Ellington Financial (NYSE:EFC) Upgraded at Jones Trading

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 equities research analysts at Jones Trading from a "hold" rating to a "buy" rating in a research report issued to clients and investors on Wednesday, Marketbeat.com reports. The brokerage currently has a $14.25 price objective on the financial services provider's stock. Jones Trading's price objective would suggest a potential upside of 3.67% from the company's previous close.

A number of other research firms 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 on the stock in a research report on Tuesday, July 1st. B. Riley raised their target price on shares of Ellington Financial from $15.00 to $16.00 and gave the stock a "buy" rating in a report on Thursday, May 15th. Finally, UBS Group lifted 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 investment analyst has rated the stock with a hold rating, four have issued a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Buy" and an average price target of $14.29.

Ellington Financial Price Performance

Shares of NYSE:EFC opened at $13.75 on Wednesday. The company's fifty day moving average price is $13.09 and its 200 day moving average price is $12.95. The firm has a market capitalization of $1.37 billion, a P/E ratio of 11.09 and a beta of 1.00. Ellington Financial has a 12 month low of $11.12 and a 12 month high of $14.40. The company has a debt-to-equity ratio of 10.96, a current ratio of 46.78 and a quick ratio of 46.78.

Ellington Financial (NYSE:EFC - Get Free Report) last issued its quarterly earnings data 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. 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, sell-side analysts predict that Ellington Financial will post 1.38 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the business. MAS Advisors LLC boosted its stake in shares of Ellington Financial by 3.6% during the 2nd quarter. MAS Advisors LLC now owns 22,928 shares of the financial services provider's stock worth $298,000 after buying an additional 788 shares during the last quarter. CWM LLC raised its holdings in Ellington Financial by 67.6% during the second quarter. CWM LLC now owns 2,010 shares of the financial services provider's stock worth $26,000 after acquiring an additional 811 shares in the last quarter. California State Teachers Retirement System raised its holdings in Ellington Financial by 1.1% during the fourth quarter. California State Teachers Retirement System now owns 81,097 shares of the financial services provider's stock worth $983,000 after acquiring an additional 873 shares in the last quarter. Bank of Montreal Can boosted its position in Ellington Financial by 6.2% during the second quarter. Bank of Montreal Can now owns 15,170 shares of the financial services provider's stock valued at $197,000 after purchasing an additional 888 shares during the last quarter. Finally, Corebridge Financial Inc. grew its stake in Ellington Financial by 2.0% in the first quarter. Corebridge Financial Inc. now owns 46,054 shares of the financial services provider's stock valued at $611,000 after purchasing an additional 893 shares in the last quarter. Institutional investors own 55.62% of the company's stock.

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.