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

Ellington Credit (NYSE:EARN) had its price objective boosted by equities research analysts at UBS Group from $5.25 to $5.50 in a research report issued on Tuesday,Benzinga reports. The firm currently has a “neutral” rating on the real estate investment trust’s stock. UBS Group’s target price would indicate a potential downside of 4.10% from the stock’s current price.

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

Ellington Credit Trading Up 0.1%

Shares of EARN stock opened at $5.74 on Tuesday. The stock has a market cap of $215.40 million, a P/E ratio of 5.12 and a beta of 1.30. The stock has a 50 day moving average of $5.36 and a 200 day moving average of $6.07. Ellington Credit has a twelve month low of $4.33 and a twelve month high of $7.20.

Ellington Credit (NYSE:EARN) last posted its quarterly earnings results 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). Ellington Credit had a net margin of 226.01% and a return on equity of 15.81%. The company had revenue of $9.25 million during the quarter, compared to analysts’ expectations of $10.35 million. During the same quarter last year, the company earned $0.27 earnings per share. On average, research analysts predict that Ellington Credit will post 1.17 earnings per share for the current fiscal year.

Insider Activity at Ellington Credit

In other Ellington Credit news, Portfolio Manager Gregory Morris Borenstein bought 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, with a total value of $37,840.00. Following the purchase, the portfolio manager now directly owns 18,000 shares in the company, valued at $85,140. The trade was a 80.00% increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Company insiders own 1.40% of the company’s stock.

Institutional Trading of Ellington Credit

Several large investors have recently made changes to their positions in the stock. Wells Fargo & Company MN boosted its holdings in Ellington Credit by 56,104,600.0% in the 4th quarter. Wells Fargo & Company MN now owns 1,122,094 shares of the real estate investment trust’s stock valued at $7,428,000 after purchasing an additional 1,122,092 shares during the period. Millennium Management LLC increased its position in Ellington Credit by 485.8% in the first quarter. Millennium Management LLC now owns 932,326 shares of the real estate investment trust’s stock worth $5,044,000 after purchasing an additional 773,169 shares during the period. Susquehanna International Group LLP lifted its stake in shares of Ellington Credit by 570.4% in the 4th quarter. Susquehanna International Group LLP now owns 481,669 shares of the real estate investment trust’s stock valued at $3,189,000 after purchasing an additional 409,817 shares during the period. Jane Street Group LLC increased its stake in Ellington Credit by 415.4% in the first quarter. Jane Street Group LLC now owns 379,906 shares of the real estate investment trust’s stock valued at $2,055,000 after purchasing an additional 306,192 shares in the last quarter. Finally, Geode Capital Management LLC lifted its holdings in shares of Ellington Credit by 12.9% during the 4th quarter. Geode Capital Management LLC now owns 304,629 shares of the real estate investment trust’s stock valued at $2,018,000 after purchasing an additional 34,779 shares in the last quarter. Institutional investors own 20.40% of the company’s stock.

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.