Eagle Point Credit Company Inc. (ECC) to Issue Monthly Dividend of $0.06 on June 30th

Eagle Point Credit Company Inc. (NYSE:ECC) declared a monthly dividend on Tuesday, February 17th. Shareholders of record on Wednesday, June 10th will be given a dividend of 0.06 per share by the investment management company on Tuesday, June 30th. This represents a c) dividend on an annualized basis and a yield of 17.8%. The ex-dividend date of this dividend is Wednesday, June 10th.

Eagle Point Credit has raised its dividend by an average of 0.1%annually over the last three years. Eagle Point Credit has a dividend payout ratio of 153.2% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities analysts expect Eagle Point Credit to earn $0.71 per share next year, which means the company may not be able to cover its $1.44 annual dividend with an expected future payout ratio of 202.8%.

Eagle Point Credit Trading Down 0.6%

Shares of ECC stock opened at $4.04 on Monday. Eagle Point Credit has a fifty-two week low of $3.46 and a fifty-two week high of $7.99. The stock has a market cap of $533.46 million, a P/E ratio of 4.25 and a beta of 0.35. The business has a fifty day simple moving average of $4.03 and a 200-day simple moving average of $4.75. The company has a quick ratio of 0.23, a current ratio of 0.23 and a debt-to-equity ratio of 0.02.

Eagle Point Credit (NYSE:ECC) last announced its quarterly earnings results on Tuesday, May 19th. The investment management company reported $0.20 earnings per share for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.03). The firm had revenue of $42.40 million during the quarter, compared to analysts’ expectations of $48.79 million. Eagle Point Credit had a net margin of 12.33% and a return on equity of 13.47%. On average, analysts forecast that Eagle Point Credit will post 0.71 earnings per share for the current fiscal year.

Insider Transactions at Eagle Point Credit

In related news, Portfolio Manager Daniel W. Ko acquired 57,165 shares of Eagle Point Credit stock in a transaction that occurred on Wednesday, March 18th. The stock was acquired at an average price of $3.50 per share, for a total transaction of $200,077.50. Following the transaction, the portfolio manager directly owned 82,665 shares of the company’s stock, valued at $289,327.50. This trade represents a 224.18% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 0.26% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ECC. International Assets Investment Management LLC grew its stake in Eagle Point Credit by 201.8% in the fourth quarter. International Assets Investment Management LLC now owns 1,278,195 shares of the investment management company’s stock valued at $7,362,000 after purchasing an additional 854,625 shares in the last quarter. Alpine Global Management LLC purchased a new position in Eagle Point Credit in the third quarter valued at about $2,203,000. Freestone Capital Holdings LLC grew its stake in Eagle Point Credit by 58.7% in the fourth quarter. Freestone Capital Holdings LLC now owns 528,356 shares of the investment management company’s stock valued at $3,043,000 after purchasing an additional 195,503 shares in the last quarter. CoreCap Advisors LLC grew its stake in Eagle Point Credit by 282.9% in the fourth quarter. CoreCap Advisors LLC now owns 14,211 shares of the investment management company’s stock valued at $82,000 after purchasing an additional 10,500 shares in the last quarter. Finally, Castleview Partners LLC purchased a new position in Eagle Point Credit in the fourth quarter valued at about $209,000. 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.