Rivernorth Capital Management LLC Sells 749,059 Shares of Eagle Point Income Company Inc. $EIC

Rivernorth Capital Management LLC lowered its stake in Eagle Point Income Company Inc. (NYSE:EIC) by 96.8% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 25,000 shares of the company’s stock after selling 749,059 shares during the quarter. Rivernorth Capital Management LLC’s holdings in Eagle Point Income were worth $252,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also recently made changes to their positions in the company. EverSource Wealth Advisors LLC increased its holdings in Eagle Point Income by 63.7% in the 4th quarter. EverSource Wealth Advisors LLC now owns 2,735 shares of the company’s stock worth $31,000 after acquiring an additional 1,064 shares in the last quarter. TCTC Holdings LLC lifted its holdings in Eagle Point Income by 38.5% during the fourth quarter. TCTC Holdings LLC now owns 3,600 shares of the company’s stock valued at $41,000 after purchasing an additional 1,000 shares in the last quarter. Advisory Services Network LLC bought a new position in shares of Eagle Point Income in the third quarter worth approximately $89,000. Evolve Private Wealth LLC bought a new position in shares of Eagle Point Income in the fourth quarter worth approximately $122,000. Finally, Astoria Portfolio Advisors LLC. increased its stake in shares of Eagle Point Income by 9.0% in the first quarter. Astoria Portfolio Advisors LLC. now owns 13,182 shares of the company’s stock worth $132,000 after purchasing an additional 1,090 shares in the last quarter.

Wall Street Analyst Weigh In

Separately, Zacks Research upgraded shares of Eagle Point Income from a “strong sell” rating to a “hold” rating in a research note on Friday, May 15th. One equities research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $11.25.

Eagle Point Income Price Performance

Shares of EIC stock opened at $10.03 on Monday. Eagle Point Income Company Inc. has a 12-month low of $9.17 and a 12-month high of $13.92. The stock’s 50-day moving average price is $10.05 and its 200-day moving average price is $10.04.

Eagle Point Income (NYSE:EIC) last announced its quarterly earnings results on Thursday, August 13th. The company reported $0.37 earnings per share for the quarter, topping the consensus estimate of $0.33 by $0.04. The business had revenue of ($3.11) million during the quarter, compared to the consensus estimate of $12.15 million.

Eagle Point Income Dividend Announcement

The company also recently disclosed a monthly dividend, which will be paid on Thursday, December 31st. Shareholders of record on Friday, December 11th will be paid a $0.11 dividend. The ex-dividend date of this dividend is Friday, December 11th. This represents a c) annualized dividend and a yield of 13.2%.

Eagle Point Income 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.