Ellington Credit (NYSE:EARN - Get Free Report) announced a monthly dividend on Tuesday, June 10th, Wall Street Journal reports. Investors of record on Monday, June 30th will be paid a dividend of 0.08 per share by the real estate investment trust on Thursday, July 31st. This represents a $0.96 dividend on an annualized basis and a yield of 16.77%. The ex-dividend date is Monday, June 30th.
Ellington Credit has a 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 decline. 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 Price Performance
Ellington Credit stock traded down $0.05 during trading hours on Friday, reaching $5.73. The stock had a trading volume of 125,738 shares, compared to its average volume of 530,261. The company has a market cap of $215.03 million, a price-to-earnings ratio of 5.11 and a beta of 1.30. The business's 50 day moving average price is $5.41 and its 200-day moving average price is $6.06. 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 announced its earnings results on Tuesday, May 20th. The real estate investment trust reported $0.26 earnings per share for the quarter, missing the consensus estimate of $0.27 by ($0.01). Ellington Credit had a net margin of 226.01% and a return on equity of 15.81%. The firm had revenue of $9.25 million during the quarter, compared to analyst estimates of $10.35 million. During the same quarter last year, the business earned $0.27 earnings per share. On average, sell-side analysts forecast that Ellington Credit will post 1.17 EPS for the current fiscal year.
Insider Activity
In other news, Portfolio Manager Gregory Morris Borenstein bought 8,000 shares of the firm's stock in a transaction that occurred on Wednesday, April 9th. The stock was purchased at an average price of $4.73 per share, with a total value of $37,840.00. Following the completion of the acquisition, the portfolio manager now directly owns 18,000 shares of the company's stock, valued at $85,140. This trade represents a 80.00% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 1.40% of the company's stock.
Hedge Funds Weigh In On Ellington Credit
A number of institutional investors have recently bought and sold shares of the business. Millennium Management LLC raised its holdings in shares of Ellington Credit by 485.8% during the first quarter. Millennium Management LLC now owns 932,326 shares of the real estate investment trust's stock worth $5,044,000 after purchasing an additional 773,169 shares during the last quarter. Jane Street Group LLC raised its stake in shares of 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 valued at $2,055,000 after buying an additional 306,192 shares during the last quarter. Finally, Goldman Sachs Group Inc. raised its stake in shares of 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 valued at $686,000 after buying an additional 45,845 shares during the last quarter. 20.40% of the stock is owned by hedge funds and other institutional investors.
Analyst Ratings Changes
Several brokerages recently issued reports on EARN. Piper Sandler reduced their target price 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. Wall Street Zen lowered Ellington Credit from a "hold" rating to a "sell" rating in a research note on Friday, May 16th. Finally, UBS Group upped 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.
View Our Latest Analysis on EARN
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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