Ellington Financial (NYSE:EFC) Rating Increased to Strong-Buy at Zacks Research

Key Points

• Ellington Financial has been upgraded to a "strong-buy" rating by Zacks Research, indicating positive sentiment surrounding the stock.
• Overall, there is a consensus rating of "Buy" among analysts with a price target averaging around $14.29.
• The company reported a quarterly earnings per share of $0.47, exceeding the consensus estimate, and maintains a strong net margin of 89.52%.

Ellington Financial (NYSE:EFC - Get Free Report) was upgraded by Zacks Research to a "strong-buy" rating in a research report issued on Tuesday,Zacks.com reports.

Several other equities analysts also recently weighed in on EFC. Jones Trading raised shares of Ellington Financial from a "hold" rating to a "buy" rating and set a $14.25 price target on the stock in a research note on Wednesday. UBS Group lifted their target price on shares of Ellington Financial from $12.00 to $12.50 and gave the stock a "neutral" rating in a research note on Thursday, July 10th. B. Riley lifted their target price on shares of Ellington Financial from $15.00 to $16.00 and gave the stock a "buy" rating in a research note on Thursday, May 15th. Finally, Piper Sandler reduced their target price on shares of Ellington Financial from $15.00 to $14.50 and set an "overweight" rating on the stock in a research note on Tuesday, July 1st. One research analyst has rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus price target of $14.29.

Ellington Financial Stock Performance

NYSE:EFC opened at $13.79 on Tuesday. The company's 50-day moving average price is $13.05 and its 200-day moving average price is $12.93. The company has a current ratio of 46.78, a quick ratio of 42.26 and a debt-to-equity ratio of 10.96. The company has a market cap of $1.38 billion, a P/E ratio of 11.12 and a beta of 1.00. Ellington Financial has a twelve month low of $11.12 and a twelve month high of $14.40.

Ellington Financial (NYSE:EFC - Get Free Report) last posted its quarterly earnings results on Thursday, August 7th. The financial services provider reported $0.47 earnings per share for the quarter, topping the consensus estimate of $0.40 by $0.07. The firm had revenue of $92.54 million for the quarter, compared to the consensus estimate of $112.48 million. Ellington Financial had a net margin of 89.52% and a return on equity of 13.56%. On average, sell-side analysts forecast that Ellington Financial will post 1.38 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Ellington Financial

A number of institutional investors have recently made changes to their positions in the stock. Brevan Howard Capital Management LP acquired a new stake in shares of Ellington Financial during the second quarter valued at about $464,000. Ameriprise Financial Inc. grew its holdings in shares of Ellington Financial by 5.0% in the second quarter. Ameriprise Financial Inc. now owns 210,624 shares of the financial services provider's stock valued at $2,738,000 after purchasing an additional 10,035 shares in the last quarter. Raymond James Financial Inc. grew its holdings in shares of Ellington Financial by 4.6% in the second quarter. Raymond James Financial Inc. now owns 31,570 shares of the financial services provider's stock valued at $410,000 after purchasing an additional 1,386 shares in the last quarter. Quantinno Capital Management LP grew its holdings in shares of Ellington Financial by 32.5% in the second quarter. Quantinno Capital Management LP now owns 20,552 shares of the financial services provider's stock valued at $267,000 after purchasing an additional 5,036 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Ellington Financial by 5.4% in the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,463,311 shares of the financial services provider's stock valued at $19,008,000 after purchasing an additional 75,430 shares in the last quarter. 55.62% of the stock is currently owned by institutional investors and hedge funds.

About Ellington Financial

Ellington Financial Inc, through its subsidiary, Ellington Financial Operating Partnership LLC, acquires and manages mortgage-related, consumer-related, corporate-related, and other financial assets in the United States. The company acquires and manages residential mortgage-backed securities (RMBS) backed by prime jumbo, Alt-A, manufactured housing, and subprime mortgage; RMBS for which the principal and interest payments are guaranteed by the U.S.

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