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

Eagle Point Credit Company Inc. (NYSE:ECC) announced a monthly dividend on Friday, February 14th,Wall Street Journal reports. Shareholders of record on Tuesday, June 10th will be paid 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 19.39%. The ex-dividend date is Tuesday, June 10th.

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

Shares of Eagle Point Credit stock opened at $8.67 on Friday. The business has a 50-day simple moving average of $8.91 and a 200 day simple moving average of $9.42. The firm has a market capitalization of $666.77 million, a price-to-earnings ratio of 10.83 and a beta of 0.75. The company has a debt-to-equity ratio of 0.18, a current ratio of 2.27 and a quick ratio of 2.27. Eagle Point Credit has a one year low of $8.56 and a one year high of $10.49.

Analysts Set New Price Targets

Separately, B. Riley lowered their target price on 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.

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.