SoFi CEO enters prepaid forward contract on 1.5 million shares
Thomas P. Majewski, Chief Executive Officer and Portfolio Manager of Eagle Point Credit Co Inc. (NYSE:ECC), has recently acquired shares in the company. According to a recent filing, Majewski purchased 1,086.9565 shares of the Series AA Convertible Perpetual Preferred Stock at a price of $23 per share, totaling approximately $24,999. The company, currently valued at $887 million, stands out with its impressive 22.8% dividend yield and has maintained dividend payments for 12 consecutive years, according to InvestingPro data.
This acquisition increases Majewski’s direct ownership in the preferred stock category, reflecting his continued investment in the company. Additionally, Majewski maintains various holdings in other securities, including common stock and notes, both directly and through the Majewski Family 2022 Holdings LLC. The company’s strong financial position is evidenced by its healthy current ratio of 1.71 and modest P/E ratio of 10.4. For a deeper understanding of ECC’s valuation and growth prospects, investors can access the comprehensive Pro Research Report available on InvestingPro.
In other recent news, Eagle Point Credit Co Inc. has reported several financial updates and strategic developments. The company disclosed its estimated net asset value (NAV) per share of common stock as of February 28, 2025, ranging between $7.97 and $8.07, according to a recent SEC filing. Previously, as of January 31, 2025, the estimated NAV per share was between $8.28 and $8.38, indicating a slight decrease over the month. Additionally, Eagle Point Credit announced monthly distributions of $0.14 per share for April, May, and June 2025, continuing its practice of providing regular income to shareholders.
Keefe, Bruyette & Woods (KBW) adjusted Eagle Point Credit’s price target from $9.50 to $9.00, maintaining a Market Perform rating. This revision was influenced by a slight miss in net investment income due to decreased collateralized loan obligation (CLO) income, although the company’s cash flows remained robust enough to cover its dividend by 188% in the fourth quarter. The company has been active in the CLO market, completing 16 resets in the fourth quarter, and its leverage ratios have increased, with a current debt-to-assets level slightly above its target range. Eagle Point Credit’s estimated net investment income for the quarter ended December 31, 2024, was between $0.23 and $0.27 per share, with realized losses estimated between $0.14 and $0.10 per share.
These developments provide insights into Eagle Point Credit’s financial health and ongoing strategies, as the company continues to navigate the credit investment landscape.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.