Eagle Point Income (NYSE:EIC) Shares Up 1.8% – Time to Buy?

Shares of Eagle Point Income Company Inc. (NYSE:EIC) shot up 1.8% during mid-day trading on Wednesday . The company traded as high as $9.58 and last traded at $9.55. 111,642 shares traded hands during trading, a decline of 43% from the average session volume of 196,028 shares. The stock had previously closed at $9.38.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on EIC. B. Riley Financial decreased their price objective on Eagle Point Income from $14.00 to $11.25 and set a “buy” rating on the stock in a research report on Monday, March 16th. Zacks Research downgraded Eagle Point Income from a “hold” rating to a “strong sell” rating in a research report on Friday, February 27th. Finally, LADENBURG THALM/SH SH restated a “neutral” rating on shares of Eagle Point Income in a research report on Friday, February 27th. One investment 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. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $11.25.

Eagle Point Income Stock Up 1.8%

The firm has a fifty day moving average price of $9.88 and a two-hundred day moving average price of $11.17.

Eagle Point Income (NYSE:EIC) last issued 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 the consensus estimate of $14.70 million.

Eagle Point Income Announces Dividend

The firm also recently disclosed a monthly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Wednesday, June 10th will be given a $0.11 dividend. The ex-dividend date of this dividend is Wednesday, June 10th. This represents a c) dividend on an annualized basis and a dividend yield of 13.8%.

Institutional Trading of Eagle Point Income

A number of institutional investors have recently made changes to their positions in EIC. EverSource Wealth Advisors LLC lifted its position in Eagle Point Income by 63.7% during the 4th quarter. EverSource Wealth Advisors LLC now owns 2,735 shares of the company’s stock worth $31,000 after acquiring an additional 1,064 shares during the period. TCTC Holdings LLC lifted its position in 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 during the period. N.E.W. Advisory Services LLC lifted its position in Eagle Point Income by 100.0% during the 4th quarter. N.E.W. Advisory Services LLC now owns 4,000 shares of the company’s stock worth $46,000 after acquiring an additional 2,000 shares during the period. Advisory Services Network LLC acquired a new stake in Eagle Point Income during the 3rd quarter worth about $89,000. Finally, Evolve Private Wealth LLC acquired a new stake in Eagle Point Income during the 4th quarter worth about $122,000.

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.