Ellington Credit (NYSE:EARN) Short Interest Update

Ellington Credit (NYSE:EARN - Get Free Report) saw a significant decline in short interest during the month of May. As of May 15th, there was short interest totalling 395,300 shares, a decline of 39.7% from the April 30th total of 655,500 shares. Based on an average trading volume of 760,000 shares, the short-interest ratio is presently 0.5 days. Approximately 1.4% of the shares of the stock are short sold.

Insider Activity

In other Ellington Credit news, Portfolio Manager Gregory Morris Borenstein purchased 8,000 shares of the business's stock in a transaction that occurred on Wednesday, April 9th. The stock was acquired at an average cost of $4.73 per share, with a total value of $37,840.00. Following the completion of the acquisition, the portfolio manager now directly owns 18,000 shares of the company's stock, valued at $85,140. This represents a 80.00% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 1.40% of the stock is currently owned by corporate insiders.

Institutional Trading of Ellington Credit

Institutional investors and hedge funds have recently made changes to their positions in the business. Quantbot Technologies LP bought a new position in shares of Ellington Credit in the 4th quarter worth $30,000. Quarry LP bought a new position in shares of Ellington Credit during the first quarter worth $33,000. State of Wyoming bought a new position in shares of Ellington Credit during the fourth quarter worth $49,000. Naviter Wealth LLC bought a new position in shares of Ellington Credit during the fourth quarter worth $72,000. Finally, McIlrath & Eck LLC bought a new position in shares of Ellington Credit during the fourth quarter worth $80,000. Institutional investors own 20.40% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on EARN. Wall Street Zen cut shares of Ellington Credit from a "hold" rating to a "sell" rating in a research report on Friday, May 16th. Piper Sandler decreased their price target 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. Finally, UBS Group dropped their price objective on shares of Ellington Credit from $6.50 to $5.25 and set a "neutral" rating for the company in a research report on Thursday, April 17th.

Ellington Credit Trading Down 0.4%

Shares of EARN traded down $0.02 during trading hours on Wednesday, hitting $5.61. 241,166 shares of the stock traded hands, compared to its average volume of 530,359. The business has a fifty day moving average of $5.35 and a 200-day moving average of $6.10. The firm has a market capitalization of $210.71 million, a PE ratio of 5.01 and a beta of 1.31. Ellington Credit has a 1-year low of $4.33 and a 1-year high of $7.20.

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 business had revenue of $9.25 million for the quarter, compared to analyst estimates of $10.35 million. Ellington Credit had a net margin of 226.01% and a return on equity of 15.81%. During the same quarter in the previous year, the company posted $0.27 earnings per share. As a group, equities research analysts expect that Ellington Credit will post 1.17 earnings per share for the current fiscal year.

Ellington Credit Dividend Announcement

The firm also recently announced a monthly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, May 30th will be issued a dividend of $0.08 per share. This represents a $0.96 dividend on an annualized basis and a yield of 17.11%. The ex-dividend date is Friday, May 30th. Ellington Credit's dividend payout ratio is presently -738.46%.

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.