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

Eagle Point Credit Company Inc. (NYSE:ECC) declared a monthly dividend on Friday, February 14th,Wall Street Journal reports. Shareholders of record on Tuesday, June 10th will be given a dividend of 0.14 per share by the investment management company on Monday, June 30th. This represents a $1.68 dividend on an annualized basis and a yield of 19.46%. The ex-dividend date is Tuesday, June 10th.

Eagle Point Credit has increased its dividend payment by an average of 12.5% per year over the last three years. Eagle Point Credit has a dividend payout ratio of 157.0% 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 $1.10 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 152.7%.

Eagle Point Credit Stock Down 0.3 %

ECC opened at $8.64 on Friday. The company has a quick ratio of 2.27, a current ratio of 2.27 and a debt-to-equity ratio of 0.18. The stock has a market cap of $664.46 million, a price-to-earnings ratio of 10.79 and a beta of 0.75. Eagle Point Credit has a twelve month low of $8.56 and a twelve month high of $10.49. The company’s 50-day moving average price is $8.90 and its two-hundred day moving average price is $9.41.

Analysts Set New Price Targets

Separately, B. Riley lowered their price target on shares of Eagle Point Credit from $12.00 to $11.00 and set a “buy” rating on the stock in a research report on Tuesday, January 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.