Two Sigma Investments LP Sells 230,775 Shares of Ellington Credit (NYSE:EARN)

Two Sigma Investments LP lowered its position in shares of Ellington Credit (NYSE:EARN) by 49.9% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 231,583 shares of the real estate investment trust’s stock after selling 230,775 shares during the period. Two Sigma Investments LP owned approximately 0.79% of Ellington Credit worth $1,533,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Wells Fargo & Company MN boosted its holdings in 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 worth $7,428,000 after purchasing an additional 1,122,092 shares during the last quarter. Susquehanna International Group LLP boosted its holdings in 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 last quarter. Bank of New York Mellon Corp purchased a new stake in Ellington Credit in the fourth quarter worth approximately $955,000. Castlekeep Investment Advisors LLC purchased a new stake in Ellington Credit in the fourth quarter worth approximately $744,000. Finally, 683 Capital Management LLC purchased a new stake in Ellington Credit in the fourth quarter worth approximately $718,000. Institutional investors own 20.40% of the company’s stock.

Ellington Credit Stock Up 0.8%

Ellington Credit stock opened at $5.62 on Wednesday. The company’s 50-day moving average price is $5.35 and its 200-day moving average price is $6.10. Ellington Credit has a twelve month low of $4.33 and a twelve month high of $7.20. The company has a market cap of $211.23 million, a PE ratio of 5.02 and a beta of 1.31.

Ellington Credit (NYSE:EARN) last posted its earnings results on Tuesday, May 20th. The real estate investment trust reported $0.26 earnings per share for the quarter, missing analysts’ consensus estimates of $0.27 by ($0.01). Ellington Credit had a return on equity of 15.81% and a net margin of 226.01%. The business had revenue of $9.25 million during the quarter, compared to the consensus estimate of $10.35 million. During the same quarter last year, the firm earned $0.27 earnings per share. As a group, sell-side analysts expect 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 Monday, June 30th. Shareholders of record on Friday, May 30th will be given a $0.08 dividend. The ex-dividend date is Friday, May 30th. This represents a $0.96 annualized dividend and a yield of 17.07%. Ellington Credit’s dividend payout ratio (DPR) is -738.46%.

Insider Buying and Selling at Ellington Credit

In other news, Portfolio Manager Gregory Morris Borenstein acquired 8,000 shares of Ellington Credit stock in a transaction that occurred on Wednesday, April 9th. The stock was purchased at an average price of $4.73 per share, for a total transaction of $37,840.00. Following the purchase, the portfolio manager now directly owns 18,000 shares in the company, valued at $85,140. The trade was a 80.00% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this link. 1.40% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on EARN. UBS Group dropped their price target on shares of Ellington Credit from $6.50 to $5.25 and set a “neutral” rating on the stock in a research note on Thursday, April 17th. Wall Street Zen cut shares of Ellington Credit from a “hold” rating to a “sell” rating in a research note on Friday, May 16th. Finally, Piper Sandler dropped their price target 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, April 8th.

Ellington Credit 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.