Ellington Credit Company (NYSE:EARN - Get Free Report) shares crossed below its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $5.92 and traded as low as $5.90. Ellington Credit shares last traded at $5.95, with a volume of 196,577 shares trading hands.
Analyst Upgrades and Downgrades
EARN has been the subject of a number of research analyst reports. Piper Sandler reduced their target price on shares of Ellington Credit from $8.00 to $6.50 and set an "overweight" rating for the company in a research note on Tuesday, April 8th. Wall Street Zen lowered shares of Ellington Credit from a "hold" rating to a "sell" rating in a research note on Friday, May 16th. Finally, UBS Group increased their price objective on shares of Ellington Credit from $5.25 to $5.50 and gave the stock a "neutral" rating in a research note on Tuesday, June 10th.
Check Out Our Latest Analysis on EARN
Ellington Credit Trading Up 0.5%
The stock's 50 day moving average price is $5.66 and its 200 day moving average price is $5.92. The company has a market capitalization of $223.48 million, a price-to-earnings ratio of -45.77 and a beta of 1.29.
Ellington Credit (NYSE:EARN - Get Free Report) last posted its quarterly earnings data 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 analyst estimates of $10.35 million. Ellington Credit had a positive return on equity of 17.67% and a negative net margin of 21.82%. During the same quarter in the prior year, the company earned $0.27 earnings per share. On average, research analysts expect that Ellington Credit Company will post 1.17 earnings per share for the current year.
Ellington Credit Announces Dividend
The company also recently announced a jul 25 dividend, which will be paid on Friday, August 29th. Stockholders of record on Thursday, July 31st will be issued a $0.08 dividend. The ex-dividend date of this dividend is Thursday, July 31st. This represents a dividend yield of 16.3%. Ellington Credit's payout ratio is -738.46%.
Institutional Investors Weigh In On Ellington Credit
A number of institutional investors and hedge funds have recently modified their holdings of EARN. Goldman Sachs Group Inc. raised its holdings in Ellington Credit by 56.6% in 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 acquiring an additional 45,845 shares during the period. Jane Street Group LLC raised its holdings in Ellington Credit by 415.4% in 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 acquiring an additional 306,192 shares during the period. PharVision Advisers LLC bought a new position in Ellington Credit in the 1st quarter valued at about $93,000. Millennium Management LLC raised its holdings in Ellington Credit by 485.8% in the 1st quarter. Millennium Management LLC now owns 932,326 shares of the real estate investment trust's stock valued at $5,044,000 after acquiring an additional 773,169 shares during the period. Finally, Quarry LP bought a new position in Ellington Credit in the 1st quarter valued at about $33,000. 20.40% of the stock is owned by institutional investors.
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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