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

Eagle Point Credit Company Inc. (NYSE:ECC) declared a monthly dividend on Thursday, November 7th,Wall Street Journal reports. Shareholders of record on Monday, February 10th will be paid 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 17.21%. The ex-dividend date 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. 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 traded up $0.12 during trading on Thursday, reaching $9.76. 997,683 shares of the company traded hands, compared to its average volume of 836,743. The firm has a market capitalization of $751.03 million, a price-to-earnings ratio of 5.63 and a beta of 0.76. Eagle Point Credit has a 52-week low of $9.22 and a 52-week high of $10.49. The company has a current ratio of 2.98, a quick ratio of 2.98 and a debt-to-equity ratio of 0.19. The business’s fifty day moving average is $9.78 and its 200-day moving average is $9.96.

Eagle Point Credit (NYSE:ECC) last announced its quarterly earnings results on Tuesday, August 6th. The investment management company reported $0.28 EPS for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.08). The business 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, analysts forecast that Eagle Point Credit will post 1.11 EPS for the current year.

Wall Street Analysts Forecast Growth

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