Ellington Credit (NYSE:EARN) Short Interest Down 63.8% in April

Ellington Credit (NYSE:EARN - Get Free Report) saw a significant decrease in short interest in the month of April. As of April 15th, there was short interest totalling 470,100 shares, a decrease of 63.8% from the March 31st total of 1,300,000 shares. Based on an average daily trading volume, of 871,200 shares, the short-interest ratio is currently 0.5 days. Currently, 1.6% of the company's shares are sold short.

Ellington Credit Trading Down 1.7 %

NYSE EARN traded down $0.10 on Thursday, hitting $5.37. 438,946 shares of the company were exchanged, compared to its average volume of 524,339. The company has a market cap of $201.50 million, a PE ratio of 4.79 and a beta of 1.74. The stock has a fifty day moving average of $5.61 and a 200-day moving average of $6.29. Ellington Credit has a 12 month low of $4.33 and a 12 month high of $7.26.

Ellington Credit (NYSE:EARN - Get Free Report) last released its quarterly earnings data on Wednesday, March 12th. The real estate investment trust reported $0.27 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.26 by $0.01. Ellington Credit had a net margin of 226.01% and a return on equity of 15.81%. The company had revenue of $6.14 million for the quarter, compared to analysts' expectations of $9.65 million. On average, analysts expect that Ellington Credit will post 1.17 earnings per share for the current year.

Ellington Credit Dividend Announcement

The company also recently disclosed a monthly dividend, which will be paid on Tuesday, May 27th. Shareholders of record on Wednesday, April 30th will be paid a $0.08 dividend. The ex-dividend date is Wednesday, April 30th. This represents a $0.96 dividend on an annualized basis and a yield of 17.89%. Ellington Credit's dividend payout ratio (DPR) is presently 320.00%.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on EARN shares. UBS Group dropped their target price on shares of Ellington Credit from $6.50 to $5.25 and set a "neutral" rating on the stock in a report on Thursday, April 17th. Piper Sandler dropped their price objective on Ellington Credit from $8.00 to $6.50 and set an "overweight" rating on the stock in a research note on Tuesday, April 8th.

Insider Activity

In other news, Portfolio Manager Gregory Morris Borenstein acquired 8,000 shares of Ellington Credit stock in a transaction dated Wednesday, April 9th. The shares were bought at an average cost of $4.73 per share, with a total value of $37,840.00. Following the purchase, the portfolio manager now owns 18,000 shares in the company, valued at $85,140. This trade represents a 80.00 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 1.60% of the company's stock.

Institutional Investors Weigh In On Ellington Credit

Several hedge funds and other institutional investors have recently modified their holdings of EARN. Wells Fargo & Company MN grew its position in Ellington Credit by 56,104,600.0% in the 4th 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 purchasing an additional 1,122,092 shares during the period. Susquehanna International Group LLP lifted its stake in shares of Ellington Credit by 570.4% in the fourth quarter. Susquehanna International Group LLP now owns 481,669 shares of the real estate investment trust's stock valued at $3,189,000 after buying an additional 409,817 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of Ellington Credit by 12.9% during the fourth quarter. Geode Capital Management LLC now owns 304,629 shares of the real estate investment trust's stock valued at $2,018,000 after buying an additional 34,779 shares during the last quarter. Clear Harbor Asset Management LLC increased its position in shares of Ellington Credit by 16.3% during the fourth quarter. Clear Harbor Asset Management LLC now owns 235,395 shares of the real estate investment trust's stock worth $1,558,000 after acquiring an additional 33,040 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership increased its position in shares of Ellington Credit by 35.5% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 195,955 shares of the real estate investment trust's stock worth $1,297,000 after acquiring an additional 51,345 shares in the last quarter. 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.