Ellington Credit (NYSE:EARN) Shares Cross Below 200-Day Moving Average – Here’s Why

Ellington Credit Company (NYSE:EARN)’s share price crossed below its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $5.59 and traded as low as $5.12. Ellington Credit shares last traded at $5.1950, with a volume of 170,552 shares traded.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on EARN shares. Wall Street Zen raised Ellington Credit from a “sell” rating to a “hold” rating in a research report on Tuesday, November 11th. UBS Group decreased their target price on Ellington Credit from $5.75 to $5.25 and set a “neutral” rating on the stock in a report on Tuesday, October 14th. One research analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $5.88.

Ellington Credit Stock Performance

The company’s fifty day simple moving average is $5.35 and its two-hundred day simple moving average is $5.59. The stock has a market capitalization of $195.12 million, a P/E ratio of 28.86 and a beta of 1.32.

Ellington Credit (NYSE:EARN) last posted its earnings results on Tuesday, August 19th. The real estate investment trust reported $0.18 EPS for the quarter, missing the consensus estimate of $0.20 by ($0.02). The firm had revenue of $9.87 million during the quarter, compared to analyst estimates of $12.15 million. Ellington Credit had a net margin of 19.24% and a return on equity of 15.90%. On average, research analysts predict that Ellington Credit Company will post 1.17 earnings per share for the current fiscal year.

Ellington Credit Announces Dividend

The company also recently disclosed a monthly dividend, which will be paid on Wednesday, December 31st. Shareholders of record on Friday, November 28th will be given a dividend of $0.08 per share. The ex-dividend date is Friday, November 28th. This represents a c) annualized dividend and a yield of 18.5%. Ellington Credit’s dividend payout ratio (DPR) is presently 533.33%.

Hedge Funds Weigh In On Ellington Credit

Institutional investors and hedge funds have recently modified their holdings of the business. Bogart Wealth LLC raised its stake in Ellington Credit by 62.5% in the 2nd quarter. Bogart Wealth LLC now owns 5,200 shares of the real estate investment trust’s stock worth $30,000 after purchasing an additional 2,000 shares in the last quarter. Quarry LP bought a new position in shares of Ellington Credit during the first quarter worth approximately $33,000. Quantbot Technologies LP raised its position in shares of Ellington Credit by 211.0% in the first quarter. Quantbot Technologies LP now owns 14,016 shares of the real estate investment trust’s stock valued at $76,000 after buying an additional 9,509 shares in the last quarter. Engineers Gate Manager LP bought a new stake in shares of Ellington Credit in the second quarter valued at approximately $83,000. Finally, PharVision Advisers LLC acquired a new stake in Ellington Credit during the first quarter worth approximately $93,000. 20.40% of the stock is currently owned by institutional investors and hedge funds.

About Ellington Credit

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.