Bank of America Corp DE Lowers Holdings in Ellington Financial Inc. $EFC

Key Points

• Bank of America reduced its Ellington Financial stake by 17.1% in the second quarter, selling 91,756 shares and retaining 445,443 shares valued at approximately $6.06 million. Institutional investors collectively own 55.62% of EFC.
• Ellington Financial reported quarterly EPS of $0.60, exceeding the $0.46 analyst consensus, while revenue of $134.11 million also surpassed estimates. Analysts expect full-year EPS of approximately $2.13.
• The company declared a monthly dividend of $0.13 per share, equating to an annualized $1.56 payout and a 12.6% yield. Analysts maintain a consensus “Hold” rating with a $14.50 target price.

Bank of America Corp DE lowered its stake in shares of Ellington Financial Inc. (NYSE:EFC - Free Report) by 17.1% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 445,443 shares of the financial services provider's stock after selling 91,756 shares during the period. Bank of America Corp DE owned 0.35% of Ellington Financial worth $6,062,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Jupiter Topco LLC bought a new position in shares of Ellington Financial in the second quarter valued at approximately $824,000. Castlekeep Investment Advisors LLC purchased a new position in Ellington Financial during the second quarter valued at approximately $1,210,000. Legal & General Group Plc bought a new stake in Ellington Financial during the 2nd quarter worth approximately $3,695,000. The Manufacturers Life Insurance Company bought a new stake in Ellington Financial during the 2nd quarter worth approximately $701,000. Finally, Quantbot Technologies LP purchased a new stake in Ellington Financial in the 2nd quarter worth approximately $399,000. 55.62% of the stock is owned by institutional investors.

Ellington Financial Trading Up 0.1%

Shares of EFC opened at $12.38 on Monday. The stock has a market capitalization of $1.60 billion, a P/E ratio of 7.55 and a beta of 0.94. Ellington Financial Inc. has a twelve month low of $11.27 and a twelve month high of $14.12. The company has a quick ratio of 52.06, a current ratio of 52.06 and a debt-to-equity ratio of 10.39. The firm has a fifty day simple moving average of $13.27 and a two-hundred day simple moving average of $13.11.

Ellington Financial (NYSE:EFC - Get Free Report) last announced its quarterly earnings results on Thursday, August 6th. The financial services provider reported $0.60 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.46 by $0.14. The company had revenue of $134.11 million for the quarter, compared to the consensus estimate of $114.59 million. Ellington Financial had a return on equity of 16.61% and a net margin of 52.43%. On average, research analysts anticipate that Ellington Financial Inc. will post 2.13 EPS for the current year.

Ellington Financial Announces Dividend

The business also recently declared a monthly dividend, which will be paid on Friday, October 30th. Investors of record on Wednesday, September 30th will be paid a $0.13 dividend. This represents a $1.56 dividend on an annualized basis and a yield of 12.6%. The ex-dividend date of this dividend is Wednesday, September 30th. Ellington Financial's dividend payout ratio is presently 95.12%.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on EFC. Zacks Research downgraded Ellington Financial from a "strong-buy" rating to a "hold" rating in a research report on Monday, July 13th. BTIG Research cut shares of Ellington Financial from a "buy" rating to a "neutral" rating in a research report on Wednesday, June 17th. UBS Group raised their target price on shares of Ellington Financial from $14.00 to $14.50 and gave the company a "neutral" rating in a research note on Wednesday, August 19th. Finally, Weiss Ratings reiterated a "hold (c)" rating on shares of Ellington Financial in a research report on Tuesday, August 11th. Four equities research analysts have rated the stock with a Hold rating, According to MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $14.50.

About Ellington Financial

Ellington Financial Inc is a specialty finance company that invests in a range of mortgage-related and other financial assets. Its portfolio may include residential and commercial mortgage loans, residential mortgage-backed securities, commercial mortgage-backed securities, consumer loans and related investments.

The company seeks to generate income and long-term returns by acquiring, financing and managing these assets. Ellington Financial also has exposure to mortgage lending activities through affiliated and owned operating businesses, including platforms involved in residential and reverse mortgage lending.

Founded in 2007, Ellington Financial is organized as a real estate investment trust and generally invests in assets tied to the U.S.

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