Eagle Point Credit Company Inc. (ECC) to Issue Monthly Dividend of $0.14 on November 29th

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

Eagle Point Credit has raised its dividend 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. Equities 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 Trading Down 0.5 %

Shares of NYSE ECC opened at $9.70 on Friday. The stock has a market cap of $746.40 million, a P/E ratio of 5.67 and a beta of 0.76. The firm has a 50 day moving average price of $9.77 and a two-hundred day moving average price of $9.96. The company has a debt-to-equity ratio of 0.19, a quick ratio of 2.98 and a current ratio of 2.98. Eagle Point Credit has a 52-week low of $9.22 and a 52-week high of $10.49.

Wall Street Analyst Weigh In

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