Invesco Ltd. Cuts Position 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 stake in Ellington Financial Inc. (NYSE:EFC - Free Report) by 13.1% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,055,388 shares of the financial services provider's stock after selling 309,195 shares during the period. Invesco Ltd. owned 2.18% of Ellington Financial worth $27,254,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in Ellington Financial during the 1st quarter valued at approximately $882,000. Townsquare Capital LLC raised its stake in Ellington Financial by 18.2% during the first quarter. Townsquare Capital LLC now owns 67,407 shares of the financial services provider's stock worth $894,000 after buying an additional 10,360 shares during the last quarter. Swiss National Bank lifted its holdings in Ellington Financial by 3.8% in the first quarter. Swiss National Bank now owns 177,500 shares of the financial services provider's stock valued at $2,354,000 after buying an additional 6,500 shares during the period. Delphi Financial Group Inc. lifted its holdings in Ellington Financial by 44.3% in the first quarter. Delphi Financial Group Inc. now owns 560,057 shares of the financial services provider's stock valued at $7,426,000 after buying an additional 171,926 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its position in Ellington Financial by 1.3% during the first quarter. Charles Schwab Investment Management Inc. now owns 831,884 shares of the financial services provider's stock valued at $11,031,000 after acquiring an additional 10,860 shares during the last quarter. 55.62% of the stock is currently owned by institutional investors.

Ellington Financial Stock Up 2.4%

Shares of NYSE:EFC traded up $0.3340 during midday trading on Friday, hitting $14.0240. 1,240,987 shares of the company's stock were exchanged, compared to its average volume of 1,253,254. 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 stock has a 50 day moving average price of $13.16 and a 200-day moving average price of $12.98. The company has a market cap of $1.40 billion, a PE ratio of 11.31 and a beta of 1.00. Ellington Financial Inc. has a 12 month low of $11.12 and a 12 month high of $14.40.

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

Ellington Financial Dividend Announcement

The company also recently announced a monthly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Friday, August 29th will be issued a $0.13 dividend. The ex-dividend date is Friday, August 29th. This represents a c) annualized dividend and a dividend yield of 11.1%. Ellington Financial's dividend payout ratio is currently 125.81%.

Wall Street Analyst Weigh In

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

About Ellington Financial

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.