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

Key Points

• Eagle Point Credit Company Inc. announced a dividend of $0.14 per share, which will be paid on August 29th to shareholders of record as of August 12th, with an ex-dividend date of August 11th.
• The company has a high dividend payout ratio of 178.7%, indicating reliance on its balance sheet to cover dividends rather than earnings, as it projects an earnings per share (EPS) of only $1.10 next year.
• Eagle Point Credit's stock opened at $6.89 and has a market cap of $529.80 million, with a significant 52-week low of $6.54 and a high of $10.06.

Eagle Point Credit Company Inc. (NYSE:ECC - Get Free Report) announced a dividend on Tuesday, August 5th, investing.com reports. Stockholders of record on Tuesday, August 12th will be given a dividend of 0.14 per share by the investment management company on Friday, August 29th. This represents a dividend yield of 2,438.0%. The ex-dividend date is Monday, August 11th.

Eagle Point Credit has a payout ratio of 178.7% 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 $1.10 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 Trading Down 2.6%

Shares of NYSE ECC traded down $0.19 during mid-day trading on Wednesday, hitting $6.82. The company's stock had a trading volume of 1,863,899 shares, compared to its average volume of 1,980,951. Eagle Point Credit has a one year low of $6.54 and a one year high of $10.06. The company's fifty day simple moving average is $7.48 and its 200-day simple moving average is $7.91. The company has a debt-to-equity ratio of 0.32, a current ratio of 2.23 and a quick ratio of 2.23. The stock has a market cap of $524.40 million, a price-to-earnings ratio of -17.04 and a beta of 0.38.

Eagle Point Credit (NYSE:ECC - Get Free Report) last announced its quarterly earnings data on Wednesday, May 28th. The investment management company reported $0.28 earnings per share for the quarter, beating the consensus estimate of $0.26 by $0.02. Eagle Point Credit had a negative net margin of 27.15% and a positive return on equity of 12.90%. The business had revenue of $52.30 million for the quarter, compared to analyst estimates of $53.54 million. On average, sell-side analysts anticipate that Eagle Point Credit will post 1.1 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the company. Credit Suisse Group set a $7.50 target price on Eagle Point Credit in a research note on Thursday, May 29th. Keefe, Bruyette & Woods lowered their target price on shares of Eagle Point Credit from $9.00 to $7.50 and set a "market perform" rating on the stock in a report on Thursday, May 29th.

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.