Flax Pond Capital LLC Makes New $5.16 Million Investment in Eagle Point Income Company Inc. $EIC

Flax Pond Capital LLC purchased a new position in shares of Eagle Point Income Company Inc. (NYSE:EIC) in the fourth quarter, according to its most recent disclosure with the SEC. The firm purchased 452,204 shares of the company’s stock, valued at approximately $5,160,000. Eagle Point Income makes up 3.8% of Flax Pond Capital LLC’s investment portfolio, making the stock its 4th largest position.

Other institutional investors have also made changes to their positions in the company. Astoria Portfolio Advisors LLC. grew its stake in shares of Eagle Point Income by 17.6% in the 4th quarter. Astoria Portfolio Advisors LLC. now owns 12,092 shares of the company’s stock valued at $138,000 after buying an additional 1,807 shares in the last quarter. XTX Topco Ltd acquired a new stake in Eagle Point Income in the fourth quarter valued at approximately $483,000. Rivernorth Capital Management LLC acquired a new stake in Eagle Point Income in the fourth quarter valued at approximately $5,992,000. Evolve Private Wealth LLC bought a new stake in Eagle Point Income in the fourth quarter worth approximately $122,000. Finally, Almitas Capital LLC bought a new stake in Eagle Point Income in the fourth quarter worth approximately $919,000.

Eagle Point Income Price Performance

NYSE:EIC opened at $10.09 on Friday. Eagle Point Income Company Inc. has a 12-month low of $9.17 and a 12-month high of $14.05. The firm has a 50-day moving average price of $10.30 and a 200 day moving average price of $10.44.

Eagle Point Income Announces Dividend

The business also recently announced a monthly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Thursday, September 10th will be issued a $0.11 dividend. The ex-dividend date of this dividend is Thursday, September 10th. This represents a c) dividend on an annualized basis and a dividend yield of 13.1%.

Wall Street Analyst Weigh In

Several brokerages have recently commented on EIC. B. Riley Financial dropped their price target on shares of Eagle Point Income from $14.00 to $11.25 and set a “buy” rating on the stock in a research note on Monday, March 16th. Zacks Research raised shares of Eagle Point Income from a “strong sell” rating to a “hold” rating in a research note on Friday, May 15th. Finally, LADENBURG THALM/SH SH reiterated a “neutral” rating on shares of Eagle Point Income in a report on Friday, February 27th. One investment analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $11.25.

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.