-for-eagle-point-credit-company-inc-ecc-issued-by-oppenheimer-holdings.html.

Eagle Point Credit (NYSE ECC) opened at 20.92 on Friday. Eagle Point Credit has a 12 month low of $16.13 and a 12 month high of $22.11. The company has a 50 day moving average of $20.69 and a 200 day moving average of $19.88.

Eagle Point Credit (NYSE:ECC) last announced its quarterly earnings data on Tuesday, August 15th. The investment management company reported $0.53 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.51 by $0.02. The company had revenue of $16.23 million during the quarter, compared to analysts’ expectations of $16.60 million.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Stifel Financial Corp acquired a new position in Eagle Point Credit during the second quarter valued at about $215,000. Howard Capital Management acquired a new position in Eagle Point Credit during the second quarter valued at about $316,000. Blair William & Co. IL acquired a new position in Eagle Point Credit during the second quarter valued at about $393,000. Relative Value Partners Group LLC boosted its position in 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 last quarter. Finally, Baird Financial Group Inc. acquired a new position in Eagle Point Credit during the first quarter valued at about $653,000. Hedge funds and other 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 $0.45 dividend. 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 46.15%.

Eagle Point Credit Company Profile

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.

Receive News & Ratings for Eagle Point Credit Company Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Eagle Point Credit Company Inc. and related companies with MarketBeat.com's FREE daily email newsletter.