Eagle Point Income (NYSE:EIC) Stock Price Down 3.4% – What’s Next?

Eagle Point Income Company Inc. (NYSE:EIC) traded down 3.4% during mid-day trading on Monday . The stock traded as low as $10.00 and last traded at $10.0050. 140,766 shares traded hands during trading, a decline of 9% from the average daily volume of 155,465 shares. The stock had previously closed at $10.36.

Analyst Ratings Changes

A number of equities research analysts have commented on the stock. B. Riley Financial decreased their price objective on shares of Eagle Point Income from $14.00 to $11.25 and set a “buy” rating on the stock in a report 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. One investment analyst has rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat, Eagle Point Income presently has a consensus rating of “Hold” and a consensus target price of $11.25.

Eagle Point Income Trading Down 3.4%

The firm has a fifty day simple moving average of $10.39 and a 200-day simple moving average of $10.31.

Eagle Point Income Announces Dividend

The company also recently announced a monthly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Thursday, September 10th will be given a dividend of $0.11 per share. The ex-dividend date is Thursday, September 10th. This represents a c) dividend on an annualized basis and a dividend yield of 13.2%.

Hedge Funds Weigh In On Eagle Point Income

Several large investors have recently made changes to their positions in the company. Rivernorth Capital Management LLC bought a new position in Eagle Point Income in the fourth quarter valued at about $5,992,000. Flax Pond Capital LLC bought a new stake in Eagle Point Income during the 4th quarter worth about $5,160,000. Thomas J. Herzfeld Advisors Inc. bought a new stake in Eagle Point Income during the 4th quarter worth about $3,546,000. Alpine Global Management LLC bought a new stake in Eagle Point Income during the 3rd quarter worth about $2,991,000. Finally, Cerity Partners LLC acquired a new position in Eagle Point Income during the 4th quarter valued at about $2,523,000.

Eagle Point Income Company Profile

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.