EAGLE POINT CR/COM (NYSE:ECC) declared a monthly dividend on Wednesday, May 20th, Wall Street Journal reports. Stockholders of record on Friday, September 11th will be given a dividend of 0.08 per share by the investment management company on Wednesday, September 30th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 16.99%. The ex-dividend date of this dividend is Thursday, September 10th.
EAGLE POINT CR/COM has decreased its dividend payment by an average of 24.2% per year over the last three years. EAGLE POINT CR/COM has a payout ratio of 83.5% indicating that its dividend is currently covered by earnings, but may not be in the future if the company’s earnings tumble. Equities research analysts expect EAGLE POINT CR/COM to earn $1.41 per share next year, which means the company should continue to be able to cover its $0.96 annual dividend with an expected future payout ratio of 68.1%.
NYSE:ECC traded up $0.10 during midday trading on Wednesday, reaching $5.65. The stock had a trading volume of 19,731 shares, compared to its average volume of 249,835. EAGLE POINT CR/COM has a 1-year low of $3.78 and a 1-year high of $19.41. The firm’s fifty day simple moving average is $6.22 and its 200-day simple moving average is $12.06. The stock has a market capitalization of $136.01 million, a P/E ratio of -80.70 and a beta of 0.99.
Several analysts have recently weighed in on the stock. ValuEngine lowered shares of EAGLE POINT CR/COM from a “sell” rating to a “strong sell” rating in a research report on Thursday, April 2nd. B. Riley decreased their target price on shares of EAGLE POINT CR/COM from $11.00 to $8.00 and set a “buy” rating on the stock in a research report on Thursday, April 16th.
In related news, Portfolio Manager Daniel M. Spinner bought 536,875 shares of the company’s stock in a transaction on Tuesday, March 17th. The stock was bought at an average cost of $10.09 per share, with a total value of $5,417,068.75. Also, Portfolio Manager Thomas P. Majewski bought 50,000 shares of the company’s stock in a transaction on Tuesday, March 3rd. The stock was bought at an average cost of $13.93 per share, with a total value of $696,500.00. Insiders have purchased a total of 617,450 shares of company stock valued at $6,303,837 over the last three months. 0.41% of the stock is currently owned by insiders.
EAGLE POINT CR/COM 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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