UBS Group Cuts Ellington Credit (NYSE:EARN) Price Target to $5.25

Ellington Credit (NYSE:EARN) had its price target reduced by UBS Group from $6.50 to $5.25 in a research report sent to investors on Thursday,Benzinga reports. They currently have a neutral rating on the real estate investment trust’s stock.

Separately, Piper Sandler reduced their target price on Ellington Credit from $8.00 to $6.50 and set an “overweight” rating for the company in a report on Tuesday, April 8th.

Ellington Credit Trading Up 3.4 %

Shares of NYSE:EARN opened at $5.33 on Thursday. The stock has a market cap of $200.00 million, a PE ratio of 4.75 and a beta of 1.74. The stock’s fifty day simple moving average is $5.80 and its two-hundred day simple moving average is $6.36. Ellington Credit has a 1-year low of $4.33 and a 1-year high of $7.26.

Ellington Credit (NYSE:EARN) last released its quarterly earnings results on Wednesday, March 12th. The real estate investment trust reported $0.27 earnings per share for the quarter, beating analysts’ consensus estimates of $0.26 by $0.01. Ellington Credit had a net margin of 226.01% and a return on equity of 15.81%. The company had revenue of $6.14 million for the quarter, compared to analyst estimates of $9.65 million. 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 Tuesday, May 27th. Investors of record on Wednesday, April 30th will be issued a dividend of $0.08 per share. The ex-dividend date is Wednesday, April 30th. This represents a $0.96 dividend on an annualized basis and a yield of 18.03%. Ellington Credit’s dividend payout ratio (DPR) is presently 320.00%.

Insider Buying and Selling at Ellington Credit

In other news, Portfolio Manager Gregory Morris Borenstein purchased 8,000 shares of the company’s stock in a transaction dated Wednesday, April 9th. The shares were purchased at an average price of $4.73 per share, with a total value of $37,840.00. Following the transaction, the portfolio manager now directly owns 18,000 shares of the company’s stock, valued at approximately $85,140. This represents a 80.00 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 1.60% of the company’s stock.

Institutional Investors Weigh In On Ellington Credit

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in EARN. Wells Fargo & Company MN raised its position in shares of Ellington Credit by 56,104,600.0% in the fourth quarter. Wells Fargo & Company MN now owns 1,122,094 shares of the real estate investment trust’s stock valued at $7,428,000 after purchasing an additional 1,122,092 shares during the period. Susquehanna International Group LLP lifted its position in shares of Ellington Credit by 570.4% during the fourth quarter. Susquehanna International Group LLP now owns 481,669 shares of the real estate investment trust’s stock worth $3,189,000 after acquiring an additional 409,817 shares in the last quarter. Geode Capital Management LLC boosted its holdings in shares of Ellington Credit by 12.9% in the fourth quarter. Geode Capital Management LLC now owns 304,629 shares of the real estate investment trust’s stock worth $2,018,000 after acquiring an additional 34,779 shares during the period. Clear Harbor Asset Management LLC grew its position in shares of Ellington Credit by 16.3% in the fourth quarter. Clear Harbor Asset Management LLC now owns 235,395 shares of the real estate investment trust’s stock valued at $1,558,000 after purchasing an additional 33,040 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership raised its stake in shares of Ellington Credit by 35.5% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 195,955 shares of the real estate investment trust’s stock valued at $1,297,000 after purchasing an additional 51,345 shares during the period. 20.40% of the stock is currently 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.