Zacks Research Upgrades Ellington Financial (NYSE:EFC) to "Strong-Buy"

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 to clients and investors on Tuesday, August 12th,Zacks.com reports.

A number of other brokerages have also commented on EFC. Piper Sandler dropped their price target on Ellington Financial from $15.00 to $14.50 and set an "overweight" rating for the company in a research note on Tuesday, July 1st. Jones Trading upgraded Ellington Financial from a "hold" rating to a "buy" rating and set a $14.25 target price for the company in a research report on Wednesday, August 13th. B. Riley raised their target price on shares of Ellington Financial from $15.00 to $16.00 and gave the company a "buy" rating in a report on Thursday, May 15th. Finally, UBS Group upped their price target on shares of Ellington Financial from $12.00 to $12.50 and gave the company a "neutral" rating in a research note on Thursday, July 10th. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and one has assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Buy" and an average target price of $14.29.

Ellington Financial Price Performance

Shares of Ellington Financial stock traded up $0.0650 on Tuesday, hitting $13.8150. 499,089 shares of the company traded hands, compared to its average volume of 1,054,745. Ellington Financial has a 52 week low of $11.12 and a 52 week high of $14.40. The business has a 50-day simple moving average of $13.11 and a 200 day simple moving average of $12.96. The company has a debt-to-equity ratio of 10.96, a quick ratio of 46.78 and a current ratio of 46.78. The stock has a market capitalization of $1.38 billion, a P/E ratio of 11.14 and a beta of 1.00.

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

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. CWM LLC grew its position in shares of Ellington Financial by 67.6% during the 2nd quarter. CWM LLC now owns 2,010 shares of the financial services provider's stock worth $26,000 after buying an additional 811 shares in the last quarter. Sterling Capital Management LLC lifted its stake in Ellington Financial by 814.9% in the fourth quarter. Sterling Capital Management LLC now owns 2,644 shares of the financial services provider's stock worth $32,000 after acquiring an additional 2,355 shares during the period. Huntington National Bank grew its holdings in Ellington Financial by 134.4% during the 2nd quarter. Huntington National Bank now owns 2,752 shares of the financial services provider's stock worth $36,000 after acquiring an additional 1,578 shares in the last quarter. Steward Partners Investment Advisory LLC grew its holdings in Ellington Financial by 93.9% during the 2nd quarter. Steward Partners Investment Advisory LLC now owns 3,582 shares of the financial services provider's stock worth $47,000 after acquiring an additional 1,735 shares in the last quarter. Finally, State of Wyoming bought a new stake in shares of Ellington Financial in the 4th quarter valued at about $56,000. 55.62% of the stock is currently owned by hedge funds and other institutional investors.

Ellington Financial Company Profile

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.