Eagle Point Income (NYSE:EIC) Stock Price Down 0.5% – What’s Next?

Eagle Point Income Company Inc. (NYSE:EIC)’s share price fell 0.5% on Monday . The stock traded as low as $11.24 and last traded at $11.3050. 203,041 shares changed hands during mid-day trading, an increase of 9% from the average session volume of 185,671 shares. The stock had previously closed at $11.36.

Analysts Set New Price Targets

Several research firms have recently commented on EIC. Zacks Research downgraded Eagle Point Income from a “hold” rating to a “strong sell” rating in a research report on Monday, November 24th. B. Riley reduced their price target on Eagle Point Income from $15.00 to $14.00 and set a “buy” rating for the company in a research note on Thursday, November 20th. One analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, Eagle Point Income has a consensus rating of “Moderate Buy” and a consensus price target of $14.00.

Eagle Point Income Stock Down 0.5%

The stock’s fifty day simple moving average is $11.62 and its 200-day simple moving average is $12.63.

Eagle Point Income (NYSE:EIC) last released its quarterly earnings results on Thursday, November 13th. The company reported $0.39 earnings per share for the quarter, beating analysts’ consensus estimates of $0.36 by $0.03.

Eagle Point Income Dividend Announcement

The business also recently disclosed a monthly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Wednesday, March 11th will be issued a $0.11 dividend. The ex-dividend date of this dividend is Wednesday, March 11th. This represents a c) annualized dividend and a yield of 11.7%.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. AdvisorNet Financial Inc raised its stake in Eagle Point Income by 97.4% in the second quarter. AdvisorNet Financial Inc now owns 3,322 shares of the company’s stock valued at $45,000 after purchasing an additional 1,639 shares in the last quarter. Raymond James Financial Inc. raised its position in shares of Eagle Point Income by 3.6% in the 3rd quarter. Raymond James Financial Inc. now owns 48,471 shares of the company’s stock valued at $652,000 after buying an additional 1,701 shares in the last quarter. Cetera Investment Advisers raised its position in shares of Eagle Point Income by 17.8% in the 2nd quarter. Cetera Investment Advisers now owns 14,369 shares of the company’s stock valued at $196,000 after buying an additional 2,170 shares in the last quarter. Envestnet Asset Management Inc. lifted its holdings in shares of Eagle Point Income by 2.8% during the 2nd quarter. Envestnet Asset Management Inc. now owns 99,584 shares of the company’s stock worth $1,361,000 after acquiring an additional 2,754 shares during the period. Finally, Friedenthal Financial acquired a new stake in shares of Eagle Point Income during the 2nd quarter worth approximately $79,000.

About Eagle Point Income

Eagle Point Income Company (NYSE: EIC) is a closed-end management investment company that primarily invests in the equity and junior debt tranches of collateralized loan obligations (CLOs). Launched in 2019 and domiciled in Maryland, the company seeks to provide shareholders with high current income and the potential for capital appreciation by focusing on structured credit opportunities. Eagle Point Income maintains a diversified portfolio of CLO equity positions, targeting both seasoned and newly issued transactions across multiple risk profiles.

The company’s investment strategy centers on identifying mispriced or underfollowed CLO tranches, where it believes its team’s deep industry expertise can add value.