OMERS ADMINISTRATION Corp Buys New Holdings in Ellington Credit (NYSE:EARN)

OMERS ADMINISTRATION Corp bought a new position in shares of Ellington Credit (NYSE:EARN - Free Report) in the 4th quarter, according to its most recent 13F filing with the SEC. The fund bought 91,400 shares of the real estate investment trust's stock, valued at approximately $605,000. OMERS ADMINISTRATION Corp owned 0.31% of Ellington Credit at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Wells Fargo & Company MN lifted its holdings in Ellington Credit by 56,104,600.0% during the fourth quarter. Wells Fargo & Company MN now owns 1,122,094 shares of the real estate investment trust's stock worth $7,428,000 after acquiring an additional 1,122,092 shares in the last quarter. Bank of New York Mellon Corp acquired a new stake in shares of Ellington Credit during the fourth quarter worth about $955,000. First Trust Advisors LP raised its position 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 worth $602,000 after purchasing an additional 1,959 shares during the period. Barclays PLC bought a new position in shares of Ellington Credit during the 3rd quarter valued at about $334,000. Finally, Castlekeep Investment Advisors LLC acquired a new position in shares of Ellington Credit in the 4th quarter valued at approximately $744,000. 20.40% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several brokerages have commented on EARN. Piper Sandler dropped their target price on shares of Ellington Credit from $8.00 to $6.50 and set an "overweight" rating on the stock in a report on Tuesday, April 8th. Wall Street Zen downgraded shares of Ellington Credit from a "hold" rating to a "sell" rating in a research report on Friday, May 16th. Finally, UBS Group dropped their price objective on shares of Ellington Credit from $6.50 to $5.25 and set a "neutral" rating on the stock in a report on Thursday, April 17th.

Insider Buying and Selling

In related news, Portfolio Manager Gregory Morris Borenstein bought 8,000 shares of the stock in a transaction that occurred on Wednesday, April 9th. The shares were acquired at an average price of $4.73 per share, with a total value of $37,840.00. Following the completion of the transaction, the portfolio manager now owns 18,000 shares in the company, valued at $85,140. The trade was a 80.00% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 1.60% of the stock is currently owned by corporate insiders.

Ellington Credit Trading Up 1.2%

Shares of EARN stock traded up $0.07 on Thursday, hitting $5.54. 432,705 shares of the stock were exchanged, compared to its average volume of 530,669. The firm has a market capitalization of $207.89 million, a P/E ratio of 4.94 and a beta of 1.31. Ellington Credit has a fifty-two week low of $4.33 and a fifty-two week high of $7.23. The business has a 50-day moving average of $5.38 and a 200 day moving average of $6.16.

Ellington Credit (NYSE:EARN - Get Free Report) last released its earnings results on Tuesday, May 20th. The real estate investment trust reported $0.26 EPS for the quarter, missing the consensus estimate of $0.27 by ($0.01). Ellington Credit had a net margin of 226.01% and a return on equity of 15.81%. The firm had revenue of $9.25 million during the quarter, compared to the consensus estimate of $10.35 million. During the same quarter in the previous year, the firm posted $0.27 EPS. As a group, research analysts forecast that Ellington Credit will post 1.17 EPS for the current fiscal year.

Ellington Credit Announces Dividend

The firm also recently announced a monthly dividend, which will be paid on Monday, June 30th. Investors of record on Friday, May 30th will be issued a dividend of $0.08 per share. This represents a $0.96 annualized dividend and a yield of 17.34%. The ex-dividend date of this dividend is Friday, May 30th. Ellington Credit's payout ratio is -738.46%.

About Ellington Credit

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.