UBS Group Forecasts Strong Price Appreciation for Ellington Financial (NYSE:EFC) Stock

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 increased by stock analysts at UBS Group from $12.50 to $13.50 in a research note issued on Wednesday,Benzinga reports. The firm currently has a "neutral" rating on the financial services provider's stock. UBS Group's price objective points to a potential downside of 1.42% from the stock's current price.

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

Ellington Financial Trading Up 0.8%

Shares of EFC stock opened at $13.70 on Wednesday. Ellington Financial has a fifty-two week low of $11.12 and a fifty-two week high of $14.40. The stock has a market cap of $1.37 billion, a P/E ratio of 10.98 and a beta of 1.00. The business has a fifty day simple moving average of $13.29 and a 200-day simple moving average of $13.03. The company has a quick ratio of 46.78, a current ratio of 46.78 and a debt-to-equity ratio of 10.96.

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

Hedge Funds Weigh In On Ellington Financial

Several hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. lifted its position in Ellington Financial by 3.0% during the 1st quarter. Vanguard Group Inc. now owns 5,899,538 shares of the financial services provider's stock worth $78,228,000 after acquiring an additional 171,445 shares in the last quarter. Geode Capital Management LLC lifted its position in Ellington Financial by 3.7% during the 2nd quarter. Geode Capital Management LLC now owns 2,187,694 shares of the financial services provider's stock worth $28,422,000 after acquiring an additional 77,047 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in Ellington Financial by 4.8% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,470,054 shares of the financial services provider's stock worth $17,817,000 after acquiring an additional 67,807 shares in the last quarter. Northern Trust Corp lifted its position in Ellington Financial by 2.1% during the 1st quarter. Northern Trust Corp now owns 1,115,881 shares of the financial services provider's stock worth $14,797,000 after acquiring an additional 22,979 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its position in Ellington Financial by 1.3% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 831,884 shares of the financial services provider's stock worth $11,031,000 after acquiring an additional 10,860 shares in the last quarter. 55.62% of the stock is owned by institutional investors and hedge funds.

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.

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