Eagle Point Credit Co Inc. (NYSE:ECC), a financial services firm, declared on Tuesday regular monthly distributions for its common stock shareholders, as stated in its latest SEC filing. The company announced three consecutive monthly distributions of $0.14 per share, scheduled for October 31, November 29, and December 31 of 2024. These distributions are intended for stockholders recorded on October 11, November 12, and December 11 respectively.
In addition to the regular payouts, Eagle Point Credit also declared supplemental distributions of $0.02 per share for the same dates. This decision reflects the company's commitment to providing value to its shareholders through consistent financial returns.
The announcement comes from the company's headquarters at 600 Steamboat Road, Suite 202, Greenwich, CT. Eagle Point Credit has been incorporated in Delaware and operates under the fiscal year ending December 31.
The company's portfolio of securities is traded on the New York Stock Exchange under various symbols, including ECC for its common stock, ECCC for its 6.50% Series C Term Preferred Stock due 2031, and ECCF for its 8.00% Series F Term Preferred Stock due 2029, among others. The declared distributions pertain to the common stock, which is listed under the ticker ECC.
In other recent news, Eagle Point Credit Co Inc. has disclosed unaudited financial estimates for Q2 2024, including a projected net asset value (NAV) per share of common stock between $8.70 and $8.80. The company's management estimates net investment income to range from $0.26 to $0.30 per share of common stock, with realized losses for the quarter estimated between $0.14 and $0.10 per share of common stock. These estimates are subject to change until audited figures are released in the company's quarterly report.
The company also reported its Q1 2024 financial results, with net investment income and realized capital gains of $0.31 per share, and a NAV per share of $9.16 as of March 31. Over $131 million was deployed in new capital investments during the quarter, and the company has maintained its base dividend and declared supplemental distributions through Q3 2024.
Eagle Point's unaudited estimate of NAV per share as of May 31, 2024, ranges between $9.00 and $9.10. This estimate does not represent any shift in business operations or strategy.
Analysts at Keefe, Bruyette & Woods have maintained their Market Perform rating for Eagle Point, despite the company's net investment income falling short of expectations. The firm's target price for Eagle Point Credit remains at $10.50. These recent developments highlight the company's continued commitment to its financial strategy.
InvestingPro Insights
Eagle Point Credit Co Inc. (NYSE:ECC) has made a notable commitment to its shareholders with its recent announcement of regular monthly distributions. According to real-time data from InvestingPro, Eagle Point Credit has a market capitalization of $841.08 million and a compelling P/E ratio of 6.39, suggesting that the company is potentially undervalued compared to its earnings. Additionally, the company has experienced a robust revenue growth of 19.77% over the last twelve months as of Q1 2024, underlining its operational success.
For those considering an investment in Eagle Point Credit, two key InvestingPro Tips provide further insight: the company pays a significant dividend to shareholders, with a noteworthy dividend yield of 19.55%, and has maintained these dividend payments for 11 consecutive years. This consistency in returning capital to shareholders is a positive signal for income-focused investors.
Moreover, Eagle Point Credit's financial stability is underscored by the fact that it has been profitable over the last twelve months. With liquid assets that exceed its short-term obligations, the company stands on solid financial footing. For more detailed analysis and additional InvestingPro Tips on Eagle Point Credit, investors can visit https://www.investing.com/pro/ECC. And for those looking to deepen their investment research, use coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription, unlocking access to a total of 7 InvestingPro Tips that can guide investment decisions.
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