Ellington Credit (NYSE:EARN) Short Interest Down 63.8% in April

Ellington Credit (NYSE:EARN) saw a significant drop in short interest in April. As of April 15th, there was short interest totalling 470,100 shares, a drop of 63.8% from the March 31st total of 1,300,000 shares. Approximately 1.6% of the shares of the stock are short sold. Based on an average daily trading volume, of 871,200 shares, the days-to-cover ratio is presently 0.5 days.

Ellington Credit Stock Up 2.2 %

NYSE:EARN opened at $5.61 on Friday. The stock’s 50 day moving average price is $5.69 and its two-hundred day moving average price is $6.32. Ellington Credit has a 12-month low of $4.33 and a 12-month high of $7.26. The firm has a market capitalization of $210.71 million, a price-to-earnings ratio of 5.01 and a beta of 1.74.

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, topping the consensus estimate of $0.26 by $0.01. The business had revenue of $6.14 million during the quarter, compared to analysts’ expectations of $9.65 million. Ellington Credit had a return on equity of 15.81% and a net margin of 226.01%. Equities research analysts expect that Ellington Credit will post 1.17 EPS for the current year.

Ellington Credit Dividend Announcement

The firm also recently disclosed a monthly dividend, which will be paid on Tuesday, May 27th. Shareholders of record on Wednesday, April 30th will be paid a $0.08 dividend. This represents a $0.96 annualized dividend and a yield of 17.11%. The ex-dividend date of this dividend is Wednesday, April 30th. Ellington Credit’s dividend payout ratio (DPR) is 320.00%.

Analyst Upgrades and Downgrades

EARN has been the subject of a number of analyst reports. Piper Sandler decreased their price objective on Ellington Credit from $8.00 to $6.50 and set an “overweight” rating for the company in a research note on Tuesday, April 8th. UBS Group decreased their target price on Ellington Credit from $6.50 to $5.25 and set a “neutral” rating for the company in a research report on Thursday, April 17th.

Insider Activity

In other news, Portfolio Manager Gregory Morris Borenstein acquired 8,000 shares of Ellington Credit stock in a transaction on 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 acquisition, the portfolio manager now owns 18,000 shares in the company, valued at $85,140. This represents a 80.00 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 1.60% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the business. Wells Fargo & Company MN increased its stake in Ellington Credit by 56,104,600.0% during the 4th quarter. Wells Fargo & Company MN now owns 1,122,094 shares of the real estate investment trust’s stock worth $7,428,000 after acquiring an additional 1,122,092 shares during the period. Susquehanna International Group LLP increased its position in shares of Ellington Credit by 570.4% in 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 purchasing an additional 409,817 shares during the period. Geode Capital Management LLC raised its stake in 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 valued at $2,018,000 after purchasing an additional 34,779 shares in the last quarter. Clear Harbor Asset Management LLC lifted its position in Ellington Credit by 16.3% during the fourth quarter. Clear Harbor Asset Management LLC now owns 235,395 shares of the real estate investment trust’s stock worth $1,558,000 after purchasing an additional 33,040 shares during the period. Finally, Arrowstreet Capital Limited Partnership grew its stake in Ellington Credit by 35.5% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 195,955 shares of the real estate investment trust’s stock worth $1,297,000 after buying an additional 51,345 shares in the last quarter. 20.40% of the stock is 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.