Eagle Point Income Company Inc. (NYSE:EIC) Sees Large Increase in Short Interest

Eagle Point Income Company Inc. (NYSE:EIC) was the target of a large increase in short interest in May. As of May 15th, there was short interest totaling 92,929 shares, an increase of 83.5% from the April 30th total of 50,645 shares. Based on an average trading volume of 146,539 shares, the short-interest ratio is presently 0.6 days.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on EIC shares. Zacks Research raised Eagle Point Income from a “strong sell” rating to a “hold” rating in a research report on Friday, May 15th. LADENBURG THALM/SH SH reaffirmed a “neutral” rating on shares of Eagle Point Income in a research report on Friday, February 27th. Finally, B. Riley Financial dropped their target price on Eagle Point Income from $14.00 to $11.25 and set a “buy” rating on the stock in a research report on Monday, March 16th. One analyst has rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $11.25.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. Rivernorth Capital Management LLC grew its stake in shares of Eagle Point Income by 47.4% in the first 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 in the last quarter. Penserra Capital Management LLC bought a new position in shares of Eagle Point Income in the third quarter worth $9,959,000. Flax Pond Capital LLC grew its stake 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 worth $5,692,000 after purchasing an additional 150,815 shares in the last quarter. Thomas J. Herzfeld Advisors Inc. bought a new position in shares of Eagle Point Income in the fourth quarter worth $3,546,000. Finally, Alpine Global Management LLC bought a new position in Eagle Point Income during the third quarter valued at about $2,991,000.

Eagle Point Income Price Performance

NYSE:EIC opened at $10.52 on Thursday. Eagle Point Income has a 1 year low of $9.17 and a 1 year high of $14.05. The business has a fifty day moving average of $10.10 and a 200-day moving average of $10.53.

Eagle Point Income Announces Dividend

The firm also recently declared a monthly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Thursday, September 10th will be paid a $0.11 dividend. The ex-dividend date of this dividend is Thursday, September 10th. This represents a c) annualized dividend and a dividend yield of 12.5%.

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.