B. Riley Financial Cuts Eagle Point Income (NYSE:EIC) Price Target to $11.25

Eagle Point Income (NYSE:EIC) had its target price cut by B. Riley Financial from $14.00 to $11.25 in a research report sent to investors on Monday morning,Benzinga reports. They currently have a buy rating on the stock.

Several other brokerages also recently commented on EIC. Zacks Research downgraded Eagle Point Income from a “hold” rating to a “strong sell” rating in a report on Friday, February 27th. LADENBURG THALM/SH SH reissued a “neutral” rating on shares of Eagle Point Income in a research note on Friday, February 27th. One investment analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $11.25.

Eagle Point Income Stock Down 0.4%

EIC stock opened at $9.51 on Monday. The company has a fifty day moving average price of $10.39 and a 200-day moving average price of $11.59. Eagle Point Income has a 52-week low of $9.30 and a 52-week high of $15.20.

Eagle Point Income (NYSE:EIC) last issued its quarterly earnings data on Thursday, February 26th. The company reported $0.35 earnings per share for the quarter, topping the consensus estimate of $0.32 by $0.03. The business had revenue of $14.50 million during the quarter, compared to the consensus estimate of $14.70 million.

Eagle Point Income Dividend Announcement

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

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the stock. EverSource Wealth Advisors LLC grew its holdings in Eagle Point Income by 63.7% in the fourth quarter. EverSource Wealth Advisors LLC now owns 2,735 shares of the company’s stock worth $31,000 after purchasing an additional 1,064 shares during the period. TCTC Holdings LLC raised its holdings in shares of Eagle Point Income by 38.5% during the fourth quarter. TCTC Holdings LLC now owns 3,600 shares of the company’s stock valued at $41,000 after purchasing an additional 1,000 shares during the period. N.E.W. Advisory Services LLC boosted its position in shares of 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 purchasing an additional 2,000 shares in the last quarter. Advisory Services Network LLC bought a new position in shares of Eagle Point Income during the 3rd quarter worth about $89,000. Finally, Evolve Private Wealth LLC acquired a new stake in shares of Eagle Point Income in the 4th quarter valued at 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.