Eagle Point Income Company Inc. (NYSE:EIC) Sees Significant Decline in Short Interest

Eagle Point Income Company Inc. (NYSE:EIC) was the target of a significant decline in short interest in the month of July. As of July 15th, there was short interest totaling 36,290 shares, a decline of 42.3% from the June 30th total of 62,916 shares. Based on an average daily volume of 110,910 shares, the short-interest ratio is currently 0.3 days.

Eagle Point Income Stock Up 0.8%

Shares of NYSE EIC traded up $0.08 during trading on Thursday, hitting $9.98. 80,700 shares of the company traded hands, compared to its average volume of 150,233. The company has a 50-day moving average price of $10.24 and a 200-day moving average price of $10.19. Eagle Point Income has a 1 year low of $9.17 and a 1 year high of $13.92.

Eagle Point Income Dividend Announcement

The company also recently declared a monthly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Thursday, September 10th will be given a dividend of $0.11 per share. This represents a c) dividend on an annualized basis and a yield of 13.2%. The ex-dividend date of this dividend is Thursday, September 10th.

Wall Street Analyst Weigh In

Separately, Zacks Research raised Eagle Point Income from a “strong sell” rating to a “hold” rating in a research note on Friday, May 15th. One equities research analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $11.25.

Hedge Funds Weigh In On Eagle Point Income

A number of large investors have recently modified their holdings of the company. EverSource Wealth Advisors LLC grew its holdings in shares of Eagle Point Income by 63.7% during the 4th quarter. EverSource Wealth Advisors LLC now owns 2,735 shares of the company’s stock worth $31,000 after purchasing an additional 1,064 shares during the period. TCTC Holdings LLC raised its holdings in Eagle Point Income by 38.5% in the fourth quarter. TCTC Holdings LLC now owns 3,600 shares of the company’s stock valued at $41,000 after buying an additional 1,000 shares during the period. N.E.W. Advisory Services LLC lifted its position in Eagle Point Income by 100.0% during the fourth quarter. N.E.W. Advisory Services LLC now owns 4,000 shares of the company’s stock valued at $46,000 after buying an additional 2,000 shares in the last quarter. Advisory Services Network LLC acquired a new position in Eagle Point Income during the third quarter valued at approximately $89,000. Finally, Evolve Private Wealth LLC purchased a new stake in Eagle Point Income during the fourth quarter worth approximately $122,000.

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.