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

Eagle Point Credit Company Inc. (NYSE:ECC) declared a monthly dividend on Friday, November 8th,Wall Street Journal reports. Stockholders of record on Tuesday, March 11th will be given a dividend of 0.14 per share by the investment management company on Monday, March 31st. This represents a $1.68 dividend on an annualized basis and a dividend yield of 17.32%. The ex-dividend date of this dividend is Tuesday, March 11th.

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 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 Down 0.5 %

Shares of ECC opened at $9.70 on Friday. Eagle Point Credit has a fifty-two week low of $9.22 and a fifty-two 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’s fifty day moving average is $9.77 and its 200 day moving average is $9.96. The stock has a market capitalization of $746.40 million, a PE ratio of 5.67 and a beta of 0.76.

Wall Street Analyst Weigh In

Separately, Keefe, Bruyette & Woods decreased their target price on shares of Eagle Point Credit from $10.50 to $10.00 and set a “market perform” rating on the stock in a research 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.