Eagle Point Credit Company Inc. (NYSE:ECC – Get Rating) announced a dividend on Thursday, November 10th, NASDAQ reports. Stockholders of record on Wednesday, January 11th will be paid a dividend of 0.14 per share by the investment management company on Tuesday, January 31st. The ex-dividend date of this dividend is Tuesday, January 10th.
Eagle Point Credit has raised its dividend payment by an average of 0.4% 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% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Research analysts expect Eagle Point Credit to earn $1.58 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 106.3%.
Eagle Point Credit Stock Performance
Shares of NYSE:ECC opened at $10.32 on Friday. Eagle Point Credit has a 12-month low of $9.96 and a 12-month high of $14.48. The business has a 50 day moving average of $10.85 and a 200-day moving average of $11.21.
Institutional Investors Weigh In On Eagle Point Credit
Institutional investors have recently made changes to their positions in the company. LPL Financial LLC boosted its stake in shares of Eagle Point Credit by 12.7% in the second quarter. LPL Financial LLC now owns 11,709 shares of the investment management company’s stock valued at $138,000 after buying an additional 1,319 shares during the period. UBS Group AG boosted its stake in shares of Eagle Point Credit by 20.8% in the second quarter. UBS Group AG now owns 9,066 shares of the investment management company’s stock valued at $106,000 after buying an additional 1,559 shares during the period. Bank of America Corp DE boosted its stake in shares of Eagle Point Credit by 21.2% in the first quarter. Bank of America Corp DE now owns 9,933 shares of the investment management company’s stock valued at $131,000 after buying an additional 1,740 shares during the period. Tower Research Capital LLC TRC boosted its stake in shares of Eagle Point Credit by 492.3% in the third quarter. Tower Research Capital LLC TRC now owns 2,843 shares of the investment management company’s stock valued at $31,000 after buying an additional 2,363 shares during the period. Finally, Commonwealth Equity Services LLC boosted its stake in shares of Eagle Point Credit by 5.2% in the third quarter. Commonwealth Equity Services LLC now owns 99,685 shares of the investment management company’s stock valued at $1,096,000 after buying an additional 4,936 shares during the period. Institutional investors own 18.95% of the company’s stock.
Wall Street Analysts Forecast Growth
Separately, B. Riley reduced their price objective on Eagle Point Credit from $14.00 to $13.00 and set a “buy” rating for the company in a report on Thursday, October 20th.
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.
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