Eagle Point Income (NYSE:EIC) Coverage Initiated at B. Riley

B. Riley assumed coverage on shares of Eagle Point Income (NYSE:EIC) in a research report report published on Tuesday morning, MarketBeat Ratings reports. The firm issued a buy rating and a $17.50 target price on the stock. B. Riley also issued estimates for Eagle Point Income’s Q3 2024 earnings at $0.50 EPS, Q4 2024 earnings at $0.51 EPS, FY2024 earnings at $2.00 EPS, Q1 2025 earnings at $0.49 EPS, Q2 2025 earnings at $0.49 EPS, Q3 2025 earnings at $0.49 EPS, Q4 2025 earnings at $0.49 EPS, FY2025 earnings at $1.95 EPS, Q1 2026 earnings at $0.50 EPS, Q2 2026 earnings at $0.50 EPS and FY2026 earnings at $2.01 EPS.

Eagle Point Income Stock Performance

NYSE:EIC opened at $15.77 on Tuesday. Eagle Point Income has a 52 week low of $13.55 and a 52 week high of $16.75. The stock’s 50-day moving average price is $15.71 and its 200-day moving average price is $15.84.

Eagle Point Income (NYSE:EIC) last announced its earnings results on Tuesday, August 6th. The company reported $0.44 earnings per share (EPS) for the quarter. The business had revenue of $10.92 million for the quarter.

Eagle Point Income Dividend Announcement

The company also recently declared a monthly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Wednesday, December 11th will be given a dividend of $0.20 per share. The ex-dividend date of this dividend is Wednesday, December 11th. This represents a $2.40 annualized dividend and a dividend yield of 15.22%.

Institutional Trading of Eagle Point Income

Several institutional investors have recently made changes to their positions in EIC. Graypoint LLC raised its stake in shares of Eagle Point Income by 2.7% in the 1st quarter. Graypoint LLC now owns 152,963 shares of the company’s stock valued at $2,547,000 after acquiring an additional 4,048 shares during the period. Main Street Financial Solutions LLC acquired a new position in Eagle Point Income during the 2nd quarter worth approximately $160,000. Virtu Financial LLC acquired a new position in Eagle Point Income during the 1st quarter worth approximately $253,000. Finally, Principal Securities Inc. acquired a new position in shares of Eagle Point Income in the 4th quarter valued at $446,000.

Eagle Point Income Company Profile

About Eagle Point Income Company is a non-diversified,closed-end management investment company. The Company’s primary investment objective is to generate high current income, with a secondary objective to generate capital appreciation, by investing primarily in junior debt tranches of CLOs. In addition, the Company may invest up to 20% of its total assets (at the time of investment) in CLO equity securities and related securities and instruments.