Clear Harbor Asset Management LLC Has $2.02 Million Position in 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 raised its position in Ellington Credit Company (NYSE:EARN - Free Report) by 21.6% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 350,500 shares of the real estate investment trust's stock after buying an additional 62,200 shares during the quarter. Clear Harbor Asset Management LLC owned about 0.93% of Ellington Credit worth $2,015,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in EARN. Millennium Management LLC grew its holdings in shares of Ellington Credit by 485.8% during the 1st quarter. Millennium Management LLC now owns 932,326 shares of the real estate investment trust's stock valued at $5,044,000 after purchasing an additional 773,169 shares during the last quarter. Jane Street Group LLC grew its holdings in shares of Ellington Credit by 415.4% during the 1st quarter. Jane Street Group LLC now owns 379,906 shares of the real estate investment trust's stock valued at $2,055,000 after purchasing an additional 306,192 shares during the last quarter. Delphi Financial Group Inc. bought a new stake in shares of Ellington Credit during the 1st quarter valued at approximately $995,000. Castlekeep Investment Advisors LLC grew its holdings in shares of Ellington Credit by 1,107.9% during the 1st quarter. Castlekeep Investment Advisors LLC now owns 180,672 shares of the real estate investment trust's stock valued at $977,000 after purchasing an additional 165,714 shares during the last quarter. Finally, OMERS ADMINISTRATION Corp grew its holdings in shares of Ellington Credit by 103.8% during the 1st quarter. OMERS ADMINISTRATION Corp now owns 186,300 shares of the real estate investment trust's stock valued at $1,008,000 after purchasing an additional 94,900 shares during the last quarter. 20.40% of the stock is owned by institutional investors.

Ellington Credit Stock Performance

Shares of NYSE EARN traded down $0.02 during midday trading on Monday, reaching $5.69. The stock had a trading volume of 230,974 shares, compared to its average volume of 242,818. The firm has a market cap of $213.53 million, a price-to-earnings ratio of 31.58 and a beta of 1.31. Ellington Credit Company has a twelve month low of $4.32 and a twelve month high of $7.11. The company's 50 day moving average price is $5.77 and its 200 day moving average price is $5.63.

Ellington Credit (NYSE:EARN - Get Free Report) last issued its quarterly 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). The firm had revenue of $9.87 million during the quarter, compared to analyst estimates of $12.15 million. Ellington Credit had a return on equity of 15.90% and a net margin of 19.24%. Equities analysts forecast that Ellington Credit Company will post 1.17 earnings per share for the current fiscal year.

Ellington Credit Announces Dividend

The business also recently announced a sep 25 dividend, which will be paid on Friday, October 31st. Investors of record on Tuesday, September 30th will be given a dividend of $0.08 per share. This represents a dividend yield of 1,700.0%. The ex-dividend date is Tuesday, September 30th. Ellington Credit's payout ratio is presently 533.33%.

Analyst Ratings Changes

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

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.