Eagle Point Credit Company Inc. (NYSE:ECC) Declares Monthly Dividend of $0.06

Eagle Point Credit Company Inc. (NYSE:ECC) announced a monthly dividend on Tuesday, May 12th. Investors of record on Monday, July 13th will be given a dividend of 0.06 per share by the investment management company on Friday, July 31st. This represents a c) dividend on an annualized basis and a dividend yield of 17.7%. The ex-dividend date of this dividend is Monday, July 13th.

Eagle Point Credit has raised its dividend payment by an average of 0.1%annually over the last three years. Eagle Point Credit has a dividend payout ratio of 176.6% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities research analysts expect Eagle Point Credit to earn $0.86 per share next year, which means the company may not be able to cover its $1.66 annual dividend with an expected future payout ratio of 193.0%.

Eagle Point Credit Stock Down 0.1%

NYSE ECC traded down $0.01 during mid-day trading on Wednesday, hitting $4.08. The stock had a trading volume of 573,704 shares, compared to its average volume of 2,024,591. Eagle Point Credit has a 52-week low of $3.46 and a 52-week high of $7.99. The company has a market cap of $538.76 million, a price-to-earnings ratio of 21.45 and a beta of 0.35. The company has a 50 day simple moving average of $3.93 and a 200 day simple moving average of $5.01.

Insider Activity

In related news, Portfolio Manager Daniel W. Ko acquired 57,165 shares of Eagle Point Credit stock in a transaction dated Wednesday, March 18th. The shares were acquired at an average cost of $3.50 per share, for a total transaction of $200,077.50. Following the completion of the transaction, the portfolio manager directly owned 82,665 shares of the company’s stock, valued at $289,327.50. The trade was a 224.18% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 0.26% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in ECC. North Ground Capital acquired a new stake in shares of Eagle Point Credit during the 3rd quarter worth about $4,186,000. International Assets Investment Management LLC boosted its stake in shares of Eagle Point Credit by 201.8% during the 4th quarter. International Assets Investment Management LLC now owns 1,278,195 shares of the investment management company’s stock worth $7,362,000 after purchasing an additional 854,625 shares during the last quarter. Alpine Global Management LLC acquired a new stake in shares of Eagle Point Credit during the 3rd quarter worth about $2,203,000. Freestone Capital Holdings LLC boosted its stake in shares of Eagle Point Credit by 58.7% during the 4th quarter. Freestone Capital Holdings LLC now owns 528,356 shares of the investment management company’s stock worth $3,043,000 after purchasing an additional 195,503 shares during the last quarter. Finally, PFG Investments LLC boosted its stake in shares of Eagle Point Credit by 10.4% during the 3rd quarter. PFG Investments LLC now owns 816,964 shares of the investment management company’s stock worth $5,400,000 after purchasing an additional 76,781 shares during the last quarter. Institutional investors and hedge funds own 19.50% of the company’s stock.

About Eagle Point Credit

Eagle Point Credit Company is a closed-end, non-diversified management investment company that seeks to generate attractive risk-adjusted returns primarily through investments in collateralized loan obligations (CLOs) and related structured credit instruments. The firm is externally managed by Eagle Point Credit Management, LLC, a specialized credit asset manager focused on the structured credit markets. Eagle Point Credit Company’s shares trade on the New York Stock Exchange under the ticker symbol ECC.

The company’s investment strategy centers on acquiring both equity and debt tranches of actively managed CLOs alongside opportunistic positions in senior secured loans, high-yield bonds and credit derivatives.