Ellington Financial (NYSE:EFC) Releases Quarterly Earnings Results

Key Points

• Ellington Financial reported earnings of $0.47 per share, exceeding expectations of $0.40, but fell short of revenue projections with $92.54 million versus the predicted $112.48 million.
• The firm announced a monthly dividend of $0.13, yielding an annualized rate of 12.0%, despite a high dividend payout ratio of 110.64%.
• Analysts maintain a consensus rating of "Moderate Buy" for Ellington Financial, with price targets ranging from $12.50 to $16.00.

Ellington Financial (NYSE:EFC - Get Free Report) released its quarterly earnings results on Thursday. The financial services provider reported $0.47 earnings per share for the quarter, beating the consensus estimate of $0.40 by $0.07, Zacks reports. The firm had revenue of $92.54 million for the quarter, compared to analysts' expectations of $112.48 million. Ellington Financial had a return on equity of 13.77% and a net margin of 89.52%.

Ellington Financial Trading Up 2.4%

Shares of EFC stock traded up $0.31 during trading hours on Friday, reaching $12.97. The company's stock had a trading volume of 1,182,540 shares, compared to its average volume of 1,010,904. The stock has a market capitalization of $1.23 billion, a P/E ratio of 10.46 and a beta of 1.00. The company has a current ratio of 42.26, a quick ratio of 42.26 and a debt-to-equity ratio of 11.11. The firm's fifty day simple moving average is $12.97 and its 200 day simple moving average is $12.91. Ellington Financial has a one year low of $11.12 and a one year high of $14.40.

Ellington Financial Announces Dividend

The firm also recently disclosed a monthly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Friday, August 29th will be given a $0.13 dividend. This represents a c) dividend on an annualized basis and a dividend yield of 12.0%. The ex-dividend date is Friday, August 29th. Ellington Financial's dividend payout ratio (DPR) is currently 110.64%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on EFC shares. UBS Group raised their price objective on Ellington Financial from $12.00 to $12.50 and gave the company a "neutral" rating in a report on Thursday, July 10th. Piper Sandler reduced their price target on Ellington Financial from $15.00 to $14.50 and set an "overweight" rating on the stock in a research report on Tuesday, July 1st. Finally, B. Riley raised their price target on Ellington Financial from $15.00 to $16.00 and gave the stock a "buy" rating in a research report on Thursday, May 15th. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the company's stock. According to data from MarketBeat, Ellington Financial currently has a consensus rating of "Moderate Buy" and a consensus price target of $14.30.

Institutional Inflows and Outflows

A hedge fund recently bought a new stake in Ellington Financial stock. Creative Planning purchased a new position in Ellington Financial Inc. (NYSE:EFC - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 13,538 shares of the financial services provider's stock, valued at approximately $176,000. 55.62% of the stock is owned by institutional investors.

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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