Eagle Point Income (NYSE:EIC) Upgraded to Hold at Zacks Research

Zacks Research upgraded shares of Eagle Point Income (NYSE:EIC) from a strong sell rating to a hold rating in a research note published on Monday,Zacks.com reports.

Separately, B. Riley reduced their target price on shares of Eagle Point Income from $15.00 to $14.00 and set a “buy” rating for the company in a research note on Thursday, November 20th. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat.com, Eagle Point Income currently has an average rating of “Buy” and a consensus target price of $14.00.

Eagle Point Income Trading Down 0.6%

Shares of EIC stock opened at $11.11 on Monday. The business’s 50 day moving average is $11.32 and its two-hundred day moving average is $12.44. Eagle Point Income has a twelve month low of $10.81 and a twelve month high of $16.23.

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

Eagle Point Income Announces Dividend

The company also recently disclosed 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. The ex-dividend date of this dividend is Wednesday, March 11th. This represents a c) annualized dividend and a yield of 11.9%.

Hedge Funds Weigh In On Eagle Point Income

A number of institutional investors have recently made changes to their positions in the stock. Friedenthal Financial purchased a new stake in Eagle Point Income during the 2nd quarter worth about $79,000. North Ground Capital purchased a new position in Eagle Point Income in the 3rd quarter valued at about $5,683,000. Ballentine Partners LLC boosted its stake in shares of Eagle Point Income by 96.6% during the 2nd quarter. Ballentine Partners LLC now owns 24,650 shares of the company’s stock worth $337,000 after purchasing an additional 12,111 shares during the last quarter. AdvisorNet Financial Inc boosted its position in Eagle Point Income by 97.4% during the second quarter. AdvisorNet Financial Inc now owns 3,322 shares of the company’s stock worth $45,000 after acquiring an additional 1,639 shares during the last quarter. Finally, Enstar Group LTD grew its stake in Eagle Point Income by 1.5% in the 2nd quarter. Enstar Group LTD now owns 3,819,656 shares of the company’s stock worth $52,215,000 after acquiring an additional 55,076 shares during the period.

About Eagle Point Income

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.