Eagle Point Income (NYSE:EIC) Shares Up 1.5% – Still a Buy?

Eagle Point Income Company Inc. (NYSE:EIC) shot up 1.5% on Monday. The stock traded as high as $9.47 and last traded at $9.2370. Approximately 221,980 shares changed hands during mid-day trading, an increase of 55% from the average daily volume of 143,460 shares. The stock had previously closed at $9.10.

Eagle Point Income Price Performance

The stock has a fifty day simple moving average of $9.63 and a 200-day simple moving average of $9.97.

Eagle Point Income (NYSE:EIC) last posted its quarterly earnings data on Thursday, August 13th. The company reported $0.37 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.33 by $0.04. The company had revenue of ($3.11) million for the quarter, compared to analysts’ expectations of $12.15 million.

Eagle Point Income Announces Dividend

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

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. Astoria Portfolio Advisors LLC. increased its holdings in shares of Eagle Point Income by 9.0% in the first quarter. Astoria Portfolio Advisors LLC. now owns 13,182 shares of the company’s stock valued at $132,000 after purchasing an additional 1,090 shares during the period. TrueMark Investments LLC increased its position in Eagle Point Income by 26.7% during the 1st quarter. TrueMark Investments LLC now owns 19,011 shares of the company’s stock worth $179,000 after purchasing an additional 4,011 shares during the period. BlackRock Inc. purchased a new stake in shares of Eagle Point Income in the second quarter valued at approximately $194,000. K2 Principal Fund L.P. acquired a new position in Eagle Point Income during the second quarter worth $237,000. Finally, Susquehanna International Group LLP acquired a new position in Eagle Point Income during the second quarter worth $630,000.

Eagle Point Income Company Profile

Eagle Point Income Company Inc (NYSE:EIC) is a non-diversified, closed-end management investment company focused on generating current income and, secondarily, seeking capital appreciation. The company invests primarily in collateralized loan obligation (CLO) securities and other structured credit investments.

Its portfolio may include debt tranches and equity interests issued by CLOs, which are financial vehicles backed mainly by portfolios of senior secured corporate loans. Through these investments, Eagle Point Income seeks exposure to the cash flows generated by corporate credit markets while maintaining a focus on income-producing assets.

Eagle Point Income is externally managed by Eagle Point Income Management LLC, an affiliate of Eagle Point Credit Management LLC.