EAGLE POINT CR/COM (NYSE:ECC) announced a monthly dividend on Monday, July 1st, NASDAQ reports. Shareholders of record on Friday, July 12th will be given a dividend of 0.20 per share by the investment management company on Wednesday, July 31st. This represents a $2.40 annualized dividend and a dividend yield of 12.51%. The ex-dividend date is Thursday, July 11th.
EAGLE POINT CR/COM has increased its dividend payment by an average of 0.7% per year over the last three years. EAGLE POINT CR/COM has a dividend 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. Equities 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%.
ECC opened at $19.18 on Wednesday. The firm has a 50-day moving average price of $17.77. EAGLE POINT CR/COM has a 1 year low of $12.16 and a 1 year high of $19.20. The firm has a market cap of $449.11 million, a P/E ratio of 12.06 and a beta of 0.56.
Separately, National Securities reissued a “buy” rating and issued a $24.00 price target on shares of EAGLE POINT CR/COM in a research note on Thursday, May 23rd. Four analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average price target 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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