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

Eagle Point Credit Company Inc. (NYSE:ECC) declared a monthly dividend on Thursday, November 7th,Wall Street Journal reports. Investors 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 dividend 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% per year 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. 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 Up 1.2 %

Shares of Eagle Point Credit stock opened at $9.76 on Friday. The company has a current ratio of 2.98, a quick ratio of 2.98 and a debt-to-equity ratio of 0.19. Eagle Point Credit has a 12-month low of $9.22 and a 12-month high of $10.49. The company has a market cap of $750.65 million, a P/E ratio of 5.70 and a beta of 0.76. The company’s fifty day simple moving average is $9.78 and its two-hundred day simple 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 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.36 by ($0.08). Eagle Point Credit had a net margin of 76.61% and a return on equity of 12.87%. The company had revenue of $42.28 million for the quarter, compared to analysts’ expectations of $45.67 million. Research analysts anticipate that Eagle Point Credit will post 1.11 EPS for the current year.

Analyst Upgrades and Downgrades

Separately, Keefe, Bruyette & Woods reduced their target price 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.