Ellington Credit (NYSE:EARN - Get Free Report) declared a monthly dividend on Tuesday, June 10th, Wall Street Journal reports. Shareholders 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 annualized dividend and a yield of 16.74%. The ex-dividend date is Monday, June 30th.
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. Equities 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
NYSE EARN traded up $0.02 during trading hours on Wednesday, hitting $5.74. The company had a trading volume of 218,559 shares, compared to its average volume of 678,357. The business has a 50 day moving average of $5.37 and a 200-day moving average of $6.07. The company has a market cap of $215.40 million, a PE ratio of 5.12 and a beta of 1.30. Ellington Credit has a 1-year low of $4.32 and a 1-year high of $7.20.
Ellington Credit (NYSE:EARN - Get Free Report) last issued its quarterly earnings data on Tuesday, May 20th. The real estate investment trust reported $0.26 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.27 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 $9.25 million for the quarter, compared to analysts' expectations of $10.35 million. During the same period in the previous year, the business posted $0.27 earnings per share. Sell-side analysts expect that Ellington Credit will post 1.17 earnings per share for the current fiscal year.
Insider Buying and Selling at Ellington Credit
In other news, Portfolio Manager Gregory Morris Borenstein purchased 8,000 shares of the firm's stock in a transaction on Wednesday, April 9th. The stock was purchased at an average cost of $4.73 per share, with a total value of $37,840.00. Following the purchase, the portfolio manager now owns 18,000 shares in the company, valued at $85,140. This trade represents a 80.00% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 1.40% of the stock is owned by corporate insiders.
Hedge Funds Weigh In On Ellington Credit
Several large investors have recently made changes to their positions in the business. Millennium Management LLC boosted its holdings in 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 buying an additional 773,169 shares in the last quarter. Jane Street Group LLC lifted its holdings in shares of Ellington Credit by 415.4% during the first quarter. Jane Street Group LLC now owns 379,906 shares of the real estate investment trust's stock valued at $2,055,000 after purchasing an additional 306,192 shares during the last quarter. Finally, Goldman Sachs Group Inc. lifted its holdings in shares of Ellington Credit by 56.6% during the first quarter. Goldman Sachs Group Inc. now owns 126,864 shares of the real estate investment trust's stock valued at $686,000 after purchasing an additional 45,845 shares during the last quarter. Institutional investors own 20.40% of the company's stock.
Analyst Ratings Changes
Several equities research analysts have commented on EARN shares. UBS Group boosted their target price on shares of Ellington Credit from $5.25 to $5.50 and gave the stock a "neutral" rating in a research report on Tuesday. Piper Sandler lowered their target price on Ellington Credit from $8.00 to $6.50 and set an "overweight" rating for the company in a research note on Tuesday, April 8th. Finally, Wall Street Zen lowered Ellington Credit from a "hold" rating to a "sell" rating in a research report on Friday, May 16th.
Check Out Our Latest Analysis on Ellington Credit
Ellington Credit Company Profile
(
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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