UBS Group Issues Positive Forecast for Ellington Credit (NYSE:EARN) Stock Price

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

EARN has been the subject of several other reports. Wall Street Zen cut shares of Ellington Credit from a "hold" rating to a "sell" rating in a research report on Friday, May 16th. Piper Sandler lowered their price objective on shares of Ellington Credit from $8.00 to $6.50 and set an "overweight" rating for the company in a report on Tuesday, April 8th.

Ellington Credit Stock Performance

NYSE:EARN traded down $0.01 during midday trading on Tuesday, reaching $5.73. 250,298 shares of the stock traded hands, compared to its average volume of 529,926. The stock has a market capitalization of $215.03 million, a P/E ratio of 5.11 and a beta of 1.30. The company has a fifty day moving average of $5.36 and a 200 day moving average of $6.07. Ellington Credit has a 12 month low of $4.33 and a 12 month high of $7.20.

Ellington Credit (NYSE:EARN - Get Free Report) last released its quarterly earnings data 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 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 firm posted $0.27 EPS. On average, analysts predict that Ellington Credit will post 1.17 EPS for the current fiscal year.

Ellington Credit Announces Dividend

The company also recently disclosed 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 annualized dividend and a yield of 16.77%. The ex-dividend date of this dividend is Monday, June 30th. Ellington Credit's dividend payout ratio is currently -738.46%.

Insider Buying and Selling

In related news, Portfolio Manager Gregory Morris Borenstein acquired 8,000 shares of Ellington Credit stock in a transaction that occurred on Wednesday, April 9th. The stock was bought 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 in the company, valued at approximately $85,140. This represents a 80.00% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 1.40% of the stock is owned by company insiders.

Institutional Investors Weigh In On Ellington Credit

Several hedge funds have recently added to or reduced their stakes in the stock. Quantbot Technologies LP bought a new stake in shares of Ellington Credit during the fourth quarter valued at approximately $30,000. Quarry LP bought a new stake in shares of Ellington Credit during the 1st quarter valued at $33,000. State of Wyoming bought a new position in Ellington Credit in the 4th quarter worth $49,000. Naviter Wealth LLC bought a new position in shares of Ellington Credit in the fourth quarter worth about $72,000. Finally, McIlrath & Eck LLC purchased a new position in Ellington Credit during the fourth quarter valued at 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.