91,400 Shares in Ellington Credit (NYSE:EARN) Bought by OMERS ADMINISTRATION Corp

OMERS ADMINISTRATION Corp purchased a new stake in shares of Ellington Credit (NYSE:EARN - Free Report) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 91,400 shares of the real estate investment trust's stock, valued at approximately $605,000. OMERS ADMINISTRATION Corp owned approximately 0.31% of Ellington Credit as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of EARN. First Trust Advisors LP raised its stake in shares of Ellington Credit by 2.2% during the fourth quarter. First Trust Advisors LP now owns 90,895 shares of the real estate investment trust's stock valued at $602,000 after purchasing an additional 1,959 shares during the period. Quantbot Technologies LP purchased a new stake in shares of Ellington Credit during the fourth quarter valued at approximately $30,000. Jefferies Financial Group Inc. raised its stake in shares of Ellington Credit by 53.4% during the fourth quarter. Jefferies Financial Group Inc. now owns 22,401 shares of the real estate investment trust's stock valued at $148,000 after purchasing an additional 7,801 shares during the period. Naviter Wealth LLC purchased a new stake in shares of Ellington Credit during the fourth quarter valued at approximately $72,000. Finally, Tower Research Capital LLC TRC raised its stake in shares of Ellington Credit by 835.8% during the fourth quarter. Tower Research Capital LLC TRC now owns 16,236 shares of the real estate investment trust's stock valued at $107,000 after purchasing an additional 14,501 shares during the period. 20.40% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms have recently issued reports on EARN. Piper Sandler dropped their price objective on shares of Ellington Credit from $8.00 to $6.50 and set an "overweight" rating on the stock in a research note on Tuesday, April 8th. UBS Group dropped their price target on shares of Ellington Credit from $6.50 to $5.25 and set a "neutral" rating for the company in a research note on Thursday, April 17th. Finally, Wall Street Zen lowered shares of Ellington Credit from a "hold" rating to a "sell" rating in a research note on Friday, May 16th.

Ellington Credit Trading Up 0.7%

EARN stock traded up $0.04 during trading on Friday, hitting $5.58. The company had a trading volume of 354,684 shares, compared to its average volume of 531,686. The firm has a market capitalization of $209.62 million, a price-to-earnings ratio of 4.98 and a beta of 1.31. The business has a 50 day moving average of $5.37 and a 200 day moving average of $6.14. Ellington Credit has a fifty-two week low of $4.33 and a fifty-two week high of $7.20.

Ellington Credit (NYSE:EARN - Get Free Report) last issued its quarterly earnings results on Tuesday, May 20th. The real estate investment trust reported $0.26 earnings per share for the quarter, missing analysts' consensus estimates of $0.27 by ($0.01). The business had revenue of $9.25 million during the quarter, compared to analyst estimates of $10.35 million. Ellington Credit had a net margin of 226.01% and a return on equity of 15.81%. During the same period in the previous year, the company posted $0.27 earnings per share. As a group, equities analysts predict that Ellington Credit will post 1.17 EPS for the current year.

Ellington Credit Announces Dividend

The firm also recently announced a monthly dividend, which will be paid on Monday, June 30th. Stockholders of record on Friday, May 30th will be issued a $0.08 dividend. The ex-dividend date of this dividend is Friday, May 30th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 17.20%. Ellington Credit's dividend payout ratio is -738.46%.

Insider Activity

In other news, Portfolio Manager Gregory Morris Borenstein acquired 8,000 shares of the company's stock in a transaction that occurred on Wednesday, April 9th. The shares were purchased at an average price of $4.73 per share, for a total transaction of $37,840.00. Following the completion of the acquisition, the portfolio manager now owns 18,000 shares of the company's stock, valued at approximately $85,140. This represents a 80.00% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 1.60% of the stock is owned by corporate insiders.

Ellington Credit Profile

Ellington Credit Company, a real estate investment trust, acquires, invests in, and manages residential mortgage-and real estate-related assets. It acquires and manages residential mortgage-backed securities (RMBS), including agency pools and agency collateralized mortgage obligations (CMOs); and non-agency RMBS, such as non-agency CMOs, such as investment grade and non-investment grade.