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

Eagle Point Credit Company Inc. (NYSE:ECC) announced a monthly dividend on Thursday, November 7th,Wall Street Journal reports. Investors of record on Monday, February 10th will be given a dividend of 0.14 per share by the investment management company on Friday, February 28th. This represents a $1.68 annualized dividend and a yield of 17.21%. The ex-dividend date is Monday, February 10th.

Eagle Point Credit has increased its dividend by an average of 87.7% per year 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 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 Up 1.2 %

Shares of Eagle Point Credit stock traded up $0.12 on Thursday, hitting $9.76. The stock had a trading volume of 997,683 shares, compared to its average volume of 836,743. The stock has a 50 day moving average of $9.78 and a 200 day moving average of $9.96. Eagle Point Credit has a twelve month low of $9.22 and a twelve month high of $10.49. The company has a debt-to-equity ratio of 0.19, a quick ratio of 2.98 and a current ratio of 2.98. The firm has a market capitalization of $751.03 million, a P/E ratio of 5.63 and a beta of 0.76.

Eagle Point Credit (NYSE:ECC) last released 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). The firm had revenue of $42.28 million for the quarter, compared to the consensus estimate of $45.67 million. Eagle Point Credit had a return on equity of 12.87% and a net margin of 76.61%. Sell-side analysts expect that Eagle Point Credit will post 1.11 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Separately, Keefe, Bruyette & Woods lowered their price objective on shares of 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.