Eagle Point Income (NYSE:EIC) Given New $11.25 Price Target at B. Riley Financial

Eagle Point Income (NYSE:EIC) had its price objective trimmed by B. Riley Financial from $14.00 to $11.25 in a report published on Monday morning,Benzinga reports. The firm currently has a buy rating on the stock.

A number of other equities research analysts have also recently commented on the company. Zacks Research cut Eagle Point Income from a “hold” rating to a “strong sell” rating in a report on Friday, February 27th. LADENBURG THALM/SH SH reaffirmed a “neutral” rating on shares of Eagle Point Income in a research note on Friday, February 27th. One analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $11.25.

Eagle Point Income Price Performance

Shares of NYSE EIC opened at $9.49 on Monday. Eagle Point Income has a 1 year low of $9.30 and a 1 year high of $15.33. The firm has a fifty day moving average price of $10.46 and a 200-day moving average price of $11.64.

Eagle Point Income (NYSE:EIC) last released its earnings results on Thursday, February 26th. The company reported $0.35 earnings per share for the quarter, beating analysts’ consensus estimates of $0.32 by $0.03. The firm had revenue of $14.50 million for the quarter, compared to analysts’ expectations of $14.70 million.

Eagle Point Income Dividend Announcement

The business also recently announced a monthly dividend, which will be paid on Tuesday, June 30th. Investors of record on Wednesday, June 10th will be given a dividend of $0.11 per share. The ex-dividend date is Wednesday, June 10th. This represents a c) dividend on an annualized basis and a dividend yield of 13.9%.

Institutional Trading of Eagle Point Income

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Envestnet Asset Management Inc. lifted its stake in Eagle Point Income by 2.8% in the 2nd quarter. Envestnet Asset Management Inc. now owns 99,584 shares of the company’s stock worth $1,361,000 after purchasing an additional 2,754 shares in the last quarter. Cetera Investment Advisers grew its position in shares of Eagle Point Income by 17.8% during the second quarter. Cetera Investment Advisers now owns 14,369 shares of the company’s stock valued at $196,000 after purchasing an additional 2,170 shares in the last quarter. Thomas J. Herzfeld Advisors Inc. purchased a new position in shares of Eagle Point Income during the second quarter valued at about $325,000. Enstar Group LTD increased its holdings in shares of Eagle Point Income by 1.5% in the second quarter. Enstar Group LTD now owns 3,819,656 shares of the company’s stock worth $52,215,000 after purchasing an additional 55,076 shares during the last quarter. Finally, Astoria Portfolio Advisors LLC. bought a new stake in shares of Eagle Point Income in the third quarter worth about $131,000.

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.