Eagle Point Income (NYSE:EIC) Trading Down 3.4% – Should You Sell?

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

Analyst Upgrades and Downgrades

Separately, Zacks Research raised Eagle Point Income from a “strong sell” rating to a “hold” rating in a research report 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. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $11.25.

Eagle Point Income Trading Down 0.4%

The stock’s fifty day simple moving average is $10.38 and its two-hundred day simple moving average is $10.30.

Eagle Point Income Announces Dividend

The business also recently declared 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. The ex-dividend date of this dividend is Thursday, September 10th. This represents a c) annualized dividend and a dividend yield of 13.2%.

Institutional Trading of Eagle Point Income

Hedge funds have recently bought and sold shares of the company. Flax Pond Capital LLC acquired a new position in Eagle Point Income during the 4th quarter worth $5,160,000. Freestone Capital Holdings LLC bought a new position in shares of Eagle Point Income during the 4th quarter valued at about $707,000. Alpine Global Management LLC acquired a new position in Eagle Point Income in the third quarter worth approximately $2,991,000. TrueMark Investments LLC acquired a new position in shares of Eagle Point Income in the 4th quarter worth $171,000. Finally, Rivernorth Capital Management LLC increased its stake in Eagle Point Income by 47.4% in the 1st quarter. Rivernorth Capital Management LLC now owns 774,059 shares of the company’s stock worth $7,307,000 after purchasing an additional 248,933 shares in the last quarter.

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.