Ellington Credit Company (NYSE:EARN) Short Interest Down 32.5% in September

Key Points

• Short interest in Ellington Credit Company decreased by 32.5% to 206,600 shares as of September 15, down from 306,100 shares at the end of August.
• The company announced a dividend of $0.08 per share, which will be paid on October 31, reflecting a remarkable yield of 1,757.0%.
• Ellington Credit's current market cap stands at $196.81 million, with a price-to-earnings ratio of 29.11 and a 12-month stock price range between $4.32 and $7.11.

Ellington Credit Company (NYSE:EARN - Get Free Report) was the target of a large decrease in short interest in the month of September. As of September 15th, there was short interest totaling 206,600 shares, a decrease of 32.5% from the August 31st total of 306,100 shares. Based on an average daily volume of 308,800 shares, the days-to-cover ratio is currently 0.7 days. Based on an average daily volume of 308,800 shares, the days-to-cover ratio is currently 0.7 days.

Ellington Credit Stock Performance

Shares of EARN stock traded down $0.21 during mid-day trading on Monday, hitting $5.24. 440,363 shares of the stock traded hands, compared to its average volume of 522,184. Ellington Credit has a twelve month low of $4.32 and a twelve month high of $7.11. The company's 50-day simple moving average is $5.69 and its 200-day simple moving average is $5.61. The firm has a market cap of $196.81 million, a price-to-earnings ratio of 29.11 and a beta of 1.33.

Ellington Credit (NYSE:EARN - Get Free Report) last announced its earnings results on Tuesday, August 19th. The real estate investment trust reported $0.18 earnings per share for the quarter, missing the consensus estimate of $0.20 by ($0.02). Ellington Credit had a net margin of 19.24% and a return on equity of 15.90%. The firm had revenue of $9.87 million for the quarter, compared to the consensus estimate of $12.15 million. Analysts forecast that Ellington Credit will post 1.17 earnings per share for the current year.

Ellington Credit Dividend Announcement

The firm also recently announced a sep 25 dividend, which will be paid on Friday, October 31st. Investors of record on Tuesday, September 30th will be issued a dividend of $0.08 per share. This represents a yield of 1,757.0%. The ex-dividend date is Tuesday, September 30th. Ellington Credit's dividend payout ratio (DPR) is presently 533.33%.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Bogart Wealth LLC boosted its stake in shares of Ellington Credit by 62.5% during the 2nd quarter. Bogart Wealth LLC now owns 5,200 shares of the real estate investment trust's stock worth $30,000 after acquiring an additional 2,000 shares in the last quarter. Quarry LP purchased a new stake in shares of Ellington Credit during the first quarter valued at $33,000. Quantbot Technologies LP boosted its position in shares of Ellington Credit by 211.0% in the 1st quarter. Quantbot Technologies LP now owns 14,016 shares of the real estate investment trust's stock valued at $76,000 after purchasing an additional 9,509 shares during the period. Engineers Gate Manager LP acquired a new position in shares of Ellington Credit in the 2nd quarter valued at $83,000. Finally, PharVision Advisers LLC purchased a new position in Ellington Credit in the 1st quarter worth about $93,000. Institutional investors and hedge funds own 20.40% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on EARN. UBS Group boosted their price target on shares of Ellington Credit from $5.50 to $5.75 and gave the company a "neutral" rating in a report on Wednesday, July 16th. Wall Street Zen upgraded shares of Ellington Credit from a "sell" rating to a "hold" rating in a research note on Saturday, September 13th. One investment analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, Ellington Credit currently has an average rating of "Moderate Buy" and a consensus price target of $6.13.

About Ellington Credit

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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