Ellington Credit (NYSE:EARN) Downgraded to “Sell” Rating by StockNews.com

StockNews.com cut shares of Ellington Credit (NYSE:EARN) from a hold rating to a sell rating in a report published on Thursday morning.

Other equities analysts have also issued research reports about the company. UBS Group cut their price target on Ellington Credit from $6.50 to $5.25 and set a “neutral” rating for the company in a research note on Thursday, April 17th. Piper Sandler reduced their price target on shares of Ellington Credit from $8.00 to $6.50 and set an “overweight” rating for the company in a research report on Tuesday, April 8th.

Ellington Credit Trading Up 0.6 %

Ellington Credit stock opened at $5.44 on Thursday. The business’s fifty day simple moving average is $5.50 and its two-hundred day simple moving average is $6.23. Ellington Credit has a 12 month low of $4.33 and a 12 month high of $7.26. The company has a market capitalization of $204.13 million, a price-to-earnings ratio of 4.85 and a beta of 1.31.

Ellington Credit (NYSE:EARN) last released its earnings results on Wednesday, March 12th. The real estate investment trust reported $0.27 EPS for the quarter, topping the consensus estimate of $0.26 by $0.01. The firm had revenue of $6.14 million for the quarter, compared to the consensus estimate of $9.65 million. Ellington Credit had a net margin of 226.01% and a return on equity of 15.81%. On average, equities research analysts predict that Ellington Credit will post 1.17 EPS for the current year.

Ellington Credit Announces Dividend

The company also recently declared a monthly dividend, which will be paid on Monday, June 30th. Stockholders of record on Friday, May 30th will be issued a dividend of $0.08 per share. This represents a $0.96 annualized dividend and a dividend yield of 17.66%. The ex-dividend date is Friday, May 30th. Ellington Credit’s dividend payout ratio (DPR) is 320.00%.

Insider Activity

In related news, Portfolio Manager Gregory Morris Borenstein purchased 8,000 shares of the stock in a transaction on Wednesday, April 9th. The shares were bought at an average price 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 approximately $85,140. This trade represents a 80.00 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 1.60% of the company’s stock.

Institutional Trading of Ellington Credit

Several institutional investors have recently made changes to their positions in EARN. Geode Capital Management LLC grew its position in shares of Ellington Credit by 21.6% during the 3rd quarter. Geode Capital Management LLC now owns 269,850 shares of the real estate investment trust’s stock worth $1,885,000 after buying an additional 47,998 shares during the period. Barclays PLC bought a new stake in Ellington Credit in the third quarter valued at approximately $334,000. Clear Harbor Asset Management LLC lifted its position in Ellington Credit by 16.3% during the fourth quarter. Clear Harbor Asset Management LLC now owns 235,395 shares of the real estate investment trust’s stock worth $1,558,000 after acquiring an additional 33,040 shares during the last quarter. Mount Yale Investment Advisors LLC acquired a new stake in shares of Ellington Credit in the fourth quarter valued at approximately $152,000. Finally, Global Retirement Partners LLC acquired a new stake in shares of Ellington Credit during the 4th quarter worth approximately $114,000. 20.40% of the stock is currently owned by institutional investors and hedge funds.

Ellington Credit Company 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.