Eagle Point Income (NYSE:EIC) Shares Down 2% – What’s Next?

Eagle Point Income Company Inc. (NYSE:EIC) was down 2% during trading on Monday. The stock traded as low as $9.22 and last traded at $9.2270. Approximately 63,829 shares changed hands during trading, a decline of 53% from the average session volume of 136,617 shares. The stock had previously closed at $9.42.

Eagle Point Income Stock Down 2.0%

The business’s 50 day moving average price is $9.90 and its two-hundred day moving average price is $10.01.

Eagle Point Income (NYSE:EIC) last released its quarterly earnings data 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 for the quarter, compared to analyst estimates of $12.15 million.

Eagle Point Income Announces Dividend

The business also recently declared a monthly dividend, which will be paid on Thursday, December 31st. Stockholders of record on Friday, December 11th will be issued a dividend of $0.11 per share. The ex-dividend date is Friday, December 11th. This represents a $1.32 annualized dividend and a dividend yield of 14.3%.

Institutional Investors Weigh In On Eagle Point Income

Hedge funds have recently modified their holdings of the company. Rivernorth Capital Management LLC grew its position in Eagle Point Income by 47.4% during the 1st quarter. Rivernorth Capital Management LLC now owns 774,059 shares of the company’s stock worth $7,307,000 after acquiring an additional 248,933 shares during the last quarter. Flax Pond Capital LLC boosted its stake in shares of 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 in the last quarter. Bulldog Investors LLP acquired a new stake in shares of Eagle Point Income during the first quarter valued at about $2,054,000. Advisory Solutions Group LLC bought a new stake in shares of Eagle Point Income during the second quarter worth about $1,476,000. Finally, Clear Harbor Asset Management LLC bought a new stake in shares of Eagle Point Income during the second quarter worth about $1,048,000.

Eagle Point Income Company Profile

Eagle Point Income Company (NYSE: EIC) is a non-diversified closed-end management investment company focused on generating current income and, secondarily, achieving total returns. The company invests primarily in floating-rate credit instruments and other income-producing assets.

Its portfolio is centered on collateralized loan obligations (CLOs), including senior and junior debt tranches and, to a lesser extent, CLO equity interests. Eagle Point Income may also invest in corporate loans, high-yield bonds, structured finance securities and other credit-related investments.