North Ground Capital Invests $5.68 Million in Eagle Point Income Company Inc. $EIC

North Ground Capital purchased a new position in shares of Eagle Point Income Company Inc. (NYSE:EIC) during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 422,222 shares of the company’s stock, valued at approximately $5,683,000. Eagle Point Income comprises approximately 3.5% of North Ground Capital’s investment portfolio, making the stock its 10th largest holding.

Several other hedge funds and other institutional investors have also recently bought and sold shares of EIC. AdvisorNet Financial Inc raised its stake in Eagle Point Income by 97.4% during the second quarter. AdvisorNet Financial Inc now owns 3,322 shares of the company’s stock valued at $45,000 after buying an additional 1,639 shares in the last quarter. Friedenthal Financial acquired a new stake in shares of Eagle Point Income during the 2nd quarter valued at approximately $79,000. Astoria Portfolio Advisors LLC. acquired a new stake in shares of Eagle Point Income during the 3rd quarter valued at approximately $131,000. Cetera Investment Advisers boosted its holdings in Eagle Point Income by 17.8% in the second quarter. Cetera Investment Advisers now owns 14,369 shares of the company’s stock worth $196,000 after purchasing an additional 2,170 shares during the period. Finally, Thomas J. Herzfeld Advisors Inc. acquired a new position in Eagle Point Income in the second quarter worth $325,000.

Analyst Ratings Changes

A number of analysts have weighed in on the stock. B. Riley dropped their target price on shares of Eagle Point Income from $15.00 to $14.00 and set a “buy” rating on the stock in a report on Thursday, November 20th. Zacks Research downgraded shares of Eagle Point Income from a “hold” rating to a “strong sell” rating in a research report on Monday, November 24th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Eagle Point Income has a consensus rating of “Moderate Buy” and a consensus price target of $14.00.

Eagle Point Income Price Performance

NYSE:EIC opened at $11.16 on Monday. Eagle Point Income Company Inc. has a 1 year low of $10.81 and a 1 year high of $16.23. The business has a fifty day moving average of $11.36 and a 200-day moving average of $12.47.

Eagle Point Income (NYSE:EIC) last released its earnings results on Thursday, November 13th. The company reported $0.39 earnings per share for the quarter, topping analysts’ consensus estimates of $0.36 by $0.03.

Eagle Point Income Dividend Announcement

The firm also recently announced a monthly dividend, which will be paid on Tuesday, March 31st. Investors of record on Wednesday, March 11th will be issued a dividend of $0.11 per share. This represents a c) dividend on an annualized basis and a yield of 11.8%. The ex-dividend date is Wednesday, March 11th.

Eagle Point Income 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.