UBS Group Boosts Ellington Credit (NYSE:EARN) Price Target to $5.50

Ellington Credit (NYSE:EARN - Free Report) had its target price upped by UBS Group from $5.25 to $5.50 in a research note issued to investors on Tuesday morning,Benzinga reports. They currently have a neutral rating on the real estate investment trust's stock.

Other research analysts also recently issued reports about the company. Piper Sandler cut their price objective on Ellington Credit from $8.00 to $6.50 and set an "overweight" rating on the stock in a research note on Tuesday, April 8th. Wall Street Zen downgraded Ellington Credit from a "hold" rating to a "sell" rating in a report on Friday, May 16th.

Ellington Credit Stock Performance

Shares of Ellington Credit stock traded down $0.05 during midday trading on Tuesday, reaching $5.73. 127,069 shares of the company's stock traded hands, compared to its average volume of 531,912. Ellington Credit has a 52 week low of $4.33 and a 52 week high of $7.20. The company's 50 day simple moving average is $5.44 and its 200 day simple moving average is $6.05. The company has a market cap of $215.03 million, a price-to-earnings ratio of 5.11 and a beta of 1.30.

Ellington Credit (NYSE:EARN - Get Free Report) last posted its earnings results on Tuesday, May 20th. The real estate investment trust reported $0.26 EPS for the quarter, missing the consensus estimate of $0.27 by ($0.01). Ellington Credit had a return on equity of 15.81% and a net margin of 226.01%. The business had revenue of $9.25 million for the quarter, compared to analyst estimates of $10.35 million. During the same period in the previous year, the company earned $0.27 earnings per share. As a group, equities research analysts predict that Ellington Credit will post 1.17 earnings per share for the current year.

Ellington Credit Dividend Announcement

The company also recently announced a monthly dividend, which will be paid on Thursday, July 31st. Shareholders of record on Monday, June 30th will be given a dividend of $0.08 per share. This represents a $0.96 dividend on an annualized basis and a yield of 16.77%. The ex-dividend date of this dividend is Monday, June 30th. Ellington Credit's dividend payout ratio is -738.46%.

Insider Buying and Selling at Ellington Credit

In other Ellington Credit news, Portfolio Manager Gregory Morris Borenstein purchased 8,000 shares of the business's stock in a transaction dated Wednesday, April 9th. The stock was bought at an average cost of $4.73 per share, for a total transaction of $37,840.00. Following the completion of the acquisition, the portfolio manager now directly owns 18,000 shares in the company, valued at $85,140. This represents a 80.00% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 1.40% of the company's stock.

Institutional Investors Weigh In On Ellington Credit

Hedge funds have recently modified their holdings of the business. Quantbot Technologies LP bought a new stake in shares of Ellington Credit in the fourth quarter valued at about $30,000. Quarry LP acquired a new position in Ellington Credit in the 1st quarter valued at approximately $33,000. State of Wyoming acquired a new position in Ellington Credit in the 4th quarter valued at approximately $49,000. Naviter Wealth LLC bought a new stake in shares of Ellington Credit in the 4th quarter worth approximately $72,000. Finally, McIlrath & Eck LLC acquired a new stake in shares of Ellington Credit during the 4th quarter worth approximately $80,000. 20.40% of the stock is owned by institutional investors.

About Ellington Credit

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.