Northern Trust Corp lifted its position in Ellington Credit (NYSE:EARN - Free Report) by 81.1% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 109,569 shares of the real estate investment trust's stock after acquiring an additional 49,062 shares during the quarter. Northern Trust Corp owned 0.38% of Ellington Credit worth $725,000 as of its most recent SEC filing.
Several other hedge funds also recently made changes to their positions in the company. Wells Fargo & Company MN raised its position in shares of Ellington Credit by 56,104,600.0% during the 4th quarter. Wells Fargo & Company MN now owns 1,122,094 shares of the real estate investment trust's stock valued at $7,428,000 after acquiring an additional 1,122,092 shares in the last quarter. Susquehanna International Group LLP increased its stake in Ellington Credit by 570.4% during the fourth quarter. Susquehanna International Group LLP now owns 481,669 shares of the real estate investment trust's stock valued at $3,189,000 after purchasing an additional 409,817 shares during the last quarter. Bank of New York Mellon Corp bought a new stake in Ellington Credit during the fourth quarter valued at $955,000. Arrowstreet Capital Limited Partnership raised its holdings in shares of Ellington Credit by 35.5% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 195,955 shares of the real estate investment trust's stock worth $1,297,000 after purchasing an additional 51,345 shares during the period. Finally, XTX Topco Ltd bought a new position in shares of Ellington Credit in the 4th quarter worth about $250,000. Institutional investors and hedge funds own 20.40% of the company's stock.
Analyst Upgrades and Downgrades
EARN has been the subject of several research reports. UBS Group decreased their price target 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. Piper Sandler decreased their target price on Ellington Credit from $8.00 to $6.50 and set an "overweight" rating for the company in a research note on Tuesday, April 8th. Finally, Wall Street Zen lowered Ellington Credit from a "hold" rating to a "sell" rating in a report on Friday, May 16th.
View Our Latest Stock Analysis on Ellington Credit
Insider Activity
In other Ellington Credit news, Portfolio Manager Gregory Morris Borenstein purchased 8,000 shares of Ellington Credit stock in a transaction on Wednesday, April 9th. The stock was bought at an average price of $4.73 per share, for a total transaction of $37,840.00. Following the transaction, the portfolio manager now owns 18,000 shares of the company's stock, valued at $85,140. The trade was a 80.00% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 1.40% of the company's stock.
Ellington Credit Stock Down 0.4%
EARN stock traded down $0.02 during mid-day trading on Wednesday, reaching $5.61. The company had a trading volume of 241,166 shares, compared to its average volume of 530,359. Ellington Credit has a one year low of $4.33 and a one year high of $7.20. The stock has a market capitalization of $210.71 million, a P/E ratio of 5.01 and a beta of 1.31. The stock's 50-day simple moving average is $5.34 and its two-hundred day simple moving average is $6.10.
Ellington Credit (NYSE:EARN - Get Free Report) last released its quarterly earnings data on Tuesday, May 20th. The real estate investment trust reported $0.26 earnings per share for the quarter, missing analysts' consensus estimates of $0.27 by ($0.01). The firm had revenue of $9.25 million during the quarter, compared to analyst estimates 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 EPS. On average, research analysts forecast that Ellington Credit will post 1.17 EPS for the current fiscal year.
Ellington Credit Dividend Announcement
The company also recently declared a monthly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, May 30th will be paid a $0.08 dividend. The ex-dividend date of this dividend is Friday, May 30th. This represents a $0.96 annualized dividend and a dividend yield of 17.11%. Ellington Credit's payout ratio is currently -738.46%.
Ellington Credit Company Profile
(
Free Report)
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.
Further Reading
Before you consider Ellington Credit, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Ellington Credit wasn't on the list.
While Ellington Credit currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
With the proliferation of data centers and electric vehicles, the electric grid will only get more strained. Download this report to learn how energy stocks can play a role in your portfolio as the global demand for energy continues to grow.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
