Short Interest in Ellington Credit (NYSE:EARN) Declines By 30.2%

Ellington Credit (NYSE:EARN) saw a large decline in short interest in the month of February. As of February 15th, there was short interest totalling 663,900 shares, a decline of 30.2% from the January 31st total of 951,200 shares. Based on an average trading volume of 576,100 shares, the days-to-cover ratio is presently 1.2 days.

Ellington Credit Stock Up 0.2 %

Shares of NYSE EARN traded up $0.02 during mid-day trading on Wednesday, reaching $6.39. 209,495 shares of the company were exchanged, compared to its average volume of 661,477. The stock has a market capitalization of $186.30 million, a P/E ratio of 5.70 and a beta of 1.85. The company’s 50-day simple moving average is $6.57 and its 200-day simple moving average is $6.71. Ellington Credit has a twelve month low of $6.00 and a twelve month high of $7.26.

Ellington Credit Announces Dividend

The company also recently disclosed a monthly dividend, which will be paid on Tuesday, March 25th. Stockholders of record on Friday, February 28th will be issued a dividend of $0.08 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 15.04%. The ex-dividend date of this dividend is Friday, February 28th. Ellington Credit’s dividend payout ratio is presently 85.71%.

Hedge Funds Weigh In On Ellington Credit

Several institutional investors and hedge funds have recently made changes to their positions in EARN. International Assets Investment Management LLC bought a new stake in Ellington Credit in the 3rd quarter valued at $468,000. Thrivent Financial for Lutherans grew its stake in shares of Ellington Credit by 3.8% in the third quarter. Thrivent Financial for Lutherans now owns 79,466 shares of the real estate investment trust’s stock valued at $554,000 after acquiring an additional 2,895 shares in the last quarter. Charles Schwab Investment Management Inc. acquired a new position in shares of Ellington Credit in the third quarter valued at about $170,000. FMR LLC increased its position in Ellington Credit by 243.2% during the third quarter. FMR LLC now owns 4,839 shares of the real estate investment trust’s stock worth $34,000 after acquiring an additional 3,429 shares during the period. Finally, Quadrature Capital Ltd acquired a new stake in Ellington Credit in the 3rd quarter worth about $220,000. Institutional investors and hedge funds own 20.40% of the company’s stock.

Analyst Ratings Changes

Separately, StockNews.com upgraded Ellington Credit from a “sell” rating to a “hold” rating in a research note on Wednesday, November 20th.

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.