Ellington Credit Company (NYSE:EARN – Get Free Report) shares crossed below its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $4.63 and traded as low as $4.40. Ellington Credit shares last traded at $4.4450, with a volume of 469,738 shares.
Wall Street Analyst Weigh In
Separately, Piper Sandler lowered their target price on Ellington Credit from $5.25 to $5.00 and set an “overweight” rating on the stock in a report on Monday, July 13th. One investment analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, Ellington Credit has a consensus rating of “Moderate Buy” and an average target price of $5.50.
Read Our Latest Research Report on Ellington Credit
Ellington Credit Stock Up 0.7%
Ellington Credit (NYSE:EARN – Get Free Report) last posted its quarterly earnings data on Wednesday, August 12th. The real estate investment trust reported $0.15 EPS for the quarter, missing the consensus estimate of $0.20 by ($0.05). The firm had revenue of $6.08 million during the quarter, compared to analysts’ expectations of $10.57 million.
Ellington Credit Announces Dividend
The company also recently announced a monthly dividend, which will be paid on Wednesday, September 30th. Investors of record on Monday, August 31st will be issued a $0.08 dividend. This represents a c) annualized dividend and a yield of 21.5%. The ex-dividend date of this dividend is Monday, August 31st. Ellington Credit’s dividend payout ratio is currently -97.96%.
Institutional Inflows and Outflows
A number of large investors have recently modified their holdings of EARN. Millennium Management LLC increased its stake in Ellington Credit by 485.8% in the 1st quarter. Millennium Management LLC now owns 932,326 shares of the real estate investment trust’s stock worth $5,044,000 after buying an additional 773,169 shares in the last quarter. Goldman Sachs Group Inc. grew its position in shares of Ellington Credit by 56.6% during the first quarter. Goldman Sachs Group Inc. now owns 126,864 shares of the real estate investment trust’s stock worth $686,000 after purchasing an additional 45,845 shares in the last quarter. Jane Street Group LLC raised its stake in Ellington Credit by 415.4% during the 1st quarter. Jane Street Group LLC now owns 379,906 shares of the real estate investment trust’s stock valued at $2,055,000 after purchasing an additional 306,192 shares during the period. Engineers Gate Manager LP bought a new stake in Ellington Credit during the 2nd quarter valued at approximately $83,000. Finally, Vident Advisory LLC lifted its holdings in Ellington Credit by 109.1% in the 2nd quarter. Vident Advisory LLC now owns 36,350 shares of the real estate investment trust’s stock worth $209,000 after purchasing an additional 18,967 shares in the last quarter. Hedge funds and other institutional investors own 20.40% of the company’s stock.
About Ellington Credit
Ellington Credit Income Fund (NYSE: EARN) is a closed-end management investment company that seeks to generate current income through a diversified portfolio of mortgage- and asset-backed securities. The fund primarily invests in residential mortgage-backed securities (RMBS) and asset-backed securities (ABS), with additional exposure to commercial mortgage-backed securities (CMBS) and related structured credit instruments. To enhance income and manage risk, the fund employs leverage and derivative strategies such as interest rate swaps and credit default swaps, allowing it to adjust duration and credit exposure dynamically.
The fund is externally managed and advised by Ellington Management Group, LLC, an established investment firm specializing in mortgage credit and structured products.
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