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

Eagle Point Credit Company Inc. (NYSE:ECC) declared a monthly dividend on Friday, November 8th,Wall Street Journal reports. Investors of record on Monday, February 10th will be given a dividend of 0.14 per share by the investment management company on Friday, February 28th. This represents a $1.68 dividend on an annualized basis and a yield of 17.22%. The ex-dividend date of this dividend is Monday, February 10th.

Eagle Point Credit has increased its dividend payment by an average of 87.7% per year over the last three years. Eagle Point Credit has a dividend payout ratio of 133.3% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities 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 Up 1.2 %

ECC stock opened at $9.76 on Friday. The company has a market cap of $750.65 million, a PE ratio of 5.70 and a beta of 0.76. The business has a 50-day simple moving average of $9.78 and a 200 day simple moving average of $9.96. Eagle Point Credit has a 52 week low of $9.22 and a 52 week high of $10.49. The company has a quick ratio of 2.98, a current ratio of 2.98 and a debt-to-equity ratio of 0.19.

Eagle Point Credit (NYSE:ECC) last issued its earnings results on Tuesday, August 6th. The investment management company reported $0.28 EPS for the quarter, missing the consensus estimate of $0.36 by ($0.08). The business had revenue of $42.28 million for the quarter, compared to analyst estimates of $45.67 million. Eagle Point Credit had a return on equity of 12.87% and a net margin of 76.61%. Sell-side analysts anticipate that Eagle Point Credit will post 1.11 EPS for the current fiscal year.

Analysts Set New Price Targets

Separately, Keefe, Bruyette & Woods lowered their target price on Eagle Point Credit from $10.50 to $10.00 and set a “market perform” rating for the company in a research note 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.