Rivernorth Capital Management LLC Cuts Stake in Eagle Point Income Company Inc. $EIC

Rivernorth Capital Management LLC reduced its position in shares of Eagle Point Income Company Inc. (NYSE:EIC) by 96.8% in the second quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 25,000 shares of the company’s stock after selling 749,059 shares during the quarter. Rivernorth Capital Management LLC’s holdings in Eagle Point Income were worth $252,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of EIC. Flax Pond Capital LLC bought a new stake in shares of Eagle Point Income during the fourth quarter valued at approximately $5,160,000. Bulldog Investors LLP purchased a new position in Eagle Point Income in the 1st quarter worth approximately $2,054,000. Clear Harbor Asset Management LLC bought a new position in Eagle Point Income in the 2nd quarter valued at approximately $1,048,000. Almitas Capital LLC purchased a new stake in Eagle Point Income during the 2nd quarter valued at $811,000. Finally, Kovack Advisors Inc. purchased a new stake in Eagle Point Income during the 4th quarter valued at $360,000.

Analyst Ratings Changes

Separately, Zacks Research raised 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’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $11.25.

Eagle Point Income Price Performance

EIC stock opened at $10.03 on Monday. The business’s 50-day moving average is $10.05 and its two-hundred day moving average is $10.04. Eagle Point Income Company Inc. has a fifty-two week low of $9.17 and a fifty-two week high of $13.92.

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

Eagle Point Income Dividend Announcement

The firm also recently announced a monthly dividend, which will be paid on Thursday, December 31st. Shareholders of record on Friday, December 11th will be issued 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 Friday, December 11th.

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.