Eagle Point Credit Company Inc. (NYSE:ECC – Get Rating) announced a monthly dividend on Tuesday, February 15th, Wall Street Journal reports. Shareholders of record on Wednesday, May 11th will be given a dividend of 0.14 per share by the investment management company on Tuesday, May 31st. This represents a $1.68 annualized dividend and a yield of 12.87%. The ex-dividend date of this dividend is Tuesday, May 10th.
Eagle Point Credit has decreased its dividend payment by an average of 9.8% per year over the last three years and has increased its dividend annually for the last 2 consecutive years. Eagle Point Credit has a payout ratio of 104.3% 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 $1.62 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 103.7%.
NYSE:ECC opened at $13.05 on Friday. The firm has a market cap of $538.44 million, a price-to-earnings ratio of 3.31 and a beta of 0.97. Eagle Point Credit has a 52 week low of $12.23 and a 52 week high of $15.54. The firm has a 50-day moving average price of $13.26 and a two-hundred day moving average price of $13.95.
In other Eagle Point Credit news, insider Oa Eagle Group Investors, Llc sold 241,366 shares of the stock in a transaction dated Monday, February 14th. The shares were sold at an average price of $14.03, for a total value of $3,386,364.98. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In the last quarter, insiders sold 374,914 shares of company stock valued at $5,256,332. Company insiders own 0.41% of the company’s stock.
Hedge funds have recently modified their holdings of the company. Morgan Stanley increased its stake in shares of Eagle Point Credit by 5.6% during the 3rd quarter. Morgan Stanley now owns 239,293 shares of the investment management company’s stock worth $3,260,000 after purchasing an additional 12,597 shares during the last quarter. Royal Bank of Canada increased its stake in shares of Eagle Point Credit by 15.7% during the 3rd quarter. Royal Bank of Canada now owns 67,510 shares of the investment management company’s stock worth $920,000 after purchasing an additional 9,136 shares during the last quarter. Advisor Group Holdings Inc. increased its stake in shares of Eagle Point Credit by 71.2% during the 1st quarter. Advisor Group Holdings Inc. now owns 23,383 shares of the investment management company’s stock worth $307,000 after purchasing an additional 9,728 shares during the last quarter. Bank of America Corp DE increased its stake in shares of Eagle Point Credit by 22.0% during the 4th quarter. Bank of America Corp DE now owns 8,193 shares of the investment management company’s stock worth $115,000 after purchasing an additional 1,477 shares during the last quarter. Finally, Belpointe Asset Management LLC purchased a new stake in shares of Eagle Point Credit during the 4th quarter worth approximately $103,000. Institutional investors own 21.56% of the company’s stock.
Eagle Point Credit Company Profile (Get Rating)
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.
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