Gables Capital Management Inc. Reduces Position in Ellington Credit (NYSE:EARN)

Gables Capital Management Inc. reduced its position in Ellington Credit (NYSE:EARN) by 3.8% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 74,650 shares of the real estate investment trust’s stock after selling 2,950 shares during the quarter. Gables Capital Management Inc. owned approximately 0.26% of Ellington Credit worth $494,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. FMR LLC increased its holdings in Ellington Credit by 243.2% in the third quarter. FMR LLC now owns 4,839 shares of the real estate investment trust’s stock valued at $34,000 after buying an additional 3,429 shares during the last quarter. Naviter Wealth LLC bought a new stake in Ellington Credit in the fourth quarter valued at about $72,000. Global Retirement Partners LLC bought a new stake in Ellington Credit in the fourth quarter valued at about $114,000. Mount Yale Investment Advisors LLC bought a new stake in Ellington Credit in the fourth quarter valued at about $152,000. Finally, Charles Schwab Investment Management Inc. acquired a new position in Ellington Credit in the third quarter valued at approximately $170,000. 20.40% of the stock is owned by institutional investors.

Ellington Credit Trading Down 1.2 %

Shares of NYSE EARN opened at $6.34 on Tuesday. The stock has a 50 day simple moving average of $6.55 and a 200-day simple moving average of $6.69. The company has a market cap of $184.84 million, a PE ratio of 5.66 and a beta of 1.96. Ellington Credit has a 12-month low of $6.19 and a 12-month high of $7.26.

Ellington Credit Announces Dividend

The firm also recently disclosed a monthly dividend, which will be paid on Friday, April 25th. Stockholders of record on Monday, March 31st will be given a dividend of $0.08 per share. The ex-dividend date of this dividend is Monday, March 31st. This represents a $0.96 annualized dividend and a dividend yield of 15.15%. Ellington Credit’s dividend payout ratio is presently 85.71%.

Analysts Set New Price Targets

Separately, StockNews.com upgraded Ellington Credit from a “sell” rating to a “hold” rating in a research note on Wednesday, November 20th.

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.