Ellington Credit (NYSE:EARN) Upgraded 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 %

EARN opened at $6.75 on Wednesday. Ellington Credit has a 12 month low of $5.54 and a 12 month high of $7.26. The business’s 50-day moving average price is $6.76 and its 200-day moving average price is $6.90. The company has a market cap of $194.40 million, a P/E ratio of 6.03 and a beta of 1.87.

Ellington Credit (NYSE:EARN) last announced its quarterly earnings results on Tuesday, November 12th. The real estate investment trust reported $0.28 EPS for the quarter, topping analysts’ consensus estimates of $0.27 by $0.01. The business had revenue of $4.75 million for the quarter, compared to analysts’ expectations of $7.55 million. Ellington Credit had a return on equity of 15.81% and a net margin of 226.01%. During the same period in the previous year, the firm earned $0.21 EPS. Equities research analysts forecast that Ellington Credit will post 1.17 earnings per share for the current fiscal year.

Ellington Credit Dividend Announcement

The company also recently declared a monthly dividend, which will be paid on Thursday, December 26th. Shareholders of record on Friday, November 29th will be issued a $0.08 dividend. 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%.

Hedge Funds Weigh In On Ellington Credit

Hedge funds have recently modified their holdings of the company. 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 purchasing an additional 3,429 shares during the period. Charles Schwab Investment Management Inc. purchased a new stake in Ellington Credit in the 3rd quarter worth approximately $170,000. Quadrature Capital Ltd bought a new stake in shares of Ellington Credit in the 3rd quarter worth approximately $220,000. Barclays PLC bought a new stake in shares of Ellington Credit in the 3rd quarter worth approximately $334,000. Finally, International Assets Investment Management LLC bought a new position in shares of Ellington Credit during the third quarter valued at approximately $468,000. Hedge funds and other institutional investors own 20.40% of the company’s stock.

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.