Ellington Credit (NYSE:EARN) Stock Passes Below 200 Day Moving Average - Should You Sell?

Shares of Ellington Credit Company (NYSE:EARN - Get Free Report) crossed below its two hundred day moving average during trading on Wednesday . The stock has a two hundred 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 trading hands.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on EARN. UBS Group lifted their price objective on shares of Ellington Credit from $5.25 to $5.50 and gave the company a "neutral" rating in a research report on Tuesday, June 10th. Wall Street Zen downgraded shares of Ellington Credit from a "hold" rating to a "sell" rating in a report on Friday, May 16th. Finally, Piper Sandler dropped their price objective on Ellington Credit from $8.00 to $6.50 and set an "overweight" rating for the company in a research report on Tuesday, April 8th.

Ellington Credit Stock Down 0.2%

The business's 50 day moving average is $5.58 and its two-hundred day moving average is $5.99. The firm has a market cap of $215.59 million, a P/E ratio of -44.15 and a beta of 1.30.

Ellington Credit (NYSE:EARN - Get Free Report) last announced its quarterly 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. Equities research analysts anticipate that Ellington Credit Company will post 1.17 EPS for the current year.

Ellington Credit Dividend Announcement

The firm also recently disclosed a monthly dividend, which will be paid on Thursday, July 31st. Investors of record on Monday, June 30th will be issued a $0.08 dividend. This represents a $0.96 annualized dividend and a yield of 16.72%. The ex-dividend date of this dividend is Monday, June 30th. Ellington Credit's dividend payout ratio (DPR) is presently -738.46%.

Insider Transactions at Ellington Credit

In other Ellington Credit news, Portfolio Manager Gregory Morris Borenstein acquired 8,000 shares of the company's stock in a transaction that occurred on Wednesday, April 9th. The stock was bought at an average price of $4.73 per share, with a total value of $37,840.00. Following the completion of the purchase, the portfolio manager now owns 18,000 shares of the company's stock, valued at approximately $85,140. This represents a 80.00% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 1.40% of the company's stock.

Institutional Trading of Ellington Credit

A number of large investors have recently modified their holdings of the business. Global Retirement Partners LLC bought a new stake in Ellington Credit in the 4th quarter worth approximately $114,000. Bank of New York Mellon Corp bought a new position in shares of Ellington Credit during the fourth quarter valued at approximately $955,000. Naviter Wealth LLC bought a new position in Ellington Credit in the fourth quarter worth about $72,000. Inspire Advisors LLC bought a new position in shares of Ellington Credit in the 4th quarter worth approximately $98,000. Finally, Quantbot Technologies LP bought a new position in Ellington Credit in the fourth quarter worth $30,000. 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.

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