Ellington Credit (NYSE:EARN) Portfolio Manager Purchases $22,480.00 in Stock

Ellington Credit Company (NYSE:EARN) Portfolio Manager Gregory Morris Borenstein acquired 4,000 shares of the business’s stock in a transaction on Friday, September 5th. The shares were purchased at an average price of $5.62 per share, for a total transaction of $22,480.00. Following the purchase, the portfolio manager directly owned 22,000 shares of the company’s stock, valued at $123,640. This represents a 22.22% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.

Ellington Credit Stock Performance

Shares of EARN opened at $5.66 on Friday. The firm has a market cap of $212.58 million, a price-to-earnings ratio of 31.44 and a beta of 1.31. The stock has a 50 day moving average of $5.79 and a 200-day moving average of $5.68. Ellington Credit Company has a 52 week low of $4.32 and a 52 week high of $7.11.

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

Ellington Credit Dividend Announcement

The firm also recently declared a sep 25 dividend, which will be paid on Friday, October 31st. Stockholders of record on Tuesday, September 30th will be given a $0.08 dividend. This represents a dividend yield of 1,700.0%. The ex-dividend date is Tuesday, September 30th. Ellington Credit’s dividend payout ratio (DPR) is presently 533.33%.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on EARN shares. UBS Group boosted their price objective on shares of Ellington Credit from $5.50 to $5.75 and gave the company a “neutral” rating in a research report on Wednesday, July 16th. Wall Street Zen downgraded Ellington Credit from a “hold” rating to a “sell” rating in a research note on Saturday, August 30th. One research analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $6.13.

Institutional Trading of Ellington Credit

Several large investors have recently added to or reduced their stakes in the business. Jane Street Group LLC raised its stake in Ellington Credit by 177.5% during the 4th quarter. Jane Street Group LLC now owns 73,714 shares of the real estate investment trust’s stock valued at $488,000 after acquiring an additional 47,151 shares in the last quarter. Ameriprise Financial Inc. acquired a new position in shares of Ellington Credit during the fourth quarter valued at $197,000. Inspire Advisors LLC raised its stake in shares of Ellington Credit by 16.3% during the first quarter. Inspire Advisors LLC now owns 17,203 shares of the real estate investment trust’s stock valued at $93,000 after purchasing an additional 2,407 shares in the last quarter. Castlekeep Investment Advisors LLC raised its stake in shares of Ellington Credit by 1,107.9% during the first quarter. Castlekeep Investment Advisors LLC now owns 180,672 shares of the real estate investment trust’s stock valued at $977,000 after purchasing an additional 165,714 shares in the last quarter. Finally, OMERS ADMINISTRATION Corp lifted its holdings in Ellington Credit by 103.8% in the first quarter. OMERS ADMINISTRATION Corp now owns 186,300 shares of the real estate investment trust’s stock worth $1,008,000 after purchasing an additional 94,900 shares during the period. 20.40% of the stock is currently owned by institutional investors and hedge funds.

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.