Eagle Point Credit Company Inc. (NYSE:ECC) Announces Monthly Dividend of $0.06

Eagle Point Credit Company Inc. (NYSE:ECC) declared a monthly dividend on Tuesday, May 12th. Stockholders of record on Monday, July 13th will be paid a dividend of 0.06 per share by the investment management company on Friday, July 31st. This represents a c) dividend on an annualized basis and a dividend yield of 17.6%. The ex-dividend date of this dividend is Monday, July 13th.

Eagle Point Credit has raised its dividend payment by an average of 0.1%per year over the last three years. Eagle Point Credit has a 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. Equities 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 Stock Up 0.4%

Shares of NYSE ECC traded up $0.02 during trading hours on Wednesday, hitting $4.10. 585,677 shares of the stock were exchanged, compared to its average volume of 2,024,786. Eagle Point Credit has a 12 month low of $3.46 and a 12 month high of $7.99. The firm has a fifty day moving average price of $3.93 and a 200-day moving average price of $5.01. The company has a market cap of $541.40 million, a PE ratio of 21.50 and a beta of 0.35.

Insider Transactions at Eagle Point Credit

In other news, Portfolio Manager Daniel W. Ko bought 57,165 shares of Eagle Point Credit stock in a transaction that occurred on Wednesday, March 18th. The stock was bought at an average price of $3.50 per share, for a total transaction of $200,077.50. Following the purchase, the portfolio manager directly owned 82,665 shares of the company’s stock, valued at approximately $289,327.50. The trade was a 224.18% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 0.26% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the company. North Ground Capital purchased a new stake in Eagle Point Credit in the third quarter valued at approximately $4,186,000. International Assets Investment Management LLC raised its position in Eagle Point Credit by 201.8% during the 4th quarter. International Assets Investment Management LLC now owns 1,278,195 shares of the investment management company’s stock worth $7,362,000 after buying an additional 854,625 shares during the last quarter. Alpine Global Management LLC purchased a new position in Eagle Point Credit during the 3rd quarter worth approximately $2,203,000. Freestone Capital Holdings LLC lifted its stake in Eagle Point Credit by 58.7% during the 4th quarter. Freestone Capital Holdings LLC now owns 528,356 shares of the investment management company’s stock valued at $3,043,000 after acquiring an additional 195,503 shares during the period. Finally, PFG Investments LLC boosted its holdings in shares of Eagle Point Credit by 10.4% in the 3rd quarter. PFG Investments LLC now owns 816,964 shares of the investment management company’s stock valued at $5,400,000 after acquiring an additional 76,781 shares during the last quarter. 19.50% of the stock is owned by institutional investors and hedge funds.

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.