Ellington Credit (NYSE:EARN) Rating Increased to Hold at StockNews.com

StockNews.com upgraded shares of Ellington Credit (NYSE:EARN) from a sell rating to a hold rating in a report issued on Wednesday.

Ellington Credit Trading Up 1.5 %

Shares of EARN stock opened at $6.75 on Wednesday. The company’s fifty day moving average price is $6.76 and its 200-day moving average price is $6.90. The stock has a market cap of $194.40 million, a PE ratio of 6.03 and a beta of 1.87. Ellington Credit has a 12 month low of $5.54 and a 12 month high of $7.26.

Ellington Credit (NYSE:EARN) last posted its quarterly earnings data on Tuesday, November 12th. The real estate investment trust reported $0.28 EPS for the quarter, topping the consensus estimate of $0.27 by $0.01. The business had revenue of $4.75 million for the quarter, compared to analyst estimates of $7.55 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 $0.21 earnings per share. On average, sell-side analysts forecast that Ellington Credit will post 1.17 earnings per share for the current fiscal year.

Ellington Credit Dividend Announcement

The business also recently disclosed a monthly dividend, which will be paid on Thursday, December 26th. Investors of record on Friday, November 29th will be given a dividend of $0.08 per share. This represents a $0.96 dividend on an annualized basis and a yield of 14.22%. The ex-dividend date is Friday, November 29th. Ellington Credit’s dividend payout ratio (DPR) is presently 85.71%.

Institutional Investors Weigh In On Ellington Credit

Several hedge funds have recently added to or reduced their stakes in the stock. Renaissance Technologies LLC raised its position in shares of Ellington Credit by 78.5% in the 2nd quarter. Renaissance Technologies LLC now owns 642,419 shares of the real estate investment trust’s stock worth $4,465,000 after purchasing an additional 282,600 shares during the last quarter. International Assets Investment Management LLC bought a new stake in Ellington Credit during the 3rd quarter valued at about $468,000. Clear Harbor Asset Management LLC purchased a new position in Ellington Credit in the third quarter worth about $1,412,000. Thrivent Financial for Lutherans lifted its stake in shares of Ellington Credit by 3.8% in the third quarter. Thrivent Financial for Lutherans now owns 79,466 shares of the real estate investment trust’s stock worth $554,000 after buying an additional 2,895 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. purchased a new stake in shares of Ellington Credit during the third quarter valued at approximately $170,000. 20.40% of the stock is owned by institutional investors.

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.