Eagle Point Credit Company Inc. to Issue Monthly Dividend of $0.14 (NYSE:ECC)

Eagle Point Credit Company Inc. (NYSE:ECC) announced a monthly dividend on Wednesday, May 15th, Wall Street Journal reports. Stockholders of record on Tuesday, September 10th will be given a dividend of 0.14 per share by the investment management company on Monday, September 30th. This represents a $1.68 annualized dividend and a dividend yield of 16.78%. The ex-dividend date is Tuesday, September 10th.

Eagle Point Credit has increased its dividend payment by an average of 87.7% annually over the last three years. Eagle Point Credit has a payout ratio of 115.1% meaning 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 $1.29 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 130.2%.

Eagle Point Credit Stock Performance

Shares of ECC stock opened at $10.01 on Monday. The business has a fifty day moving average of $9.95 and a 200 day moving average of $10.06. Eagle Point Credit has a 1 year low of $8.60 and a 1 year high of $10.49. The company has a debt-to-equity ratio of 0.19, a current ratio of 2.98 and a quick ratio of 2.98. The firm has a market capitalization of $770.27 million, a price-to-earnings ratio of 5.38 and a beta of 0.76.

Eagle Point Credit (NYSE:ECC) last announced its quarterly earnings data on Tuesday, August 6th. The investment management company reported $0.28 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.36 by ($0.08). The firm had revenue of $42.28 million during the quarter, compared to analysts’ expectations of $45.67 million. Eagle Point Credit had a return on equity of 12.87% and a net margin of 76.61%. As a group, research analysts expect that Eagle Point Credit will post 1.28 earnings per share for the current year.

Analysts Set New Price Targets

Separately, Keefe, Bruyette & Woods dropped their price objective on shares of Eagle Point Credit from $10.50 to $10.00 and set a “market perform” rating on the stock in a report on Wednesday, August 7th.

About Eagle Point Credit

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.