Eagle Point Credit Company Inc. Announces Monthly Dividend of $0.06 (NYSE:ECC)

Eagle Point Credit Company Inc. (NYSE:ECC) announced a monthly dividend on Thursday, August 13th. Stockholders of record on Tuesday, October 13th will be given a dividend of 0.06 per share by the investment management company on Friday, October 30th. This represents a c) dividend on an annualized basis and a dividend yield of 18.6%. The ex-dividend date is Tuesday, October 13th.

Eagle Point Credit has raised its dividend by an average of 0.1%annually over the last three years. Eagle Point Credit has a dividend payout ratio of 136.2% 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 $0.71 per share next year, which means the company may not be able to cover its $1.28 annual dividend with an expected future payout ratio of 180.3%.

Eagle Point Credit Stock Performance

Shares of Eagle Point Credit stock opened at $3.88 on Friday. The stock has a market cap of $512.31 million, a PE ratio of 5.78 and a beta of 0.36. The business has a fifty day simple moving average of $3.78 and a 200-day simple moving average of $4.04. The company has a quick ratio of 0.23, a current ratio of 0.23 and a debt-to-equity ratio of 0.02. Eagle Point Credit has a 12 month low of $3.46 and a 12 month high of $7.77.

Eagle Point Credit (NYSE:ECC) last posted its quarterly earnings results on Thursday, August 13th. The investment management company reported $0.17 earnings per share for the quarter, missing the consensus estimate of $0.18 by ($0.01). The business had revenue of $37.90 million for the quarter, compared to analyst estimates of $41.62 million. Eagle Point Credit had a negative net margin of 87.16% and a negative return on equity of 1.09%. On average, sell-side analysts anticipate that Eagle Point Credit will post 0.71 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Separately, Zacks Research raised Eagle Point Credit from a “strong sell” rating to a “hold” rating in a research note on Friday, May 1st. Three research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $6.50.

About Eagle Point Credit

Eagle Point Credit Company is a closed-end, non-diversified management investment company that seeks to generate attractive risk-adjusted returns primarily through investments in collateralized loan obligations (CLOs) and related structured credit instruments. The firm is externally managed by Eagle Point Credit Management, LLC, a specialized credit asset manager focused on the structured credit markets. Eagle Point Credit Company’s shares trade on the New York Stock Exchange under the ticker symbol ECC.

The company’s investment strategy centers on acquiring both equity and debt tranches of actively managed CLOs alongside opportunistic positions in senior secured loans, high-yield bonds and credit derivatives.