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

Eagle Point Credit Company Inc. (NYSE:ECC) announced a monthly dividend on Thursday, November 7th,Wall Street Journal reports. Shareholders 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 is Monday, February 10th.

Eagle Point Credit has raised its dividend payment by an average of 87.7% annually over the last three years. Eagle Point Credit has a payout ratio of 133.3% indicating that 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 Trading Up 1.2 %

Shares of NYSE ECC opened at $9.76 on Friday. The firm’s 50 day moving average price is $9.78 and its 200-day moving average price is $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 debt-to-equity ratio of 0.19, a quick ratio of 2.98 and a current ratio of 2.98. The company has a market cap of $750.65 million, a PE ratio of 5.70 and a beta of 0.76.

Eagle Point Credit (NYSE:ECC) last released 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 business had revenue of $42.28 million during the quarter, compared to the consensus estimate of $45.67 million. Eagle Point Credit had a net margin of 76.61% and a return on equity of 12.87%. On average, equities research analysts expect that Eagle Point Credit will post 1.11 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Separately, Keefe, Bruyette & Woods lowered their price target on 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.

Eagle Point Credit 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.