Ellington Credit (NYSE:EARN) Given New $6.50 Price Target at Piper Sandler

Ellington Credit (NYSE:EARN) had its price target lowered by Piper Sandler from $8.00 to $6.50 in a research note issued to investors on Tuesday morning,Benzinga reports. The firm currently has an overweight rating on the real estate investment trust’s stock.

Ellington Credit Trading Down 1.4 %

NYSE EARN opened at $4.55 on Tuesday. Ellington Credit has a 1-year low of $4.28 and a 1-year high of $7.26. The firm’s fifty day simple moving average is $6.08 and its 200-day simple moving average is $6.48. The company has a market capitalization of $170.71 million, a PE ratio of 4.06 and a beta of 1.74.

Ellington Credit (NYSE:EARN) last posted its quarterly earnings results on Wednesday, March 12th. The real estate investment trust reported $0.27 earnings per share for the quarter, topping analysts’ consensus estimates of $0.26 by $0.01. The company had revenue of $6.14 million during the quarter, compared to the consensus estimate of $9.65 million. Ellington Credit had a return on equity of 15.81% and a net margin of 226.01%. As a group, analysts predict that Ellington Credit will post 1.17 EPS for the current year.

Ellington Credit Announces Dividend

The firm also recently declared a monthly dividend, which will be paid on Tuesday, May 27th. Stockholders of record on Wednesday, April 30th will be issued a dividend of $0.08 per share. The ex-dividend date of this dividend is Wednesday, April 30th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 21.12%. Ellington Credit’s dividend payout ratio is currently 320.00%.

Institutional Investors Weigh In On Ellington Credit

A number of large investors have recently bought and sold shares of EARN. Wells Fargo & Company MN lifted its position in shares of Ellington Credit by 56,104,600.0% in the fourth quarter. Wells Fargo & Company MN now owns 1,122,094 shares of the real estate investment trust’s stock worth $7,428,000 after buying an additional 1,122,092 shares during the last quarter. Susquehanna International Group LLP lifted its holdings in Ellington Credit by 570.4% in the 4th quarter. Susquehanna International Group LLP now owns 481,669 shares of the real estate investment trust’s stock worth $3,189,000 after purchasing an additional 409,817 shares during the last quarter. Geode Capital Management LLC grew its holdings in Ellington Credit by 12.9% during the fourth quarter. Geode Capital Management LLC now owns 304,629 shares of the real estate investment trust’s stock valued at $2,018,000 after purchasing an additional 34,779 shares during the last quarter. Clear Harbor Asset Management LLC raised its position in shares of Ellington Credit by 16.3% in the fourth quarter. Clear Harbor Asset Management LLC now owns 235,395 shares of the real estate investment trust’s stock valued at $1,558,000 after purchasing an additional 33,040 shares during the period. Finally, Arrowstreet Capital Limited Partnership lifted its stake in shares of Ellington Credit by 35.5% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 195,955 shares of the real estate investment trust’s stock worth $1,297,000 after buying an additional 51,345 shares during the last quarter. 20.40% of the stock is currently 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.