Clear Harbor Asset Management LLC Buys 62,200 Shares of Ellington Credit Company $EARN

Key Points

• Clear Harbor Asset Management LLC increased its stake in Ellington Credit Company by 21.6%, acquiring an additional 62,200 shares to bring its total ownership to 350,500 shares, worth approximately $2,015,000.
• Recent analyst ratings for Ellington Credit include a price target increase from UBS Group, raising it from $5.50 to $5.75, alongside a current consensus rating of "Moderate Buy" with an average target price of $6.13.
• Ellington Credit has recently declared a dividend of $0.08 per share, yielding an extraordinary 1,700.0%, with a dividend payout ratio of 533.33%.

Clear Harbor Asset Management LLC lifted its stake in shares of Ellington Credit Company (NYSE:EARN - Free Report) by 21.6% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 350,500 shares of the real estate investment trust's stock after acquiring an additional 62,200 shares during the quarter. Clear Harbor Asset Management LLC owned about 0.93% of Ellington Credit worth $2,015,000 as of its most recent filing with the SEC.

Other large investors have also made changes to their positions in the company. Quarry LP acquired a new position in shares of Ellington Credit during the 1st quarter worth about $33,000. State of Wyoming acquired a new position in shares of Ellington Credit during the 4th quarter worth about $49,000. Vident Advisory LLC acquired a new position in shares of Ellington Credit during the 4th quarter worth about $90,000. Quantbot Technologies LP lifted its position in shares of Ellington Credit by 211.0% during the 1st quarter. Quantbot Technologies LP now owns 14,016 shares of the real estate investment trust's stock worth $76,000 after purchasing an additional 9,509 shares during the last quarter. Finally, Castlekeep Investment Advisors LLC acquired a new position in shares of Ellington Credit during the 4th quarter worth about $99,000. Institutional investors and hedge funds own 20.40% of the company's stock.

Analyst Ratings Changes

Several equities analysts recently weighed in on the company. UBS Group boosted their price objective on Ellington Credit from $5.50 to $5.75 and gave the stock a "neutral" rating in a research report on Wednesday, July 16th. Wall Street Zen raised Ellington Credit from a "sell" rating to a "hold" rating in a research report on Saturday, September 13th. One research analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $6.13.

Ellington Credit Trading Down 0.1%

Shares of EARN opened at $5.73 on Monday. Ellington Credit Company has a 1 year low of $4.32 and a 1 year high of $7.11. The stock has a 50 day simple moving average of $5.77 and a 200-day simple moving average of $5.64. The stock has a market cap of $215.03 million, a PE ratio of 31.81 and a beta of 1.31.

Ellington Credit (NYSE:EARN - Get Free Report) last issued its earnings results on Tuesday, August 19th. The real estate investment trust reported $0.18 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.20 by ($0.02). Ellington Credit had a return on equity of 15.90% and a net margin of 19.24%.The company had revenue of $9.87 million during the quarter, compared to analyst estimates of $12.15 million. On average, sell-side analysts forecast that Ellington Credit Company will post 1.17 EPS for the current fiscal year.

Ellington Credit Announces Dividend

The firm also recently declared a sep 25 dividend, which will be paid on Friday, October 31st. Investors of record on Tuesday, September 30th will be issued a dividend of $0.08 per share. This represents a yield of 1,700.0%. The ex-dividend date of this dividend is Tuesday, September 30th. Ellington Credit's dividend payout ratio (DPR) is currently 533.33%.

Ellington Credit Company 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.

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