Eagle Point Credit Company Inc. (ECC) to Issue Monthly Dividend of $0.06 on December 31st

Eagle Point Credit Company Inc. (NYSE:ECC) declared a monthly dividend on Thursday, August 13th. Shareholders of record on Friday, December 11th will be paid a dividend of 0.06 per share by the investment management company on Thursday, December 31st. This represents a c) dividend on an annualized basis and a yield of 18.5%. The ex-dividend date of this dividend is Friday, December 11th.

Eagle Point Credit has increased its dividend by an average of 0.1%per year over the last three years. Eagle Point Credit has a dividend payout ratio of 127.7% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Research analysts expect Eagle Point Credit to earn $0.69 per share next year, which means the company may not be able to cover its $1.20 annual dividend with an expected future payout ratio of 173.9%.

Eagle Point Credit Trading Up 0.4%

Shares of ECC opened at $3.88 on Friday. Eagle Point Credit has a 52-week low of $3.46 and a 52-week high of $7.77. The stock has a market cap of $513.64 million, a PE ratio of 5.80 and a beta of 0.36. The firm’s fifty day moving average is $3.78 and its two-hundred day moving average is $4.04. 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 issued its earnings results on Thursday, August 13th. The investment management company reported $0.17 EPS for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.01). The business had revenue of $37.90 million during the quarter, compared to analyst estimates of $41.62 million. Eagle Point Credit had a negative net margin of 84.29% and a negative return on equity of 1.74%. Research analysts forecast that Eagle Point Credit will post 0.69 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Eagle Point Credit

Hedge funds and other institutional investors have recently bought and sold shares of the company. Jane Street Group LLC purchased a new position in Eagle Point Credit during the first quarter worth about $134,000. Creative Planning acquired a new stake in shares of Eagle Point Credit during the 2nd quarter worth approximately $96,000. NewEdge Advisors LLC increased its holdings in shares of Eagle Point Credit by 647.5% during the 2nd quarter. NewEdge Advisors LLC now owns 22,260 shares of the investment management company’s stock worth $171,000 after buying an additional 19,282 shares during the last quarter. Vident Advisory LLC purchased a new stake in shares of Eagle Point Credit during the 2nd quarter valued at approximately $206,000. Finally, Corient Private Wealth LLC purchased a new stake in shares of Eagle Point Credit during the 2nd quarter valued at approximately $128,000. 19.50% of the stock is currently owned by institutional investors and hedge funds.

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.