Ellington Credit Company (NYSE:EARN - Get Free Report) declared a jul 25 dividend on Tuesday, July 8th, RTT News reports. Stockholders of record on Thursday, July 31st will be paid a dividend of 0.08 per share by the real estate investment trust on Friday, August 29th.
Ellington Credit has a dividend payout ratio of 88.9% meaning its dividend is currently covered by earnings, but may not be in the future if the company's earnings tumble. Research analysts expect Ellington Credit to earn $1.13 per share next year, which means the company should continue to be able to cover its $0.96 annual dividend with an expected future payout ratio of 85.0%.
Ellington Credit Trading Up 1.2%
Shares of EARN traded up $0.07 during midday trading on Tuesday, reaching $5.83. The stock had a trading volume of 255,309 shares, compared to its average volume of 527,065. The firm has a market cap of $218.97 million, a PE ratio of -44.84 and a beta of 1.29. The firm has a 50 day simple moving average of $5.63 and a 200-day simple moving average of $5.93. Ellington Credit has a one year low of $4.33 and a one year high of $7.20.
Ellington Credit (NYSE:EARN - Get Free Report) last announced its earnings results on Tuesday, May 20th. The real estate investment trust reported $0.26 EPS for the quarter, missing the consensus estimate of $0.27 by ($0.01). The company had revenue of $9.25 million for the quarter, compared to the consensus estimate of $10.35 million. Ellington Credit had a positive return on equity of 17.67% and a negative net margin of 21.82%. During the same period in the previous year, the firm posted $0.27 EPS. As a group, research analysts forecast that Ellington Credit will post 1.17 EPS for the current fiscal year.
Insiders Place Their Bets
In other Ellington Credit news, Portfolio Manager Gregory Morris Borenstein acquired 8,000 shares of the company's stock in a transaction on Wednesday, April 9th. The stock was acquired at an average price of $4.73 per share, for a total transaction of $37,840.00. Following the purchase, the portfolio manager directly owned 18,000 shares of the company's stock, valued at $85,140. This trade represents a 80.00% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 1.40% of the stock is owned by company insiders.
Hedge Funds Weigh In On Ellington Credit
Several hedge funds and other institutional investors have recently made changes to their positions in EARN. Goldman Sachs Group Inc. raised its position in shares of Ellington Credit by 56.6% in the 1st quarter. Goldman Sachs Group Inc. now owns 126,864 shares of the real estate investment trust's stock valued at $686,000 after buying an additional 45,845 shares in the last quarter. Jane Street Group LLC grew its holdings in Ellington Credit by 415.4% during the 1st quarter. Jane Street Group LLC now owns 379,906 shares of the real estate investment trust's stock worth $2,055,000 after acquiring an additional 306,192 shares during the last quarter. Finally, Millennium Management LLC boosted its stake in shares of Ellington Credit by 485.8% in the 1st quarter. Millennium Management LLC now owns 932,326 shares of the real estate investment trust's stock valued at $5,044,000 after purchasing an additional 773,169 shares during the last quarter. 20.40% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
EARN has been the subject of several research analyst reports. UBS Group lifted their target price on shares of Ellington Credit from $5.25 to $5.50 and gave the stock a "neutral" rating in a report on Tuesday, June 10th. Wall Street Zen downgraded shares of Ellington Credit from a "hold" rating to a "sell" rating in a report on Friday, May 16th. Finally, Piper Sandler dropped their price objective on shares of Ellington Credit from $8.00 to $6.50 and set an "overweight" rating for the company in a research note on Tuesday, April 8th.
Read Our Latest Research Report on Ellington Credit
About Ellington Credit
(
Get Free Report)
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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