Two Sigma Investments LP Lowers Stock Holdings in Ellington Credit (NYSE:EARN)

Two Sigma Investments LP reduced its holdings in Ellington Credit (NYSE:EARN - Free Report) by 49.9% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 231,583 shares of the real estate investment trust's stock after selling 230,775 shares during the quarter. Two Sigma Investments LP owned about 0.79% of Ellington Credit worth $1,533,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in the business. Quantbot Technologies LP bought a new stake in Ellington Credit in the fourth quarter valued at $30,000. State of Wyoming purchased a new position in shares of Ellington Credit during the fourth quarter valued at about $49,000. Naviter Wealth LLC purchased a new position in shares of Ellington Credit during the fourth quarter valued at about $72,000. Balyasny Asset Management L.P. bought a new position in Ellington Credit in the fourth quarter worth about $97,000. Finally, Inspire Advisors LLC purchased a new stake in Ellington Credit in the fourth quarter worth about $98,000. 20.40% of the stock is owned by hedge funds and other institutional investors.

Ellington Credit Stock Performance

Shares of Ellington Credit stock traded up $0.02 during midday trading on Friday, hitting $5.62. The company had a trading volume of 178,939 shares, compared to its average volume of 529,038. The company has a 50 day moving average of $5.35 and a 200 day moving average of $6.09. Ellington Credit has a 52-week low of $4.33 and a 52-week high of $7.20. The stock has a market capitalization of $210.89 million, a P/E ratio of 5.02 and a beta of 1.30.

Ellington Credit (NYSE:EARN - Get Free Report) last announced its quarterly earnings results on Tuesday, May 20th. The real estate investment trust reported $0.26 earnings per share (EPS) 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 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 quarter in the previous year, the firm earned $0.27 EPS. Equities research analysts forecast that Ellington Credit will post 1.17 EPS for the current year.

Ellington Credit Announces Dividend

The firm also recently announced 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. This represents a $0.96 dividend on an annualized basis and a yield of 17.10%. The ex-dividend date of this dividend is Friday, May 30th. Ellington Credit's dividend payout ratio (DPR) is -738.46%.

Analyst Upgrades and Downgrades

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

Insider Activity

In other Ellington Credit news, Portfolio Manager Gregory Morris Borenstein purchased 8,000 shares of Ellington Credit stock in a transaction dated 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 transaction, the portfolio manager now directly owns 18,000 shares of the company's stock, valued at $85,140. This trade represents a 80.00% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 1.40% of the stock is owned by corporate insiders.

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.