Ellington Credit (NYSE:EARN) Stock Rating Upgraded by StockNews.com

Ellington Credit (NYSE:EARN) was upgraded by analysts at StockNews.com from a “sell” rating to a “hold” rating in a research note issued to investors on Wednesday.

Ellington Credit Price Performance

Shares of NYSE EARN opened at $6.65 on Wednesday. Ellington Credit has a 1-year low of $5.54 and a 1-year high of $7.26. The business has a fifty day moving average price of $6.77 and a 200 day moving average price of $6.91. The stock has a market capitalization of $191.52 million, a P/E ratio of 5.94 and a beta of 1.87.

Ellington Credit (NYSE:EARN) last released its quarterly earnings results on Tuesday, November 12th. The real estate investment trust reported $0.28 EPS for the quarter, beating the consensus estimate of $0.27 by $0.01. Ellington Credit had a net margin of 226.01% and a return on equity of 15.81%. The business had revenue of $4.75 million during the quarter, compared to analyst estimates of $7.55 million. During the same period in the prior year, the firm posted $0.21 earnings per share. As a group, equities research analysts anticipate that Ellington Credit will post 1.16 earnings per share for the current fiscal year.

Institutional Trading of Ellington Credit

Several hedge funds and other institutional investors have recently made changes to their positions in EARN. Clear Harbor Asset Management LLC acquired a new position in Ellington Credit during the 3rd quarter valued at about $1,412,000. Renaissance Technologies LLC increased its holdings in shares of Ellington Credit by 78.5% during the second quarter. Renaissance Technologies LLC now owns 642,419 shares of the real estate investment trust’s stock valued at $4,465,000 after acquiring an additional 282,600 shares in the last quarter. International Assets Investment Management LLC acquired a new position in shares of Ellington Credit during the third quarter valued at about $468,000. Barclays PLC purchased a new position in shares of Ellington Credit in the 3rd quarter valued at approximately $334,000. Finally, Geode Capital Management LLC boosted its stake in Ellington Credit by 21.6% in the 3rd quarter. Geode Capital Management LLC now owns 269,850 shares of the real estate investment trust’s stock worth $1,885,000 after purchasing an additional 47,998 shares in the last quarter. Hedge funds and other institutional investors own 20.40% of the company’s stock.

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.