Millennium Management LLC Sells 64,300 Shares of Ellington Credit (NYSE:EARN)

Millennium Management LLC lessened its position in shares of Ellington Credit (NYSE:EARN - Free Report) by 28.8% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 159,157 shares of the real estate investment trust's stock after selling 64,300 shares during the period. Millennium Management LLC owned about 0.55% of Ellington Credit worth $1,054,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Quantbot Technologies LP acquired a new stake in Ellington Credit in the 4th quarter valued at approximately $30,000. Naviter Wealth LLC acquired a new position in Ellington Credit during the 4th quarter worth approximately $72,000. Balyasny Asset Management L.P. bought a new position in shares of Ellington Credit during the 4th quarter worth approximately $97,000. Inspire Advisors LLC acquired a new stake in shares of Ellington Credit in the fourth quarter valued at approximately $98,000. Finally, Plancorp LLC acquired a new stake in shares of Ellington Credit in the fourth quarter valued at approximately $100,000. Institutional investors and hedge funds own 20.40% of the company's stock.

Ellington Credit Trading Up 0.7%

Shares of Ellington Credit stock traded up $0.04 on Friday, reaching $5.64. 234,445 shares of the company were exchanged, compared to its average volume of 530,222. The company has a market capitalization of $211.83 million, a price-to-earnings ratio of 5.04 and a beta of 1.30. Ellington Credit has a one year low of $4.33 and a one year high of $7.20. The company has a 50-day moving average of $5.35 and a 200 day moving average of $6.09.

Ellington Credit (NYSE:EARN - Get Free Report) last posted its quarterly earnings results on Tuesday, May 20th. The real estate investment trust reported $0.26 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.27 by ($0.01). Ellington Credit had a return on equity of 15.81% and a net margin of 226.01%. The firm had revenue of $9.25 million for the quarter, compared to the consensus estimate of $10.35 million. During the same period last year, the company posted $0.27 earnings per share. Analysts predict that Ellington Credit will post 1.17 earnings per share for the current year.

Ellington Credit Announces Dividend

The company also recently announced a monthly dividend, which will be paid on Monday, June 30th. Investors of record on Friday, May 30th will be paid a $0.08 dividend. The ex-dividend date is Friday, May 30th. This represents a $0.96 annualized dividend and a yield of 17.02%. Ellington Credit's dividend payout ratio (DPR) is currently -738.46%.

Insider Buying and Selling

In other Ellington Credit news, Portfolio Manager Gregory Morris Borenstein purchased 8,000 shares of the company's stock in a transaction that occurred on Wednesday, April 9th. The shares were acquired at an average price of $4.73 per share, for a total transaction of $37,840.00. Following the purchase, the portfolio manager now owns 18,000 shares in the company, valued at approximately $85,140. The trade was a 80.00% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. 1.40% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several research analysts recently commented on the stock. UBS Group reduced their target price on shares of Ellington Credit from $6.50 to $5.25 and set a "neutral" rating for the company in a report on Thursday, April 17th. Wall Street Zen downgraded shares of Ellington Credit from a "hold" rating to a "sell" rating in a research note on Friday, May 16th. Finally, Piper Sandler decreased their price objective on Ellington Credit from $8.00 to $6.50 and set an "overweight" rating for the company in a report on Tuesday, April 8th.

Ellington Credit 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.