Jones Trading Upgrades Ellington Financial (NYSE:EFC) to "Strong-Buy"

Key Points

• Ellington Financial was recently upgraded from a "hold" to a "buy" rating by Jones Trading, with a target price of $14.25, indicating a potential upside of 5.52% from its previous close.
• The company reported $0.47 EPS for the last quarter, exceeding the consensus estimate of $0.40, despite revenue being below expectations at $92.54 million.
• 55.62% of Ellington Financial's stock is currently owned by institutional investors, with significant stakes added recently by major firms including Deutsche Bank and UBS.

Ellington Financial (NYSE:EFC - Get Free Report) was upgraded by investment analysts at Jones Trading from a "hold" rating to a "strong-buy" rating in a note issued to investors on Wednesday, MarketBeat Ratings reports. The firm presently has a $14.25 target price on the financial services provider's stock. Jones Trading's price target indicates a potential upside of 2.98% from the company's previous close.

A number of other equities analysts have also recently commented on EFC. Piper Sandler dropped their price target on shares of Ellington Financial from $15.00 to $14.50 and set an "overweight" rating for the company in a research note on Tuesday, July 1st. UBS Group upped 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. Finally, B. Riley lifted their price target on shares of Ellington Financial from $15.00 to $16.00 and gave the company a "buy" rating in a research note on Thursday, May 15th. One analyst has rated the stock with a hold rating, four have given a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Buy" and an average price target of $14.29.

Ellington Financial Price Performance

Shares of NYSE:EFC traded up $0.07 on Wednesday, reaching $13.84. The company's stock had a trading volume of 175,102 shares, compared to its average volume of 1,049,974. The company has a 50-day simple moving average of $13.05 and a 200 day simple moving average of $12.93. Ellington Financial has a 52-week low of $11.12 and a 52-week high of $14.40. The company has a debt-to-equity ratio of 10.96, a quick ratio of 42.26 and a current ratio of 46.78. The company has a market cap of $1.38 billion, a P/E ratio of 11.17 and a beta of 1.00.

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

Hedge Funds Weigh In On Ellington Financial

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Brevan Howard Capital Management LP purchased a new position in shares of Ellington Financial in the second quarter worth $464,000. Ameriprise Financial Inc. grew its stake in Ellington Financial by 5.0% during the 2nd 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 during the last quarter. Raymond James Financial Inc. increased 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 during the period. Quantinno Capital Management LP raised its stake 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 worth $267,000 after purchasing an additional 5,036 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake 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 worth $19,008,000 after acquiring an additional 75,430 shares during the period. 55.62% of the stock is 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.