GREENWICH, Conn.—Thomas P. Majewski, Chief Executive Officer and Portfolio Manager of Eagle Point Institutional Income Fund (NASDAQ:EIIA), recently purchased 4,000 shares of the company's 8.125% Series A Term Preferred Shares due 2029. The transaction, conducted on October 23, 2024, was valued at approximately $99,840, with shares acquired at an average price of $24.96 each.
This acquisition adds to Majewski's holdings, bringing his total ownership to 4,000 shares. The purchase was made through the Thomas P. Majewski Revocable Trust. The price per share reflects a range of $24.95 to $24.97, according to the filing.
InvestingPro Insights
Thomas P. Majewski's recent purchase of Eagle Point Institutional Income Fund's (NASDAQ:EIIA) preferred shares aligns with the company's stable performance in the market. According to InvestingPro data, EIIA has shown consistent returns across various timeframes, with a 0.65% price total return over the past month, three months, six months, and year-to-date periods.
The CEO's acquisition at an average price of $24.96 per share appears to be in line with the stock's recent trading activity, as the previous closing price was $24.97. This suggests Majewski's confidence in the company's valuation and future prospects.
InvestingPro Tips highlight that EIIA has maintained dividend payments for 3 consecutive years, which may have influenced Majewski's decision to increase his stake in the preferred shares, particularly given their 8.125% yield. Additionally, the company's low price volatility could be attractive to investors seeking stability in their portfolio.
For those interested in a deeper analysis, InvestingPro offers 9 additional tips for EIIA, providing a comprehensive view of the company's financial health and market position. These insights could be valuable for investors considering following Majewski's lead or evaluating EIIA's potential as an investment.
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