EAGLE POINT CR/COM (NYSE:ECC) announced a dividend on Monday, July 1st, NASDAQ reports. Stockholders of record on Monday, August 12th will be given a dividend of 0.20 per share by the investment management company on Friday, August 30th. The ex-dividend date of this dividend is Friday, August 9th.
EAGLE POINT CR/COM has raised its dividend by an average of 0.7% per year over the last three years. EAGLE POINT CR/COM has a payout ratio of 142.0% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Research analysts expect EAGLE POINT CR/COM to earn $1.62 per share next year, which means the company may not be able to cover its $2.40 annual dividend with an expected future payout ratio of 148.1%.
Shares of ECC traded down $0.16 on Wednesday, reaching $17.41. 38,759 shares of the stock traded hands, compared to its average volume of 266,868. The firm has a market cap of $407.73 million, a price-to-earnings ratio of 10.95 and a beta of 0.56. EAGLE POINT CR/COM has a 12 month low of $12.16 and a 12 month high of $19.41. The stock’s 50-day moving average is $17.93.
Separately, National Securities reaffirmed a “buy” rating and set a $24.00 price target on shares of EAGLE POINT CR/COM in a research note on Thursday, May 23rd. Four equities research analysts have rated the stock with a hold rating and one has given a buy rating to the company. EAGLE POINT CR/COM currently has an average rating of “Hold” and a consensus target price of $24.00.
About EAGLE POINT CR/COM
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.
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