Eagle Point Income (NYSE:EIC) Stock Jumps 1.3% – Time to Buy?

Eagle Point Income Company Inc. (NYSE:EIC)’s share price was up 1.3% during trading on Monday. The company traded as high as $8.76 and last traded at $8.75. 157,347 shares changed hands during mid-day trading, an increase of 10% from the average session volume of 143,643 shares. The stock had previously closed at $8.64.

Eagle Point Income Stock Up 1.5%

The stock’s fifty day simple moving average is $9.24 and its 200 day simple moving average is $9.89.

Eagle Point Income (NYSE:EIC) last released its quarterly earnings results on Thursday, August 13th. The company reported $0.37 earnings per share for the quarter, beating analysts’ consensus estimates of $0.33 by $0.04. The firm 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 announced 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. This represents a $1.32 annualized dividend and a yield of 14.8%. The ex-dividend date is Friday, December 11th.

Hedge Funds Weigh In On Eagle Point Income

Institutional investors and hedge funds have recently bought and sold shares of the company. Rivernorth Capital Management LLC lifted its holdings in shares of Eagle Point Income by 47.4% during the 1st quarter. Rivernorth Capital Management LLC now owns 774,059 shares of the company’s stock valued at $7,307,000 after purchasing an additional 248,933 shares during the last quarter. Flax Pond Capital LLC grew its stake in Eagle Point Income by 33.4% during the 1st quarter. Flax Pond Capital LLC now owns 603,019 shares of the company’s stock worth $5,692,000 after buying an additional 150,815 shares during the last quarter. Bulldog Investors LLP purchased a new position in Eagle Point Income during the 1st quarter worth $2,054,000. Kestra Advisory Services LLC grew its stake in Eagle Point Income by 137.9% during the 3rd quarter. Kestra Advisory Services LLC now owns 174,535 shares of the company’s stock worth $1,613,000 after buying an additional 101,183 shares during the last quarter. Finally, Advisory Solutions Group LLC purchased a new position in Eagle Point Income during the 2nd quarter worth $1,476,000.

About Eagle Point Income

Eagle Point Income Company, Inc. (NYSE: EIC) is a closed-end management investment company focused primarily on generating current income and, to a lesser extent, capital appreciation. The company invests mainly in collateralized loan obligations (CLOs), which are securities backed by portfolios of senior secured loans made to corporate borrowers. EIC typically invests across different levels of the CLO capital structure, including debt tranches and equity interests. Its portfolio may also include other investments related to corporate credit and structured finance.