Ellington Credit (NYSE:EARN - Get Free Report) Portfolio Manager Gregory Morris Borenstein acquired 8,000 shares of the business's stock in a transaction on Wednesday, April 9th. The stock was acquired at an average price of $4.73 per share, with a total value of $37,840.00. Following the transaction, the portfolio manager now owns 18,000 shares in the company, valued at approximately $85,140. The trade was a 80.00 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.
Ellington Credit Stock Down 3.9 %
Shares of NYSE:EARN opened at $4.58 on Friday. The firm has a market cap of $171.83 million, a price-to-earnings ratio of 4.08 and a beta of 1.74. Ellington Credit has a 12 month low of $4.33 and a 12 month high of $7.26. The company's fifty day simple moving average is $5.97 and its 200 day simple moving average is $6.44.
Ellington Credit (NYSE:EARN - Get Free Report) last issued its quarterly earnings results on Wednesday, March 12th. The real estate investment trust reported $0.27 earnings per share for the quarter, topping the consensus estimate of $0.26 by $0.01. The company had revenue of $6.14 million during the quarter, compared to analysts' expectations of $9.65 million. Ellington Credit had a net margin of 226.01% and a return on equity of 15.81%. Research analysts expect that Ellington Credit will post 1.17 earnings per share for the current fiscal year.
Ellington Credit Announces Dividend
The company also recently declared a monthly dividend, which will be paid on Tuesday, May 27th. Shareholders of record on Wednesday, April 30th will be given a dividend of $0.08 per share. This represents a $0.96 annualized dividend and a yield of 20.98%. The ex-dividend date is Wednesday, April 30th. Ellington Credit's dividend payout ratio (DPR) is currently 320.00%.
Analysts Set New Price Targets
Separately, Piper Sandler reduced their target price on shares of Ellington Credit from $8.00 to $6.50 and set an "overweight" rating on the stock in a research note on Tuesday.
View Our Latest Research Report on EARN
Institutional Inflows and Outflows
Institutional investors have recently modified their holdings of the company. Quantbot Technologies LP acquired a new position in Ellington Credit in the 4th quarter valued at about $30,000. FMR LLC boosted its holdings in shares of Ellington Credit by 243.2% during the third quarter. FMR LLC now owns 4,839 shares of the real estate investment trust's stock worth $34,000 after acquiring an additional 3,429 shares during the period. State of Wyoming bought a new stake in shares of Ellington Credit during the fourth quarter worth approximately $49,000. Naviter Wealth LLC acquired a new position in shares of Ellington Credit in the fourth quarter valued at approximately $72,000. Finally, McIlrath & Eck LLC bought a new position in shares of Ellington Credit during the fourth quarter worth approximately $80,000. 20.40% of the stock is currently owned by institutional investors and hedge funds.
About Ellington Credit
(
Get Free Report)
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.
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