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

Eagle Point Credit Company Inc. (NYSE:ECC) announced a monthly dividend on Tuesday, August 12th. Shareholders of record on Monday, November 10th will be given a dividend of 0.14 per share by the investment management company on Friday, November 28th. This represents a c) annualized dividend and a yield of 26.9%. The ex-dividend date of this dividend is Monday, November 10th.

Eagle Point Credit has decreased its dividend payment by an average of 0.0%per year over the last three years. Eagle Point Credit has a payout ratio of 193.6% 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 $1.10 per share next year, which means the company may not be able to cover its $1.82 annual dividend with an expected future payout ratio of 165.5%.

Eagle Point Credit Stock Performance

Shares of ECC traded up $0.06 during trading hours on Friday, reaching $6.25. 1,839,357 shares of the company traded hands, compared to its average volume of 1,735,863. The company has a quick ratio of 2.23, a current ratio of 2.23 and a debt-to-equity ratio of 0.32. The business has a fifty day moving average price of $6.64 and a 200-day moving average price of $7.17. The stock has a market capitalization of $788.93 million, a P/E ratio of 56.78 and a beta of 0.37. Eagle Point Credit has a 12-month low of $5.80 and a 12-month high of $9.79.

Analyst Upgrades and Downgrades

Several brokerages have commented on ECC. LADENBURG THALM/SH SH upgraded shares of Eagle Point Credit to a “strong-buy” rating in a research note on Wednesday, August 13th. Craig Hallum assumed coverage on Eagle Point Credit in a report on Thursday, September 18th. They issued a “buy” rating and a $7.75 price objective for the company. Zacks Research upgraded Eagle Point Credit from a “strong sell” rating to a “hold” rating in a research report on Monday, October 13th. Alliance Global Partners assumed coverage on Eagle Point Credit in a report on Thursday, September 18th. They issued a “buy” rating and a $7.75 price target for the company. Finally, Industrial Alliance Securities set a $7.75 target price on shares of Eagle Point Credit in a research note on Thursday, September 18th. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $8.21.

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.