Invesco Ltd. Reduces Holdings in Ellington Financial Inc. $EFC

Key Points

• Invesco Ltd. has reduced its holdings in Ellington Financial Inc. by 13.1%, owning 2,055,388 shares worth approximately $27.25 million after selling 309,195 shares in the first quarter.
• Ellington Financial reported $0.47 earnings per share for the last quarter, surpassing the estimated $0.40, while also declaring a monthly dividend of $0.13 per share with a yield of 11.3%.
• Institutional investors currently own 55.62% of Ellington Financial's stock, reflecting ongoing interest from various funds in acquiring and managing its shares.

Invesco Ltd. decreased its position in shares of Ellington Financial Inc. (NYSE:EFC - Free Report) by 13.1% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,055,388 shares of the financial services provider's stock after selling 309,195 shares during the quarter. Invesco Ltd. owned about 2.18% of Ellington Financial worth $27,254,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Sterling Capital Management LLC increased its holdings in shares of Ellington Financial by 814.9% during the fourth quarter. Sterling Capital Management LLC now owns 2,644 shares of the financial services provider's stock valued at $32,000 after acquiring an additional 2,355 shares in the last quarter. State of Wyoming purchased a new position in shares of Ellington Financial during the fourth quarter valued at approximately $56,000. GAMMA Investing LLC boosted its position in shares of Ellington Financial by 243.8% during the first quarter. GAMMA Investing LLC now owns 4,800 shares of the financial services provider's stock valued at $64,000 after buying an additional 3,404 shares during the last quarter. Versant Capital Management Inc boosted its position in shares of Ellington Financial by 1,824.5% during the first quarter. Versant Capital Management Inc now owns 5,581 shares of the financial services provider's stock valued at $74,000 after buying an additional 5,291 shares during the last quarter. Finally, Mariner LLC purchased a new position in shares of Ellington Financial during the fourth quarter valued at approximately $143,000. Institutional investors own 55.62% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on EFC. B. Riley lifted their target price on Ellington Financial from $15.00 to $16.00 and gave the company a "buy" rating in a research report on Thursday, May 15th. Piper Sandler cut their target price on Ellington Financial from $15.00 to $14.50 and set an "overweight" rating on the stock in a research report on Tuesday, July 1st. UBS Group lifted their target price on Ellington Financial from $12.00 to $12.50 and gave the company a "neutral" rating in a research report on Thursday, July 10th. Jones Trading raised Ellington Financial from a "hold" rating to a "buy" rating and set a $14.25 price objective on the stock in a research report on Wednesday, August 13th. Finally, Zacks Research raised Ellington Financial to a "strong-buy" rating in a research report on Tuesday, August 12th. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and one has given a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus target price of $14.29.

Ellington Financial Stock Performance

Shares of NYSE EFC traded down $0.16 during trading on Monday, reaching $13.86. 1,257,046 shares of the stock traded hands, compared to its average volume of 1,264,830. Ellington Financial Inc. has a 52-week low of $11.12 and a 52-week high of $14.40. The company has a debt-to-equity ratio of 10.96, a current ratio of 46.78 and a quick ratio of 46.78. The company has a 50-day moving average of $13.18 and a 200-day moving average of $12.99. The stock has a market capitalization of $1.38 billion, a P/E ratio of 11.18 and a beta of 1.00.

Ellington Financial (NYSE:EFC - Get Free Report) last released its quarterly earnings data on Thursday, August 7th. The financial services provider reported $0.47 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.40 by $0.07. Ellington Financial had a return on equity of 13.56% and a net margin of 89.52%.The company had revenue of $92.54 million for the quarter, compared to analyst estimates of $112.48 million. Analysts forecast that Ellington Financial Inc. will post 1.38 EPS for the current fiscal year.

Ellington Financial Dividend Announcement

The business also recently disclosed a monthly dividend, which will be paid on Tuesday, September 30th. Investors of record on Friday, August 29th will be paid a dividend of $0.13 per share. This represents a c) dividend on an annualized basis and a dividend yield of 11.3%. The ex-dividend date is Friday, August 29th. Ellington Financial's payout ratio is presently 125.81%.

Ellington Financial Company Profile

Ellington Financial Inc, through its subsidiary, Ellington Financial Operating Partnership LLC, acquires and manages mortgage-related, consumer-related, corporate-related, and other financial assets in the United States. The company acquires and manages residential mortgage-backed securities (RMBS) backed by prime jumbo, Alt-A, manufactured housing, and subprime mortgage; RMBS for which the principal and interest payments are guaranteed by the U.S.