Short Interest in Eagle Point Income Company Inc. (NYSE:EIC) Drops By 42.3%

Eagle Point Income Company Inc. (NYSE:EIC) was the target of a significant decrease in short interest during the month of July. As of July 15th, there was short interest totaling 36,290 shares, a decrease of 42.3% from the June 30th total of 62,916 shares. Based on an average daily volume of 110,910 shares, the days-to-cover ratio is presently 0.3 days.

Wall Street Analysts Forecast Growth

Separately, Zacks Research raised Eagle Point Income from a “strong sell” rating to a “hold” rating in a report on Friday, May 15th. One equities research analyst has rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $11.25.

Hedge Funds Weigh In On Eagle Point Income

Hedge funds and other institutional investors have recently bought and sold shares of the business. Flax Pond Capital LLC grew its holdings in shares of Eagle Point Income by 33.4% in the 1st quarter. Flax Pond Capital LLC now owns 603,019 shares of the company’s stock valued at $5,692,000 after buying an additional 150,815 shares during the period. Rivernorth Capital Management LLC raised its stake in Eagle Point Income by 47.4% during the 1st quarter. Rivernorth Capital Management LLC now owns 774,059 shares of the company’s stock worth $7,307,000 after buying an additional 248,933 shares during the period. Bulldog Investors LLP bought a new position in Eagle Point Income during the first quarter worth about $2,054,000. Astoria Portfolio Advisors LLC. lifted its holdings in Eagle Point Income by 9.0% during the first quarter. Astoria Portfolio Advisors LLC. now owns 13,182 shares of the company’s stock worth $132,000 after acquiring an additional 1,090 shares in the last quarter. Finally, TrueMark Investments LLC grew its stake in Eagle Point Income by 26.7% in the first quarter. TrueMark Investments LLC now owns 19,011 shares of the company’s stock valued at $179,000 after acquiring an additional 4,011 shares during the period.

Eagle Point Income Stock Performance

Eagle Point Income stock traded down $0.06 during trading hours on Wednesday, reaching $9.95. 64,778 shares of the company’s stock traded hands, compared to its average volume of 150,379. Eagle Point Income has a fifty-two week low of $9.17 and a fifty-two week high of $13.92. The firm’s 50 day moving average is $10.25 and its 200-day moving average is $10.20.

Eagle Point Income Dividend Announcement

The firm also recently disclosed a monthly dividend, which will be paid on Wednesday, September 30th. Investors of record on Thursday, September 10th will be issued a $0.11 dividend. This represents a c) annualized dividend and a yield of 13.3%. The ex-dividend date is Thursday, September 10th.

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.