Northern Trust Corp Has $725,000 Stock Holdings in Ellington Credit (NYSE:EARN)

Northern Trust Corp grew its stake in shares of Ellington Credit (NYSE:EARN - Free Report) by 81.1% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 109,569 shares of the real estate investment trust's stock after acquiring an additional 49,062 shares during the period. Northern Trust Corp owned about 0.38% of Ellington Credit worth $725,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Global Retirement Partners LLC bought a new stake in Ellington Credit in the 4th quarter valued at about $114,000. Bank of New York Mellon Corp bought a new position in Ellington Credit in the 4th quarter valued at about $955,000. Naviter Wealth LLC bought a new stake in shares of Ellington Credit during the 4th quarter worth about $72,000. Inspire Advisors LLC bought a new position in shares of Ellington Credit in the fourth quarter valued at approximately $98,000. Finally, Quantbot Technologies LP acquired a new position in shares of Ellington Credit during the fourth quarter valued at approximately $30,000. Institutional investors own 20.40% of the company's stock.

Analysts Set New Price Targets

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

Ellington Credit Trading Up 0.3%

Ellington Credit stock traded up $0.02 during trading hours on Wednesday, reaching $5.65. 52,461 shares of the company were exchanged, compared to its average volume of 528,517. Ellington Credit has a 12 month low of $4.33 and a 12 month high of $7.20. The firm has a market cap of $212.02 million, a price-to-earnings ratio of 5.05 and a beta of 1.31. The stock has a 50-day moving average of $5.35 and a 200 day moving average of $6.10.

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

Ellington Credit Announces Dividend

The company also recently disclosed a monthly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, May 30th will be given a $0.08 dividend. The ex-dividend date of this dividend is Friday, May 30th. This represents a $0.96 dividend on an annualized basis and a yield of 17.01%. Ellington Credit's payout ratio is -738.46%.

Insider Activity at Ellington Credit

In other news, Portfolio Manager Gregory Morris Borenstein bought 8,000 shares of the stock in a transaction on Wednesday, April 9th. The stock was purchased at an average price of $4.73 per share, with a total value of $37,840.00. Following the completion of the purchase, the portfolio manager now owns 18,000 shares of the company's stock, valued at approximately $85,140. This trade represents a 80.00% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. 1.40% of the stock is owned by company insiders.

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.