Ellington Credit Company (NYSE:EARN) to Issue $0.08 Jul 25 Dividend

Ellington Credit Company (NYSE:EARN - Get Free Report) announced a jul 25 dividend on Tuesday, July 8th, RTT News reports. Stockholders of record on Thursday, July 31st will be given a dividend of 0.08 per share by the real estate investment trust on Friday, August 29th. This represents a dividend yield of 16.3%. The ex-dividend date of this dividend is Thursday, July 31st.

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 fall. 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 Stock Performance

Shares of Ellington Credit stock traded up $0.03 on Friday, reaching $5.95. The company had a trading volume of 174,286 shares, compared to its average volume of 523,671. The firm's 50 day moving average price is $5.65 and its two-hundred day moving average price is $5.93. The firm has a market cap of $223.29 million, a PE ratio of -45.73 and a beta of 1.29. Ellington Credit has a 52-week low of $4.33 and a 52-week high of $7.20.

Ellington Credit (NYSE:EARN - Get Free Report) last released its quarterly earnings results on Tuesday, May 20th. The real estate investment trust reported $0.26 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.27 by ($0.01). The company had revenue of $9.25 million during the quarter, compared to analysts' expectations of $10.35 million. Ellington Credit had a negative net margin of 21.82% and a positive return on equity of 17.67%. During the same period last year, the firm posted $0.27 earnings per share. As a group, sell-side analysts predict that Ellington Credit will post 1.17 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. 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 in the last quarter. Goldman Sachs Group Inc. grew its holdings in Ellington Credit by 56.6% during the 1st quarter. Goldman Sachs Group Inc. now owns 126,864 shares of the real estate investment trust's stock worth $686,000 after acquiring an additional 45,845 shares in the last quarter. Finally, Millennium Management LLC grew its holdings in Ellington Credit by 485.8% during the 1st quarter. Millennium Management LLC now owns 932,326 shares of the real estate investment trust's stock worth $5,044,000 after acquiring an additional 773,169 shares in the last quarter. Institutional investors and hedge funds own 20.40% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on EARN shares. 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 report on Tuesday, April 8th. Wall Street Zen cut shares of Ellington Credit from a "hold" rating to a "sell" rating in a report on Friday, May 16th. Finally, UBS Group lifted their price objective on shares of Ellington Credit from $5.25 to $5.50 and gave the company a "neutral" rating in a report on Tuesday, June 10th.

Ellington Credit Company 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.