Rivernorth Capital Management LLC Buys 248,933 Shares of Eagle Point Income Company Inc. $EIC

Rivernorth Capital Management LLC increased its stake in shares of Eagle Point Income Company Inc. (NYSE:EIC) by 47.4% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 774,059 shares of the company’s stock after acquiring an additional 248,933 shares during the quarter. Rivernorth Capital Management LLC’s holdings in Eagle Point Income were worth $7,307,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also bought and sold shares of the stock. Cetera Investment Advisers boosted its stake 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 during the period. Raymond James Financial Inc. grew its holdings in Eagle Point Income by 3.6% in the 3rd quarter. Raymond James Financial Inc. now owns 48,471 shares of the company’s stock worth $652,000 after acquiring an additional 1,701 shares during the last quarter. Advisory Services Network LLC bought a new position in shares of Eagle Point Income during the third quarter valued at about $89,000. TrueMark Investments LLC purchased a new stake in shares of Eagle Point Income during the fourth quarter worth about $171,000. Finally, Freestone Capital Holdings LLC bought a new stake in shares of Eagle Point Income in the fourth quarter worth about $707,000.

Wall Street Analysts Forecast Growth

Separately, Zacks Research upgraded Eagle Point Income from a “strong sell” rating to a “hold” rating in a research report on Friday, May 15th. One investment analyst has rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target of $11.25.

Eagle Point Income Stock Up 0.7%

Shares of EIC stock opened at $10.01 on Wednesday. The business’s fifty day moving average is $10.25 and its 200 day moving average is $10.20. Eagle Point Income Company Inc. has a twelve month low of $9.17 and a twelve month high of $13.92.

Eagle Point Income Announces Dividend

The firm also recently declared a monthly dividend, which will be paid on Wednesday, September 30th. Investors of record on Thursday, September 10th will be given a dividend of $0.11 per share. This represents a c) dividend on an annualized basis and a yield of 13.2%. The ex-dividend date of this dividend is Thursday, September 10th.

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.