Rivernorth Capital Management LLC Buys 248,933 Shares of Eagle Point Income Company Inc. $EIC

Rivernorth Capital Management LLC raised its stake in shares of Eagle Point Income Company Inc. (NYSE:EIC) by 47.4% in the first quarter, Holdings Channel reports. The institutional investor owned 774,059 shares of the company’s stock after buying an additional 248,933 shares during the quarter. Rivernorth Capital Management LLC’s holdings in Eagle Point Income were worth $7,307,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in the stock. Flax Pond Capital LLC purchased a new stake in shares of Eagle Point Income in the fourth quarter worth $5,160,000. Thomas J. Herzfeld Advisors Inc. bought a new position in Eagle Point Income in the 4th quarter worth about $3,546,000. Cerity Partners LLC purchased a new stake in Eagle Point Income during the 4th quarter valued at about $2,523,000. Bulldog Investors LLP bought a new stake in Eagle Point Income during the 1st quarter valued at about $2,054,000. Finally, Almitas Capital LLC bought a new stake in Eagle Point Income during the 4th quarter valued at about $919,000.

Eagle Point Income Trading Up 0.7%

NYSE EIC opened at $10.01 on Wednesday. Eagle Point Income Company Inc. has a one year low of $9.17 and a one year high of $13.92. The stock has a 50-day moving average of $10.25 and a 200 day moving average of $10.20.

Eagle Point Income Dividend Announcement

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

Analysts Set New Price Targets

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 research analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $11.25.

About Eagle Point Income

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.