Eagle Point Credit Company Inc. (NYSE:ECC) Announces Monthly Dividend of $0.14

Eagle Point Credit Company Inc. (NYSE:ECC - Get Free Report) declared a monthly dividend on Friday, May 30th, Wall Street Journal reports. Stockholders of record on Wednesday, September 10th will be given a dividend of 0.14 per share by the investment management company on Tuesday, September 30th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 21.40%. The ex-dividend date is Wednesday, September 10th.

Eagle Point Credit has raised its dividend by an average of 13.6% per year over the last three years. 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. 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 Price Performance

ECC stock traded up $0.15 on Friday, reaching $7.85. 1,327,334 shares of the company's stock were exchanged, compared to its average volume of 1,152,898. The company has a quick ratio of 2.27, a current ratio of 2.27 and a debt-to-equity ratio of 0.18. The firm has a market cap of $604.04 million, a PE ratio of 9.35 and a beta of 0.46. Eagle Point Credit has a twelve month low of $6.54 and a twelve month high of $10.49. The stock has a fifty day moving average of $7.70 and a 200-day moving average of $8.42.

Eagle Point Credit (NYSE:ECC - Get Free Report) last posted its quarterly earnings data on Wednesday, May 28th. The investment management company reported $0.28 EPS for the quarter, beating analysts' consensus estimates of $0.26 by $0.02. Eagle Point Credit had a return on equity of 12.53% and a net margin of 44.67%. The business had revenue of $52.30 million for the quarter, compared to analyst estimates of $53.54 million. As a group, equities analysts predict that Eagle Point Credit will post 1.1 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on ECC. Keefe, Bruyette & Woods cut their price objective on Eagle Point Credit from $9.00 to $7.50 and set a "market perform" rating on the stock in a report on Thursday. Credit Suisse Group set a $7.50 target price on Eagle Point Credit in a research report on Thursday.

Insider Activity at Eagle Point Credit

In other Eagle Point Credit news, CEO Thomas P. Majewski bought 1,087 shares of the business's stock in a transaction on Friday, March 21st. The shares were purchased at an average price of $23.00 per share, with a total value of $25,001.00. Following the purchase, the chief executive officer now directly owns 1,087 shares of the company's stock, valued at approximately $25,001. The trade was a ∞ increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Insiders own 0.17% of the company's stock.

Institutional Trading of Eagle Point Credit

An institutional investor recently bought a new position in Eagle Point Credit stock. Jane Street Group LLC bought a new position in shares of Eagle Point Credit Company Inc. (NYSE:ECC - Free Report) during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund bought 16,572 shares of the investment management company's stock, valued at approximately $134,000. Institutional investors own 19.50% of the company's stock.

About Eagle Point Credit

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.