Eagle Point Income (NYSE:EIC) Stock Price Down 2% – Time to Sell?

Eagle Point Income Company Inc. (NYSE:EIC)’s stock price was down 2% on Monday. The stock traded as low as $9.22 and last traded at $9.2270. Approximately 63,829 shares were traded during mid-day 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 Performance

The firm’s fifty day moving average is $9.89 and its 200-day moving average is $10.01.

Eagle Point Income (NYSE:EIC) last posted its quarterly 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 analysts’ expectations of $12.15 million.

Eagle Point Income Announces Dividend

The company also recently disclosed a monthly dividend, which will be paid on Thursday, December 31st. Investors of record on Friday, December 11th will be paid a $0.11 dividend. This represents a $1.32 annualized dividend and a yield of 14.3%. The ex-dividend date of this dividend is Friday, December 11th.

Institutional Trading of Eagle Point Income

Several large investors have recently bought and sold shares of EIC. Rivernorth Capital Management LLC boosted its position 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 buying an additional 248,933 shares in the last quarter. Flax Pond Capital LLC grew its position in shares of Eagle Point Income by 33.4% in 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. Bulldog Investors LLP purchased a new stake in Eagle Point Income in the 1st quarter valued at approximately $2,054,000. Advisory Solutions Group LLC purchased a new position in Eagle Point Income during the second quarter worth $1,476,000. Finally, Clear Harbor Asset Management LLC purchased a new position in Eagle Point Income during the second quarter worth $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.