Ellington Credit (NYSE:EARN) Stock Passes Below 200 Day Moving Average – Here’s What Happened

Ellington Credit Company (NYSE:EARN) shares passed below its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $5.55 and traded as low as $5.11. Ellington Credit shares last traded at $5.1450, with a volume of 231,762 shares traded.

Analysts Set New Price Targets

A number of analysts have commented on the stock. Wall Street Zen upgraded shares of Ellington Credit from a “sell” rating to a “hold” rating in a research note on Tuesday, November 11th. UBS Group reduced their price objective on shares of Ellington Credit from $5.75 to $5.25 and set a “neutral” rating for the company 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 company’s stock. Based on data from MarketBeat.com, Ellington Credit has a consensus rating of “Moderate Buy” and an average price target of $5.88.

Ellington Credit Stock Performance

The firm has a market capitalization of $193.25 million, a P/E ratio of 64.32 and a beta of 1.30. The firm has a 50 day simple moving average of $5.23 and a two-hundred day simple moving average of $5.55.

Ellington Credit (NYSE:EARN) last announced its earnings results on Wednesday, November 19th. The real estate investment trust reported $0.23 EPS for the quarter, beating the consensus estimate of $0.20 by $0.03. Ellington Credit had a net margin of 12.41% and a return on equity of 16.47%. The company had revenue of $11.88 million during the quarter, compared to the consensus estimate of $11.41 million. Sell-side analysts anticipate that Ellington Credit Company will post 1.17 earnings per share for the current year.

Ellington Credit Dividend Announcement

The company also recently disclosed a monthly dividend, which will be paid on Friday, January 30th. Shareholders of record on Wednesday, December 31st will be paid a $0.08 dividend. The ex-dividend date is Wednesday, December 31st. This represents a c) annualized dividend and a yield of 18.7%. Ellington Credit’s dividend payout ratio (DPR) is 1,200.00%.

Hedge Funds Weigh In On Ellington Credit

Several institutional investors have recently modified their holdings of EARN. Bogart Wealth LLC boosted its position in Ellington Credit by 62.5% in the second 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 during the last quarter. Quarry LP bought a new stake in shares of Ellington Credit during the 1st quarter worth $33,000. Quantbot Technologies LP raised its stake in shares of Ellington Credit by 211.0% during the 1st quarter. Quantbot Technologies LP now owns 14,016 shares of the real estate investment trust’s stock worth $76,000 after purchasing an additional 9,509 shares during the period. Engineers Gate Manager LP purchased a new position in shares of Ellington Credit in the 2nd quarter worth about $83,000. Finally, PharVision Advisers LLC bought a new position in Ellington Credit during the first quarter valued at about $93,000. 20.40% of the stock is owned by institutional investors.

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.