Ellington Credit (NYSE:EARN) Share Price Passes Below 200-Day Moving Average - What's Next?

Ellington Credit Company (NYSE:EARN - Get Free Report)'s stock price crossed below its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $6.03 and traded as low as $5.66. Ellington Credit shares last traded at $5.67, with a volume of 219,366 shares trading hands.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the company. UBS Group increased their price objective on Ellington Credit from $5.25 to $5.50 and gave the company a "neutral" rating in a research note on Tuesday, June 10th. Wall Street Zen lowered Ellington Credit from a "hold" rating to a "sell" rating in a research note on Friday, May 16th. Finally, Piper Sandler dropped their price target 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.

Ellington Credit Price Performance

The business has a 50 day moving average of $5.48 and a 200 day moving average of $6.03. The company has a market cap of $212.78 million, a PE ratio of -43.57 and a beta of 1.30.

Ellington Credit (NYSE:EARN - Get Free Report) last announced its quarterly earnings results on Tuesday, May 20th. The real estate investment trust reported $0.26 EPS for the quarter, missing analysts' consensus estimates of $0.27 by ($0.01). Ellington Credit had a positive return on equity of 17.67% and a negative net margin of 21.82%. The business had revenue of $9.25 million during the quarter, compared to analysts' expectations of $10.35 million. During the same period in the previous year, the business earned $0.27 EPS. Sell-side analysts forecast that Ellington Credit Company will post 1.17 EPS for the current fiscal year.

Ellington Credit Dividend Announcement

The company also recently disclosed a monthly dividend, which will be paid on Thursday, July 31st. Shareholders of record on Monday, June 30th will be given a dividend of $0.08 per share. This represents a $0.96 annualized dividend and a yield of 16.95%. The ex-dividend date is Monday, June 30th. Ellington Credit's dividend payout ratio is currently -738.46%.

Insider Buying and Selling at Ellington Credit

In other news, Portfolio Manager Gregory Morris Borenstein acquired 8,000 shares of the stock in a transaction on Wednesday, April 9th. The stock was acquired at an average price of $4.73 per share, with a total value of $37,840.00. Following the completion of the transaction, the portfolio manager now owns 18,000 shares of the company's stock, valued at $85,140. This represents a 80.00% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders own 1.40% of the company's stock.

Hedge Funds Weigh In On Ellington Credit

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Jane Street Group LLC increased its holdings in shares of Ellington Credit by 177.5% during the fourth quarter. Jane Street Group LLC now owns 73,714 shares of the real estate investment trust's stock valued at $488,000 after acquiring an additional 47,151 shares in the last quarter. Wells Fargo & Company MN increased its holdings in shares of Ellington Credit by 56,104,600.0% during the fourth quarter. Wells Fargo & Company MN now owns 1,122,094 shares of the real estate investment trust's stock valued at $7,428,000 after acquiring an additional 1,122,092 shares in the last quarter. Bank of New York Mellon Corp bought a new position in shares of Ellington Credit during the fourth quarter valued at $955,000. First Trust Advisors LP increased its holdings in shares of Ellington Credit by 2.2% during the fourth quarter. First Trust Advisors LP now owns 90,895 shares of the real estate investment trust's stock valued at $602,000 after acquiring an additional 1,959 shares in the last quarter. Finally, Ameriprise Financial Inc. bought a new position in shares of Ellington Credit during the fourth quarter valued at $197,000. Hedge funds and other institutional investors own 20.40% of the company's stock.

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.

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