Eagle Point Credit Company Inc. (NYSE:ECC) announced a monthly dividend on Friday, February 12th, Wall Street Journal reports. Investors of record on Monday, April 12th will be given a dividend of 0.08 per share by the investment management company on Friday, April 30th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 7.80%. The ex-dividend date is Friday, April 9th.
Eagle Point Credit has a payout ratio of 84.2% meaning its dividend is currently covered by earnings, but may not be in the future if the company’s earnings decline. Research analysts expect Eagle Point Credit to earn $1.24 per share next year, which means the company should continue to be able to cover its $0.96 annual dividend with an expected future payout ratio of 77.4%.
NYSE:ECC opened at $12.30 on Thursday. Eagle Point Credit has a 1 year low of $5.25 and a 1 year high of $12.32. The stock has a 50-day moving average price of $11.64 and a two-hundred day moving average price of $10.13. The stock has a market cap of $290.90 million, a price-to-earnings ratio of -7.11 and a beta of 1.19.
Separately, B. Riley increased their price objective on shares of Eagle Point Credit from $12.00 to $14.00 and gave the stock a “buy” rating in a research report on Monday, February 22nd.
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.
Read More: What member countries make up the G-20?
Receive News & Ratings for Eagle Point Credit Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Eagle Point Credit and related companies with MarketBeat.com's FREE daily email newsletter.