Ellington Financial (NYSE:EFC) Given New $13.50 Price Target at UBS Group

Key Points

• UBS Group has raised its price target on Ellington Financial (NYSE:EFC) from $12.50 to $13.50, maintaining a "neutral" rating despite indicating a potential downside of 1.42% from the current price.
• Other analysts have given more bullish ratings, with B. Riley setting a target of $16.00 and Zacks Research upgrading to a "strong-buy" rating.
• Ellington Financial recently reported earnings of $0.47 per share, surpassing expectations, but reported revenue lower than forecasts at $92.54 million.

Ellington Financial (NYSE:EFC - Get Free Report) had its price objective boosted by research analysts at UBS Group from $12.50 to $13.50 in a note issued to investors on Wednesday, Marketbeat.com reports. The firm presently has a "neutral" rating on the financial services provider's stock. UBS Group's target price indicates a potential downside of 1.78% from the company's previous close.

A number of other equities research analysts have also recently commented on EFC. B. Riley increased their price objective on shares of Ellington Financial from $15.00 to $16.00 and gave the company a "buy" rating in a research note on Thursday, May 15th. Piper Sandler lowered their price target on Ellington Financial from $15.00 to $14.50 and set an "overweight" rating for the company in a report on Tuesday, July 1st. Zacks Research upgraded Ellington Financial to a "strong-buy" rating in a report on Tuesday, August 12th. Finally, Jones Trading upgraded Ellington Financial from a "hold" rating to a "buy" rating and set a $14.25 price target for the company in a report on Wednesday, August 13th. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat.com, Ellington Financial presently has an average rating of "Buy" and an average price target of $14.46.

Ellington Financial Stock Performance

Shares of EFC stock traded down $0.09 during trading hours on Wednesday, hitting $13.75. The stock had a trading volume of 945,097 shares, compared to its average volume of 1,071,619. The company has a debt-to-equity ratio of 10.96, a current ratio of 46.78 and a quick ratio of 46.78. The stock's 50 day moving average is $13.33 and its 200 day moving average is $13.04. Ellington Financial has a twelve month low of $11.12 and a twelve month high of $14.40. The firm has a market capitalization of $1.37 billion, a PE ratio of 11.08 and a beta of 1.00.

Ellington Financial (NYSE:EFC - Get Free Report) last issued its quarterly earnings results on Thursday, August 7th. The financial services provider reported $0.47 earnings per share for the quarter, topping the consensus estimate of $0.40 by $0.07. The firm had revenue of $92.54 million during the quarter, compared to the consensus estimate of $112.48 million. Ellington Financial had a return on equity of 13.56% and a net margin of 89.52%. As a group, research analysts forecast that Ellington Financial will post 1.38 earnings per share for the current fiscal year.

Institutional Trading of Ellington Financial

A number of hedge funds have recently bought and sold shares of the stock. Osaic Holdings Inc. boosted its stake in shares of Ellington Financial by 16.2% during the 2nd quarter. Osaic Holdings Inc. now owns 35,688 shares of the financial services provider's stock worth $464,000 after acquiring an additional 4,974 shares in the last quarter. Thrivent Financial for Lutherans increased its holdings in shares of Ellington Financial by 4.4% during the 2nd quarter. Thrivent Financial for Lutherans now owns 69,497 shares of the financial services provider's stock worth $903,000 after buying an additional 2,904 shares during the last quarter. Public Sector Pension Investment Board increased its holdings in shares of Ellington Financial by 12.1% during the 2nd quarter. Public Sector Pension Investment Board now owns 322,244 shares of the financial services provider's stock worth $4,186,000 after buying an additional 34,721 shares during the last quarter. CANADA LIFE ASSURANCE Co increased its holdings in shares of Ellington Financial by 10.7% during the 2nd quarter. CANADA LIFE ASSURANCE Co now owns 109,466 shares of the financial services provider's stock worth $1,422,000 after buying an additional 10,551 shares during the last quarter. Finally, Tower Research Capital LLC TRC increased its holdings in shares of Ellington Financial by 227.6% during the 2nd quarter. Tower Research Capital LLC TRC now owns 6,853 shares of the financial services provider's stock worth $89,000 after buying an additional 4,761 shares during the last quarter. Hedge funds and other institutional investors own 55.62% of the company's stock.

About Ellington Financial

Ellington Financial Inc, through its subsidiary, Ellington Financial Operating Partnership LLC, acquires and manages mortgage-related, consumer-related, corporate-related, and other financial assets in the United States. The company acquires and manages residential mortgage-backed securities (RMBS) backed by prime jumbo, Alt-A, manufactured housing, and subprime mortgage; RMBS for which the principal and interest payments are guaranteed by the U.S.