Alpine Global Management LLC Takes Position in Eagle Point Income Company Inc. $EIC

Alpine Global Management LLC purchased a new position in Eagle Point Income Company Inc. (NYSE:EIC) during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 222,222 shares of the company’s stock, valued at approximately $2,991,000.

Other large investors have also recently made changes to their positions in the company. Raymond James Financial Inc. lifted its holdings in Eagle Point Income by 3.6% during the third quarter. Raymond James Financial Inc. now owns 48,471 shares of the company’s stock valued at $652,000 after purchasing an additional 1,701 shares in the last quarter. Cetera Investment Advisers grew its holdings in shares of Eagle Point Income by 17.8% in 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. Envestnet Asset Management Inc. increased its holdings in shares of 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 buying an additional 2,754 shares during the last quarter. Advisory Services Network LLC purchased a new stake in Eagle Point Income during the third quarter valued at approximately $89,000. Finally, Astoria Portfolio Advisors LLC. bought a new stake in Eagle Point Income in the third quarter worth $131,000.

Eagle Point Income Trading Up 0.5%

Shares of Eagle Point Income stock opened at $9.52 on Wednesday. The firm’s 50 day moving average is $10.42 and its two-hundred day moving average is $11.61. Eagle Point Income Company Inc. has a 52 week low of $9.30 and a 52 week high of $15.22.

Eagle Point Income (NYSE:EIC) last announced its quarterly 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 company had revenue of $14.50 million during the quarter, compared to analysts’ expectations of $14.70 million.

Eagle Point Income Announces Dividend

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

Analysts Set New Price Targets

Several analysts have issued reports on the stock. LADENBURG THALM/SH SH reissued a “neutral” rating on shares of Eagle Point Income in a research note on Friday, February 27th. Zacks Research lowered shares of Eagle Point Income from a “hold” rating to a “strong sell” rating in a research note on Friday, February 27th. Finally, B. Riley Financial dropped their target price on Eagle Point Income from $14.00 to $11.25 and set a “buy” rating on the stock in a research report on Monday. One equities research analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $11.25.

Eagle Point Income 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.