Goldman Sachs Group Inc. Increases Stock Position in Ellington Credit Company $EARN

Key Points

• Goldman Sachs Group Inc. boosted its stake in Ellington Credit Company by 56.6% in the 1st quarter, owning a total of 126,864 shares valued at approximately $686,000.
• Ellington Credit Company recently reported a $0.18 EPS for the quarter, falling short of the consensus estimate of $0.20, with revenue at $9.87 million compared to the expected $12.15 million.
• The company announced a dividend of $0.08 per share to be paid on October 31, representing a notable yield of 1,700.0%, although its dividend payout ratio stands at 533.33%.

Goldman Sachs Group Inc. boosted its stake in shares of Ellington Credit Company (NYSE:EARN - Free Report) by 56.6% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 126,864 shares of the real estate investment trust's stock after buying an additional 45,845 shares during the quarter. Goldman Sachs Group Inc. owned 0.34% of Ellington Credit worth $686,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of EARN. Quarry LP purchased a new position in Ellington Credit during the first quarter worth about $33,000. State of Wyoming purchased a new position in Ellington Credit during the fourth quarter worth about $49,000. Quantbot Technologies LP boosted its stake in Ellington Credit by 211.0% during the first quarter. Quantbot Technologies LP now owns 14,016 shares of the real estate investment trust's stock worth $76,000 after buying an additional 9,509 shares during the period. Vident Advisory LLC purchased a new position in Ellington Credit during the fourth quarter worth about $90,000. Finally, Inspire Advisors LLC boosted its stake in Ellington Credit by 16.3% during the first quarter. Inspire Advisors LLC now owns 17,203 shares of the real estate investment trust's stock worth $93,000 after buying an additional 2,407 shares during the period. Hedge funds and other institutional investors own 20.40% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have weighed in on EARN. Wall Street Zen raised shares of Ellington Credit from a "sell" rating to a "hold" rating in a research note on Saturday, September 13th. UBS Group increased their price target on shares of Ellington Credit from $5.50 to $5.75 and gave the stock a "neutral" rating in a research report on Wednesday, July 16th. One analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. According to MarketBeat.com, Ellington Credit currently has a consensus rating of "Moderate Buy" and a consensus price target of $6.13.

Ellington Credit Stock Performance

Shares of EARN opened at $5.64 on Thursday. The stock has a market capitalization of $211.65 million, a PE ratio of 31.31 and a beta of 1.31. Ellington Credit Company has a 1 year low of $4.32 and a 1 year high of $7.11. The company's 50-day simple moving average is $5.76 and its 200-day simple moving average 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 the consensus estimate of $0.20 by ($0.02). The business had revenue of $9.87 million for 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%. On average, sell-side analysts predict that Ellington Credit Company will post 1.17 earnings per share for the current year.

Ellington Credit Announces Dividend

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

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.