Eagle Point Income (NYSE:EIC) Shares Climb 1.5% – Still a Buy?

Eagle Point Income Company Inc. (NYSE:EIC)’s share price was up 1.5% during mid-day trading on Monday. The stock traded as high as $9.47 and last traded at $9.2370. 221,980 shares traded hands during mid-day trading, an increase of 55% from the average daily volume of 143,460 shares. The stock had previously closed at $9.10.

Eagle Point Income Stock Performance

The stock has a 50-day simple moving average of $9.61 and a 200 day simple moving average of $9.96.

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

Eagle Point Income Dividend Announcement

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 $1.32 dividend on an annualized basis and a yield of 14.7%.

Institutional Investors Weigh In On Eagle Point Income

A number of institutional investors have recently modified their holdings of the stock. Astoria Portfolio Advisors LLC. boosted its position in Eagle Point Income by 9.0% during the first quarter. Astoria Portfolio Advisors LLC. now owns 13,182 shares of the company’s stock valued at $132,000 after purchasing an additional 1,090 shares during the last quarter. TrueMark Investments LLC grew its stake in Eagle Point Income by 26.7% in the first quarter. TrueMark Investments LLC now owns 19,011 shares of the company’s stock valued at $179,000 after purchasing an additional 4,011 shares in the last quarter. BlackRock Inc. acquired a new position in Eagle Point Income in the 2nd quarter worth about $194,000. K2 Principal Fund L.P. acquired a new position in Eagle Point Income in the 2nd quarter worth about $237,000. Finally, Susquehanna International Group LLP acquired a new position in Eagle Point Income in the 2nd quarter worth about $630,000.

About Eagle Point Income

Eagle Point Income Company Inc (NYSE:EIC) is a non-diversified, closed-end management investment company focused on generating current income and, secondarily, seeking capital appreciation. The company invests primarily in collateralized loan obligation (CLO) securities and other structured credit investments.

Its portfolio may include debt tranches and equity interests issued by CLOs, which are financial vehicles backed mainly by portfolios of senior secured corporate loans. Through these investments, Eagle Point Income seeks exposure to the cash flows generated by corporate credit markets while maintaining a focus on income-producing assets.

Eagle Point Income is externally managed by Eagle Point Income Management LLC, an affiliate of Eagle Point Credit Management LLC.