Eagle Point Credit Company Inc. (NYSE:ECC - Get Free Report) announced a monthly dividend on Thursday, August 14th, Wall Street Journal reports. Shareholders of record on Thursday, December 11th will be paid a dividend of 0.14 per share by the investment management company on Wednesday, December 31st. This represents a c) annualized dividend and a yield of 24.6%. The ex-dividend date is Thursday, December 11th.
Eagle Point Credit has a payout ratio of 178.7% indicating that 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 $1.10 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 152.7%.
Eagle Point Credit Stock Down 0.2%
Shares of ECC stock opened at $6.84 on Thursday. The company has a current ratio of 2.23, a quick ratio of 2.23 and a debt-to-equity ratio of 0.32. Eagle Point Credit has a 1 year low of $6.00 and a 1 year high of $10.06. The firm's fifty day moving average price is $7.35 and its two-hundred day moving average price is $7.83. The firm has a market capitalization of $525.95 million, a P/E ratio of 62.14 and a beta of 0.38.
Eagle Point Credit (NYSE:ECC - Get Free Report) last issued its quarterly earnings results on Wednesday, May 28th. The investment management company reported $0.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.26 by $0.02. Eagle Point Credit had a net margin of 6.73% and a return on equity of 13.49%. The firm had revenue of $52.30 million for the quarter, compared to analyst estimates of $53.54 million. On average, equities analysts predict that Eagle Point Credit will post 1.1 EPS for the current fiscal year.
Institutional Trading of Eagle Point Credit
Hedge funds and other institutional investors have recently modified their holdings of the stock. Envestnet Asset Management Inc. boosted its holdings in Eagle Point Credit by 48.5% in the 4th quarter. Envestnet Asset Management Inc. now owns 246,876 shares of the investment management company's stock valued at $2,192,000 after purchasing an additional 80,616 shares during the period. Cerity Partners LLC bought a new stake in Eagle Point Credit in the 4th quarter valued at about $165,000. Raymond James Financial Inc. bought a new stake in Eagle Point Credit in the 4th quarter valued at about $2,038,000. Rockefeller Capital Management L.P. boosted its holdings in Eagle Point Credit by 25.5% in the 4th quarter. Rockefeller Capital Management L.P. now owns 97,105 shares of the investment management company's stock valued at $862,000 after purchasing an additional 19,730 shares during the period. Finally, Transce3nd LLC bought a new stake in Eagle Point Credit in the 4th quarter valued at about $45,000. Institutional investors own 19.50% of the company's stock.
About Eagle Point Credit
(
Get Free Report)
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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