FY2017 Earnings Estimate for Eagle Point Credit Company Inc. (ECC) Issued By Oppenheimer Holdings
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.
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.
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