Eagle Point Credit Company Inc. (NYSE:ECC) to Issue Monthly Dividend of $0.14

Eagle Point Credit Company Inc. (NYSE:ECC) declared a monthly dividend on Friday, February 14th, Wall Street Journal reports. Investors of record on Tuesday, June 10th will be paid a dividend of 0.14 per share by the investment management company on Monday, June 30th. This represents a $1.68 dividend on an annualized basis and a yield of 21.27%. The ex-dividend date is Tuesday, June 10th.

Eagle Point Credit has a dividend payout ratio of 178.7% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Analysts expect Eagle Point Credit to earn $1.10 per share next year, which means the company may not be able to cover its $1.68 annual dividend with an expected future payout ratio of 152.7%.

Eagle Point Credit Stock Performance

Shares of ECC opened at $7.90 on Friday. The company’s 50 day moving average price is $7.67 and its 200 day moving average price is $8.38. Eagle Point Credit has a 52 week low of $6.54 and a 52 week high of $10.32. The company has a market capitalization of $607.89 million, a PE ratio of 9.40 and a beta of 0.42. The company has a debt-to-equity ratio of 0.18, a quick ratio of 2.27 and a current ratio of 2.27.

Eagle Point Credit (NYSE:ECC) last announced its quarterly earnings data on Wednesday, May 28th. The investment management company reported $0.28 EPS for the quarter, beating analysts’ consensus estimates of $0.26 by $0.02. Eagle Point Credit had a net margin of 44.67% and a return on equity of 12.53%. The firm had revenue of $52.30 million for the quarter, compared to the consensus estimate of $53.54 million. Research analysts expect that Eagle Point Credit will post 1.1 EPS for the current fiscal year.

Insider Buying and Selling at Eagle Point Credit

In other Eagle Point Credit news, CEO Thomas P. Majewski bought 1,087 shares of Eagle Point Credit stock in a transaction on Friday, March 21st. The stock was purchased at an average cost of $23.00 per share, for a total transaction of $25,001.00. Following the completion of the purchase, the chief executive officer now directly owns 1,087 shares of the company’s stock, valued at $25,001. The trade was a ∞ increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.17% of the company’s stock.

Institutional Trading of Eagle Point Credit

A hedge fund recently bought a new stake in Eagle Point Credit stock. Jane Street Group LLC acquired a new position in Eagle Point Credit Company Inc. (NYSE:ECC) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 16,572 shares of the investment management company’s stock, valued at approximately $134,000. 19.50% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the stock. Credit Suisse Group set a $7.50 target price on shares of Eagle Point Credit in a research note on Thursday, May 29th. Keefe, Bruyette & Woods reduced their target price on shares of Eagle Point Credit from $9.00 to $7.50 and set a “market perform” rating for the company in a research note on Thursday, May 29th.

About Eagle Point Credit

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.