Clear Harbor Asset Management LLC Makes New Investment in Eagle Point Income Company Inc. $EIC

Clear Harbor Asset Management LLC purchased a new stake in Eagle Point Income Company Inc. (NYSE:EIC) in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor purchased 104,060 shares of the company’s stock, valued at approximately $1,048,000.

A number of other institutional investors and hedge funds also recently bought and sold shares of EIC. Rivernorth Capital Management LLC grew its stake in shares of Eagle Point Income by 47.4% in the 1st quarter. Rivernorth Capital Management LLC now owns 774,059 shares of the company’s stock worth $7,307,000 after purchasing an additional 248,933 shares during the last quarter. Flax Pond Capital LLC lifted its stake in Eagle Point Income by 33.4% during the first quarter. Flax Pond Capital LLC now owns 603,019 shares of the company’s stock valued at $5,692,000 after purchasing an additional 150,815 shares during the last quarter. Thomas J. Herzfeld Advisors Inc. acquired a new stake in Eagle Point Income during the fourth quarter valued at approximately $3,546,000. Cerity Partners LLC bought a new stake in Eagle Point Income during the fourth quarter worth approximately $2,523,000. Finally, Bulldog Investors LLP bought a new stake in Eagle Point Income during the first quarter worth approximately $2,054,000.

Eagle Point Income Stock Performance

Shares of NYSE EIC opened at $10.00 on Friday. Eagle Point Income Company Inc. has a one year low of $9.17 and a one year high of $13.92. The business has a 50-day moving average price of $10.06 and a two-hundred day moving average price of $10.06.

Eagle Point Income (NYSE:EIC) last posted its quarterly earnings results on Thursday, August 13th. The company reported $0.37 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.33 by $0.04. The company had revenue of ($3.11) million during the quarter, compared to analysts’ expectations of $12.15 million.

Eagle Point Income Announces Dividend

The business also recently announced a monthly dividend, which will be paid on Thursday, December 31st. Shareholders of record on Friday, December 11th will be given a $0.11 dividend. The ex-dividend date is Friday, December 11th. This represents a c) dividend on an annualized basis and a yield of 13.2%.

Analyst Ratings Changes

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

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.