Eagle Point Income (NYSE:EIC) Now Covered by Analysts at B. Riley

B. Riley assumed coverage on shares of Eagle Point Income (NYSE:EIC) in a research report sent to investors on Tuesday, MarketBeat.com reports. The brokerage issued a buy rating and a $17.50 price target on the stock.

Eagle Point Income Price Performance

Shares of EIC opened at $15.59 on Tuesday. The business’s 50-day moving average price is $15.71 and its 200 day moving average price is $15.85. Eagle Point Income has a 1-year low of $13.55 and a 1-year high of $16.75.

Eagle Point Income (NYSE:EIC) last announced its earnings results on Tuesday, August 6th. The company reported $0.44 EPS for the quarter. The firm had revenue of $10.92 million during the quarter.

Eagle Point Income Announces Dividend

The company also recently announced a monthly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Wednesday, December 11th will be paid a dividend of $0.20 per share. This represents a $2.40 annualized dividend and a yield of 15.39%. The ex-dividend date is Wednesday, December 11th.

Institutional Trading of Eagle Point Income

Hedge funds and other institutional investors have recently modified their holdings of the business. Graypoint LLC boosted its position in Eagle Point Income by 2.7% during the 1st quarter. Graypoint LLC now owns 152,963 shares of the company’s stock worth $2,547,000 after acquiring an additional 4,048 shares during the period. Main Street Financial Solutions LLC acquired a new stake in shares of Eagle Point Income during the second quarter worth approximately $160,000. Virtu Financial LLC acquired a new stake in shares of Eagle Point Income during the first quarter worth approximately $253,000. Finally, Principal Securities Inc. purchased a new position in Eagle Point Income during the fourth quarter valued at approximately $446,000.

Eagle Point Income Company Profile

About Eagle Point Income Company is a non-diversified,closed-end management investment company. The Company’s primary investment objective is to generate high current income, with a secondary objective to generate capital appreciation, by investing primarily in junior debt tranches of CLOs. In addition, the Company may invest up to 20% of its total assets (at the time of investment) in CLO equity securities and related securities and instruments.