Eagle Point Income Company Inc. (NYSE:EIC) Sees Significant Growth in Short Interest

Eagle Point Income Company Inc. (NYSE:EIC) was the target of a large increase in short interest in August. As of August 14th, there was short interest totaling 82,617 shares, an increase of 58.5% from the July 30th total of 52,136 shares. Based on an average trading volume of 91,177 shares, the short-interest ratio is currently 0.9 days.

Eagle Point Income Stock Performance

NYSE:EIC opened at $10.00 on Wednesday. The stock’s 50 day moving average price is $10.05 and its 200 day moving average price is $10.04. Eagle Point Income has a 52 week low of $9.17 and a 52 week high of $13.92.

Eagle Point Income (NYSE:EIC) last posted its earnings results on Thursday, August 13th. The company reported $0.37 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.33 by $0.04. The business had revenue of ($3.11) million during the quarter, compared to analyst estimates of $12.15 million.

Eagle Point Income Announces Dividend

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

Wall Street Analysts Forecast Growth

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 analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, Eagle Point Income presently has a consensus rating of “Hold” and a consensus price target of $11.25.

Hedge Funds Weigh In On Eagle Point Income

Several hedge funds have recently bought and sold shares of EIC. EverSource Wealth Advisors LLC raised its holdings in Eagle Point Income by 63.7% during the fourth quarter. EverSource Wealth Advisors LLC now owns 2,735 shares of the company’s stock valued at $31,000 after buying an additional 1,064 shares in the last quarter. TCTC Holdings LLC boosted its stake in shares of Eagle Point Income by 38.5% during the 4th quarter. TCTC Holdings LLC now owns 3,600 shares of the company’s stock worth $41,000 after acquiring an additional 1,000 shares in the last quarter. Advisory Services Network LLC bought a new stake in shares of Eagle Point Income during the 3rd quarter worth about $89,000. Evolve Private Wealth LLC acquired a new position in shares of Eagle Point Income during the 4th quarter valued at about $122,000. Finally, Astoria Portfolio Advisors LLC. increased its holdings in shares of Eagle Point Income by 9.0% during the 1st quarter. Astoria Portfolio Advisors LLC. now owns 13,182 shares of the company’s stock valued at $132,000 after acquiring an additional 1,090 shares during 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.