Ellington Credit Company (NYSE:EARN - Get Free Report) crossed below its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $5.99 and traded as low as $5.72. Ellington Credit shares last traded at $5.74, with a volume of 213,947 shares changing hands.
Wall Street Analyst Weigh In
A number of brokerages have recently issued reports on EARN. Wall Street Zen cut shares of Ellington Credit from a "hold" rating to a "sell" rating in a report on Friday, May 16th. UBS Group boosted their price target on shares of Ellington Credit from $5.25 to $5.50 and gave the stock a "neutral" rating in a report on Tuesday, June 10th. Finally, Piper Sandler cut their price target on shares of Ellington Credit from $8.00 to $6.50 and set an "overweight" rating on the stock in a report on Tuesday, April 8th.
Get Our Latest Research Report on Ellington Credit
Ellington Credit Price Performance
The firm has a market capitalization of $216.53 million, a PE ratio of -44.34 and a beta of 1.30. The firm's fifty day moving average is $5.59 and its two-hundred day moving average is $5.97.
Ellington Credit (NYSE:EARN - Get Free Report) last released its quarterly earnings results on Tuesday, May 20th. The real estate investment trust reported $0.26 earnings per share for the quarter, missing the consensus estimate 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 firm had revenue of $9.25 million for the quarter, compared to analysts' expectations of $10.35 million. During the same quarter last year, the firm posted $0.27 earnings per share. As a group, equities research analysts predict that Ellington Credit Company will post 1.17 EPS for the current fiscal year.
Ellington Credit Dividend Announcement
The business 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 $0.08 dividend. This represents a $0.96 annualized dividend and a yield of 16.65%. The ex-dividend date is Monday, June 30th. Ellington Credit's dividend payout ratio is -738.46%.
Insiders Place Their Bets
In related news, Portfolio Manager Gregory Morris Borenstein acquired 8,000 shares of the stock in a transaction on Wednesday, April 9th. The shares were 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 in the company, valued at approximately $85,140. The trade was a 80.00% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 1.40% of the company's stock.
Institutional Trading of Ellington Credit
Several hedge funds have recently added to or reduced their stakes in EARN. Bank of New York Mellon Corp bought a new stake in Ellington Credit in the fourth quarter worth about $955,000. Naviter Wealth LLC purchased a new stake in shares of Ellington Credit during the 4th quarter valued at approximately $72,000. Inspire Advisors LLC purchased a new stake in shares of Ellington Credit during the 4th quarter valued at approximately $98,000. Quantbot Technologies LP purchased a new stake in shares of Ellington Credit during the 4th quarter valued at approximately $30,000. Finally, Plancorp LLC purchased a new stake in shares of Ellington Credit during the 4th quarter valued at approximately $100,000. Institutional investors own 20.40% of the company's stock.
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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