Ellington Residential Mortgage REIT (NYSE:EARN) Issues Earnings Results

Ellington Residential Mortgage REIT (NYSE:EARN – Get Rating) announced its earnings results on Monday. The real estate investment trust reported $0.30 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.31 by ($0.01), MarketWatch Earnings reports. Ellington Residential Mortgage REIT had a positive return on equity of 10.08% and a negative net margin of 24.60%. During the same quarter last year, the firm posted $0.31 EPS.

Shares of NYSE EARN traded up $0.23 during trading on Tuesday, reaching $8.65. 16,139 shares of the stock were exchanged, compared to its average volume of 178,296. The business’s 50-day moving average price is $9.52. Ellington Residential Mortgage REIT has a twelve month low of $8.38 and a twelve month high of $13.92. The company has a market cap of $113.40 million, a P/E ratio of -17.18 and a beta of 1.73.

The company also recently announced a monthly dividend, which will be paid on Wednesday, May 25th. Stockholders of record on Friday, April 29th will be given a dividend of $0.10 per share. The ex-dividend date is Thursday, April 28th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 13.87%. Ellington Residential Mortgage REIT’s payout ratio is currently -244.89%.

A number of equities analysts have recently weighed in on the stock. StockNews.com assumed coverage on shares of Ellington Residential Mortgage REIT in a research report on Thursday, March 31st. They issued a “hold” rating for the company. JMP Securities lowered shares of Ellington Residential Mortgage REIT from an “outperform” rating to a “market perform” rating in a research report on Friday, April 1st. Piper Sandler cut their price objective on shares of Ellington Residential Mortgage REIT from $12.50 to $11.50 and set an “overweight” rating for the company in a research report on Wednesday, March 9th. Credit Suisse Group cut their price objective on shares of Ellington Residential Mortgage REIT from $11.50 to $10.00 and set a “neutral” rating for the company in a research report on Thursday, March 10th. Finally, Zacks Investment Research downgraded shares of Ellington Residential Mortgage REIT from a “hold” rating to a “strong sell” rating in a report on Thursday, March 10th. One research analyst has rated the stock with a sell rating, four have given a hold rating and one has assigned a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $11.13.

Several hedge funds and other institutional investors have recently bought and sold shares of EARN. Morgan Stanley raised its holdings in Ellington Residential Mortgage REIT by 3.3% in the third quarter. Morgan Stanley now owns 42,598 shares of the real estate investment trust’s stock valued at $476,000 after acquiring an additional 1,352 shares in the last quarter. NEXT Financial Group Inc acquired a new stake in shares of Ellington Residential Mortgage REIT during the fourth quarter worth $33,000. Bank of America Corp DE raised its holdings in shares of Ellington Residential Mortgage REIT by 52.2% during the fourth quarter. Bank of America Corp DE now owns 11,379 shares of the real estate investment trust’s stock worth $119,000 after purchasing an additional 3,902 shares during the period. State Street Corp raised its holdings in shares of Ellington Residential Mortgage REIT by 28.3% during the fourth quarter. State Street Corp now owns 44,371 shares of the real estate investment trust’s stock worth $465,000 after purchasing an additional 9,800 shares during the period. Finally, Penserra Capital Management LLC raised its holdings in shares of Ellington Residential Mortgage REIT by 168.3% during the fourth quarter. Penserra Capital Management LLC now owns 19,798 shares of the real estate investment trust’s stock worth $205,000 after purchasing an additional 12,419 shares during the period. 27.47% of the stock is currently owned by institutional investors and hedge funds.

About Ellington Residential Mortgage REIT (Get Rating)

Ellington Residential Mortgage REIT, a real estate investment trust, specializes in acquiring, investing in, and managing 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 comprising non-agency CMOs, such as investment grade and non-investment grade.

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