683 Capital Management LLC Invests $718,000 in Ellington Credit (NYSE:EARN)

683 Capital Management LLC acquired a new position in Ellington Credit (NYSE:EARN - Free Report) during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 108,503 shares of the real estate investment trust's stock, valued at approximately $718,000. 683 Capital Management LLC owned approximately 0.37% of Ellington Credit as of its most recent filing with the Securities & Exchange Commission.

Several other large investors also recently added to or reduced their stakes in the business. Wells Fargo & Company MN grew its holdings in shares of Ellington Credit by 56,104,600.0% during the fourth quarter. Wells Fargo & Company MN now owns 1,122,094 shares of the real estate investment trust's stock worth $7,428,000 after purchasing an additional 1,122,092 shares in the last quarter. Susquehanna International Group LLP increased its holdings in shares of Ellington Credit by 570.4% in the 4th quarter. Susquehanna International Group LLP now owns 481,669 shares of the real estate investment trust's stock worth $3,189,000 after buying an additional 409,817 shares during the last quarter. Bank of New York Mellon Corp purchased a new stake in shares of Ellington Credit during the 4th quarter valued at $955,000. Schonfeld Strategic Advisors LLC purchased a new position in Ellington Credit in the fourth quarter worth $369,000. Finally, Arrowstreet Capital Limited Partnership raised its position in Ellington Credit by 35.5% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 195,955 shares of the real estate investment trust's stock valued at $1,297,000 after purchasing an additional 51,345 shares in the last quarter. Institutional investors own 20.40% of the company's stock.

Insider Buying and Selling at Ellington Credit

In other Ellington Credit news, Portfolio Manager Gregory Morris Borenstein acquired 8,000 shares of the business's stock in a transaction on Wednesday, April 9th. The shares were acquired at an average price of $4.73 per share, for a total transaction of $37,840.00. Following the completion of the acquisition, the portfolio manager now owns 18,000 shares in the company, valued at $85,140. This trade represents a 80.00 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 1.60% of the company's stock.

Ellington Credit Stock Performance

NYSE:EARN opened at $5.37 on Friday. Ellington Credit has a fifty-two week low of $4.33 and a fifty-two week high of $7.26. The business has a 50 day moving average price of $5.61 and a 200-day moving average price of $6.29. The firm has a market cap of $201.50 million, a PE ratio of 4.79 and a beta of 1.74.

Ellington Credit (NYSE:EARN - Get Free Report) last released its quarterly earnings results on Wednesday, March 12th. The real estate investment trust reported $0.27 EPS for the quarter, beating analysts' consensus estimates of $0.26 by $0.01. Ellington Credit had a return on equity of 15.81% and a net margin of 226.01%. The business had revenue of $6.14 million during the quarter, compared to analyst estimates of $9.65 million. Research analysts predict that Ellington Credit will post 1.17 EPS for the current year.

Ellington Credit Dividend Announcement

The business also recently disclosed a monthly dividend, which will be paid on Tuesday, May 27th. Shareholders of record on Wednesday, April 30th will be issued a $0.08 dividend. The ex-dividend date is Wednesday, April 30th. This represents a $0.96 annualized dividend and a yield of 17.89%. Ellington Credit's dividend payout ratio (DPR) is presently 320.00%.

Wall Street Analyst Weigh In

EARN has been the topic of several recent research reports. Piper Sandler reduced their price objective on Ellington Credit from $8.00 to $6.50 and set an "overweight" rating on the stock in a research report on Tuesday, April 8th. UBS Group lowered their price objective on shares of Ellington Credit from $6.50 to $5.25 and set a "neutral" rating for the company in a report on Thursday, April 17th.

Ellington Credit Profile

Ellington Credit Company, a real estate investment trust, acquires, invests in, and manages residential mortgage-and real estate-related assets. It acquires and manages residential mortgage-backed securities (RMBS), including agency pools and agency collateralized mortgage obligations (CMOs); and non-agency RMBS, such as non-agency CMOs, such as investment grade and non-investment grade.

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