Ellington Credit (NYSE:EARN) Upgraded to “Hold” at Wall Street Zen
by Sarita Garza · The Markets DailyWall Street Zen upgraded shares of Ellington Credit (NYSE:EARN – Free Report) from a sell rating to a hold rating in a research note issued to investors on Saturday.
A number of other analysts have also recently weighed in on the stock. Piper Sandler lowered their target price on shares of Ellington Credit from $6.00 to $5.50 and set an “overweight” rating on the stock in a research note on Friday, March 6th. UBS Group set a $6.00 price objective on Ellington Credit in a research note on Tuesday, December 23rd. One analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $5.75.
Check Out Our Latest Stock Report on Ellington Credit
Ellington Credit Price Performance
Shares of EARN stock opened at $4.56 on Friday. Ellington Credit has a one year low of $4.27 and a one year high of $6.08. The stock has a fifty day moving average price of $4.90 and a 200 day moving average price of $5.18. The stock has a market cap of $171.13 million, a P/E ratio of -11.11 and a beta of 1.29.
Ellington Credit (NYSE:EARN – Get Free Report) last announced its quarterly earnings results on Wednesday, March 4th. The real estate investment trust reported $0.21 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.24 by ($0.03). The business had revenue of $11.12 million during the quarter, compared to the consensus estimate of $12.71 million. Ellington Credit had a negative net margin of 34.31% and a positive return on equity of 16.47%. Equities research analysts anticipate that Ellington Credit will post 1.17 EPS for the current year.
Ellington Credit Dividend Announcement
The company also recently disclosed a monthly dividend, which will be paid on Thursday, April 30th. Shareholders of record on Tuesday, March 31st will be paid a dividend of $0.08 per share. This represents a c) annualized dividend and a yield of 21.1%. The ex-dividend date of this dividend is Tuesday, March 31st. Ellington Credit’s dividend payout ratio is currently -234.15%.
Institutional Inflows and Outflows
A number of institutional investors have recently modified their holdings of the company. World Investment Advisors acquired a new position in shares of Ellington Credit in the 4th quarter worth approximately $115,000. Virtu Financial LLC acquired a new stake in Ellington Credit during the 4th quarter valued at $57,000. Quadrature Capital Ltd bought a new position in Ellington Credit in the 4th quarter valued at $75,000. Jane Street Group LLC raised its position in Ellington Credit by 70.8% in the 4th quarter. Jane Street Group LLC now owns 135,107 shares of the real estate investment trust’s stock valued at $712,000 after purchasing an additional 56,012 shares during the last quarter. Finally, Clear Harbor Asset Management LLC boosted its stake in Ellington Credit by 7.3% in the fourth quarter. Clear Harbor Asset Management LLC now owns 347,635 shares of the real estate investment trust’s stock worth $1,832,000 after purchasing an additional 23,775 shares in the last quarter. Institutional investors own 20.40% of the company’s stock.
Ellington Credit Company Profile
Ellington Credit Income Fund (NYSE: EARN) is a closed-end management investment company that seeks to generate current income through a diversified portfolio of mortgage- and asset-backed securities. The fund primarily invests in residential mortgage-backed securities (RMBS) and asset-backed securities (ABS), with additional exposure to commercial mortgage-backed securities (CMBS) and related structured credit instruments. To enhance income and manage risk, the fund employs leverage and derivative strategies such as interest rate swaps and credit default swaps, allowing it to adjust duration and credit exposure dynamically.
The fund is externally managed and advised by Ellington Management Group, LLC, an established investment firm specializing in mortgage credit and structured products.