Ellington Credit (NYSE:EARN) Upgraded to Hold at Wall Street Zen

Key Points

• Ellington Credit has been upgraded from a "sell" to a "hold" rating by Wall Street Zen.
• UBS Group raised its price target for the stock from $5.50 to $5.75, while the consensus price target currently stands at $6.13.
• The company reported a missed earnings estimate with an EPS of $0.18 for the last quarter, falling short of the $0.20 expected by analysts.

Ellington Credit (NYSE:EARN - Get Free Report) was upgraded by equities research analysts at Wall Street Zen from a "sell" rating to a "hold" rating in a report issued on Saturday.

Separately, UBS Group boosted their price objective on shares of Ellington Credit from $5.50 to $5.75 and gave the stock a "neutral" rating in a research report on Wednesday, July 16th. One research analyst has rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $6.13.

Ellington Credit Stock Performance

Ellington Credit stock opened at $5.65 on Friday. Ellington Credit has a one year low of $4.32 and a one year high of $7.11. The business has a fifty day moving average of $5.79 and a two-hundred day moving average of $5.67. The company has a market cap of $212.03 million, a P/E ratio of 31.36 and a beta of 1.31.

Ellington Credit (NYSE:EARN - Get Free Report) last released its earnings results on Tuesday, August 19th. The real estate investment trust reported $0.18 EPS for the quarter, missing analysts' consensus estimates of $0.20 by ($0.02). Ellington Credit had a net margin of 19.24% and a return on equity of 15.90%. The business had revenue of $9.87 million during the quarter, compared to analyst estimates of $12.15 million. Sell-side analysts predict that Ellington Credit will post 1.17 EPS for the current year.

Institutional Trading of Ellington Credit

Several hedge funds and other institutional investors have recently added to or reduced their stakes in EARN. Millennium Management LLC grew 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 buying an additional 773,169 shares during the period. Delphi Financial Group Inc. grew its holdings in Ellington Credit by 230.8% in the 2nd quarter. Delphi Financial Group Inc. now owns 608,700 shares of the real estate investment trust's stock valued at $3,500,000 after buying an additional 424,700 shares during the period. Jane Street Group LLC grew 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 buying an additional 306,192 shares during the period. Castlekeep Investment Advisors LLC grew its holdings in Ellington Credit by 1,107.9% in the 1st quarter. Castlekeep Investment Advisors LLC now owns 180,672 shares of the real estate investment trust's stock valued at $977,000 after buying an additional 165,714 shares during the period. Finally, OMERS ADMINISTRATION Corp grew its holdings in Ellington Credit by 103.8% in the 1st quarter. OMERS ADMINISTRATION Corp now owns 186,300 shares of the real estate investment trust's stock valued at $1,008,000 after buying an additional 94,900 shares during the period. Hedge funds and other 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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