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

Eagle Point Credit Company Inc. (NYSE:ECC) declared a monthly dividend on Tuesday, July 30th,Wall Street Journal reports. Stockholders of record on Tuesday, November 12th will be given a dividend of 0.14 per share by the investment management company on Friday, November 29th. This represents a $1.68 annualized dividend and a dividend yield of 17.32%. The ex-dividend date of this dividend is Tuesday, November 12th.

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 dividend 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. 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 Trading Down 0.5 %

Shares of Eagle Point Credit stock opened at $9.70 on Monday. 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 firm’s 50 day simple moving average is $9.77 and its two-hundred day simple moving average is $9.96. Eagle Point Credit has a 12-month low of $9.22 and a 12-month high of $10.49. The firm has a market capitalization of $746.40 million, a price-to-earnings ratio of 5.67 and a beta of 0.76.

Analysts Set New Price Targets

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

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.