Eagle Point Credit Company Inc. (ECC) to Issue Monthly Dividend of $0.06 on May 29th

Eagle Point Credit Company Inc. (NYSE:ECC) declared a monthly dividend on Tuesday, February 17th. Stockholders of record on Monday, May 11th will be given a dividend of 0.06 per share by the investment management company on Friday, May 29th. This represents a c) dividend on an annualized basis and a dividend yield of 16.9%. The ex-dividend date of this dividend is Monday, May 11th.

Eagle Point Credit has increased its dividend 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. 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 Trading Down 0.3%

NYSE:ECC opened at $4.27 on Friday. The firm has a market capitalization of $564.01 million, a PE ratio of 22.45 and a beta of 0.35. Eagle Point Credit has a 1 year low of $3.46 and a 1 year high of $8.05. The firm’s fifty day simple moving average is $3.92 and its 200 day simple moving average is $5.04.

Insider Activity

In other Eagle Point Credit news, Portfolio Manager Daniel W. Ko acquired 57,165 shares of Eagle Point Credit stock in a transaction dated Wednesday, March 18th. The stock was bought at an average cost of $3.50 per share, with a total value of $200,077.50. Following the acquisition, the portfolio manager owned 82,665 shares of the company’s stock, valued at approximately $289,327.50. The trade was a 224.18% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.26% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Geneos Wealth Management Inc. bought a new stake in shares of Eagle Point Credit in the 2nd quarter valued at approximately $33,000. Ameriflex Group Inc. bought a new position in shares of Eagle Point Credit during the 3rd quarter worth approximately $33,000. N.E.W. Advisory Services LLC boosted its stake in Eagle Point Credit by 100.0% in the 4th quarter. N.E.W. Advisory Services LLC now owns 5,300 shares of the investment management company’s stock valued at $31,000 after buying an additional 2,650 shares in the last quarter. Spire Wealth Management acquired a new stake in Eagle Point Credit in the 3rd quarter valued at $37,000. Finally, Royal Bank of Canada grew its position in Eagle Point Credit by 135.5% in the fourth quarter. Royal Bank of Canada now owns 5,600 shares of the investment management company’s stock valued at $32,000 after acquiring an additional 3,222 shares during the period. 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.