Ellington Credit (NYSE:EARN) Share Price Crosses Below 200-Day Moving Average - Here's What Happened

Ellington Credit Company (NYSE:EARN - Get Free Report)'s share price crossed below its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of $5.89 and traded as low as $5.86. Ellington Credit shares last traded at $5.87, with a volume of 505,596 shares trading hands.

Analyst Ratings Changes

EARN has been the subject of several analyst reports. Piper Sandler lowered their price objective on Ellington Credit from $8.00 to $6.50 and set an "overweight" rating for the company 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 report on Friday, May 16th. Finally, UBS Group raised their price target on Ellington Credit from $5.50 to $5.75 and gave the stock a "neutral" rating in a research report on Wednesday, July 16th.

Ellington Credit Trading Down 0.1%

The business has a fifty day moving average of $5.75 and a 200 day moving average of $5.88. The company has a market capitalization of $221.79 million, a PE ratio of -45.42 and a beta of 1.29.

Ellington Credit (NYSE:EARN - Get Free Report) last released its 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 quarter last year, the business posted $0.27 earnings per share. Equities analysts forecast that Ellington Credit Company will post 1.17 EPS for the current fiscal year.

Ellington Credit Announces Dividend

The business also recently disclosed a jul 25 dividend, which will be paid on Friday, August 29th. Stockholders of record on Thursday, July 31st will be paid a $0.08 dividend. This represents a dividend yield of 16.3%. The ex-dividend date of this dividend is Thursday, July 31st. Ellington Credit's payout ratio is presently -738.46%.

Hedge Funds Weigh In On Ellington Credit

Several hedge funds and other institutional investors have recently made changes to their positions in EARN. Quantbot Technologies LP purchased a new stake in Ellington Credit during the 4th quarter worth about $30,000. Quarry LP purchased a new stake in Ellington Credit during the first quarter worth approximately $33,000. State of Wyoming purchased a new stake in Ellington Credit during the fourth quarter worth approximately $49,000. McIlrath & Eck LLC purchased a new stake in Ellington Credit during the fourth quarter worth approximately $80,000. Finally, Vident Advisory LLC purchased a new stake in shares of Ellington Credit during the 4th quarter worth approximately $90,000. Hedge funds and other institutional investors own 20.40% of the company's stock.

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.