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

Eagle Point Credit Company Inc. (NYSE:ECC - Get Free Report) announced a monthly dividend on Thursday, May 29th, 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 annualized dividend and a dividend yield of 21.41%. The ex-dividend date of this dividend is Wednesday, September 10th.

Eagle Point Credit has increased its dividend payment by an average of 13.6% annually over the last three years. Eagle Point Credit has a payout ratio of 178.7% 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 $1.10 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 0.4%

Shares of ECC stock traded down $0.04 on Monday, hitting $7.85. The stock had a trading volume of 1,140,549 shares, compared to its average volume of 1,152,847. The business has a 50 day moving average price of $7.70 and a 200 day moving average price of $8.41. Eagle Point Credit has a one year low of $6.54 and a one year high of $10.49. The company has a market cap of $603.66 million, a PE ratio of 9.34 and a beta of 0.46. The company has a quick ratio of 2.27, a current ratio of 2.27 and a debt-to-equity ratio of 0.18.

Eagle Point Credit (NYSE:ECC - Get Free Report) last issued its quarterly earnings data on Wednesday, May 28th. The investment management company reported $0.28 earnings per share for the quarter, topping 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 firm had revenue of $52.30 million during the quarter, compared to analysts' expectations of $53.54 million. Research analysts anticipate that Eagle Point Credit will post 1.1 earnings per share for the current fiscal year.

Insider Buying and Selling at Eagle Point Credit

In related news, CEO Thomas P. Majewski acquired 1,087 shares of Eagle Point Credit stock in a transaction on Friday, March 21st. The stock was bought at an average cost of $23.00 per share, for a total transaction of $25,001.00. Following the completion of the transaction, the chief executive officer now owns 1,087 shares of the company's stock, valued at approximately $25,001. The trade was a ∞ increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. 0.17% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Eagle Point Credit

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

Analyst Ratings Changes

Several brokerages have recently commented on ECC. Keefe, Bruyette & Woods decreased their price objective on Eagle Point Credit from $9.00 to $7.50 and set a "market perform" rating for the company in a report on Thursday. Credit Suisse Group set a $7.50 price target on Eagle Point Credit in a research note on Thursday.

Eagle Point Credit Company Profile

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.