Ellington Credit (NYSE:EARN) Stock Crosses Below Two Hundred Day Moving Average - Here's Why

Ellington Credit Company (NYSE:EARN - Get Free Report) crossed below its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $5.95 and traded as low as $5.76. Ellington Credit shares last traded at $5.75, with a volume of 124,153 shares traded.

Analyst Ratings Changes

A number of equities analysts have weighed in on EARN shares. Wall Street Zen lowered shares of Ellington Credit from a "hold" rating to a "sell" rating in a research report on Friday, May 16th. UBS Group raised their target price on shares of Ellington Credit from $5.25 to $5.50 and gave the company a "neutral" rating in a research note on Tuesday, June 10th. Finally, Piper Sandler lowered their target price on shares of Ellington Credit from $8.00 to $6.50 and set an "overweight" rating on the stock in a research note on Tuesday, April 8th.

Ellington Credit Stock Up 0.2%

The firm has a market cap of $216.72 million, a P/E ratio of -44.38 and a beta of 1.29. The firm's fifty day moving average is $5.63 and its two-hundred day moving average is $5.93.

Ellington Credit (NYSE:EARN - Get Free Report) last announced its 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). The business had revenue of $9.25 million for the quarter, compared to the consensus estimate 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 firm posted $0.27 EPS. As a group, sell-side analysts forecast that Ellington Credit Company will post 1.17 EPS for the current year.

Ellington Credit Announces Dividend

The business also recently disclosed a monthly dividend, which will be paid on Thursday, July 31st. Stockholders of record on Monday, June 30th will be issued a dividend of $0.08 per share. The ex-dividend date of this dividend is Monday, June 30th. This represents a $0.96 annualized dividend and a dividend yield of 16.64%. Ellington Credit's payout ratio is -738.46%.

Insider Buying and Selling at Ellington Credit

In other Ellington Credit news, Portfolio Manager Gregory Morris Borenstein purchased 8,000 shares of Ellington Credit stock in a transaction dated 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 transaction, the portfolio manager directly owned 18,000 shares of the company's stock, valued at $85,140. This trade represents a 80.00% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 1.40% of the stock is owned by insiders.

Institutional Investors Weigh In On Ellington Credit

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Quantbot Technologies LP purchased a new stake in Ellington Credit in the 4th quarter worth approximately $30,000. Quarry LP purchased a new stake in Ellington Credit in the 1st quarter worth approximately $33,000. State of Wyoming purchased a new stake in Ellington Credit in the 4th quarter worth approximately $49,000. Naviter Wealth LLC purchased a new stake in Ellington Credit in the 4th quarter worth approximately $72,000. Finally, McIlrath & Eck LLC purchased a new stake in Ellington Credit in the 4th quarter worth approximately $80,000. 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.