Two Sigma Investments LP Sells 230,775 Shares of Ellington Credit (NYSE:EARN)

Two Sigma Investments LP reduced its holdings in shares of Ellington Credit (NYSE:EARN - Free Report) by 49.9% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (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 0.79% of Ellington Credit worth $1,533,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in EARN. Jane Street Group LLC boosted its holdings in Ellington Credit by 177.5% during the fourth quarter. Jane Street Group LLC now owns 73,714 shares of the real estate investment trust's stock worth $488,000 after purchasing an additional 47,151 shares during the last quarter. Wells Fargo & Company MN boosted its holdings in Ellington Credit by 56,104,600.0% during the fourth quarter. Wells Fargo & Company MN now owns 1,122,094 shares of the real estate investment trust's stock worth $7,428,000 after purchasing an additional 1,122,092 shares during the last quarter. Bank of New York Mellon Corp purchased a new position in Ellington Credit during the fourth quarter worth about $955,000. First Trust Advisors LP boosted its holdings in Ellington Credit by 2.2% during the fourth quarter. First Trust Advisors LP now owns 90,895 shares of the real estate investment trust's stock worth $602,000 after purchasing an additional 1,959 shares during the last quarter. Finally, Castlekeep Investment Advisors LLC purchased a new position in Ellington Credit during the fourth quarter worth about $744,000. 20.40% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

EARN has been the topic of several analyst reports. Wall Street Zen cut shares of Ellington Credit from a "hold" rating to a "sell" rating in a report on Friday, May 16th. 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 research note on Tuesday, April 8th. Finally, UBS Group dropped 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.

Insider Buying and Selling

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

Ellington Credit Stock Performance

EARN traded up $0.04 during midday trading on Friday, reaching $5.64. The company had a trading volume of 234,445 shares, compared to its average volume of 530,222. The stock has a market cap of $211.83 million, a PE ratio of 5.04 and a beta of 1.30. Ellington Credit has a 12-month low of $4.33 and a 12-month high of $7.20. The business has a 50-day moving average price of $5.35 and a two-hundred day moving average price of $6.08.

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 EPS for the quarter, missing analysts' consensus estimates of $0.27 by ($0.01). The business had revenue of $9.25 million for the quarter, compared to analysts' expectations of $10.35 million. Ellington Credit had a net margin of 226.01% and a return on equity of 15.81%. During the same quarter in the previous year, the company posted $0.27 earnings per share. On average, research analysts anticipate 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 issued a dividend of $0.08 per share. This represents a $0.96 dividend on an annualized basis and a yield of 17.02%. The ex-dividend date of this dividend is Friday, May 30th. Ellington Credit's dividend payout ratio (DPR) is presently -738.46%.

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.