EAGLE POINT CR/COM (NYSE:ECC) declared a monthly dividend on Wednesday, October 3rd, Wall Street Journal reports. Shareholders of record on Thursday, December 13th will be paid a dividend of 0.20 per share by the investment management company on Monday, December 31st. This represents a $2.40 dividend on an annualized basis and a dividend yield of 14.55%. The ex-dividend date is Wednesday, December 12th.
EAGLE POINT CR/COM has a payout ratio of 142.0% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Analysts expect EAGLE POINT CR/COM to earn $1.75 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 137.1%.
Shares of NYSE ECC opened at $16.50 on Friday. EAGLE POINT CR/COM has a fifty-two week low of $16.07 and a fifty-two week high of $20.05. The company has a market cap of $311.87 million, a price-to-earnings ratio of 9.93 and a beta of 0.25.
A number of equities analysts have weighed in on ECC shares. CIBC reaffirmed a “market perform” rating on shares of EAGLE POINT CR/COM in a research note on Thursday, November 15th. National Securities reaffirmed a “buy” rating and set a $24.00 target price on shares of EAGLE POINT CR/COM in a research note on Thursday, November 15th. Finally, Oppenheimer downgraded shares of EAGLE POINT CR/COM from an “outperform” rating to a “market perform” rating in a research note on Thursday, November 15th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and one has given a buy rating to the company’s stock. EAGLE POINT CR/COM presently has an average rating of “Hold” and an average price target of $24.00.
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EAGLE POINT CR/COM 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.
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