Ellington Credit (NYSE:EARN) Portfolio Manager Gregory Morris Borenstein Buys 8,000 Shares

Ellington Credit (NYSE:EARN) Portfolio Manager Gregory Morris Borenstein acquired 8,000 shares of the company’s stock in a transaction that occurred on Wednesday, April 9th. The stock was purchased at an average cost of $4.73 per share, for a total transaction of $37,840.00. Following the acquisition, the portfolio manager now owns 18,000 shares in the company, valued at approximately $85,140. This trade represents a 80.00 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is available through this link.

Ellington Credit Stock Performance

NYSE:EARN opened at $4.78 on Friday. The stock has a market cap of $179.34 million, a price-to-earnings ratio of 4.26 and a beta of 1.74. Ellington Credit has a 1 year low of $4.33 and a 1 year high of $7.26. The business has a fifty day moving average of $5.93 and a 200-day moving average of $6.42.

Ellington Credit (NYSE:EARN) last released its earnings results on Wednesday, March 12th. The real estate investment trust reported $0.27 EPS for the quarter, beating the consensus estimate of $0.26 by $0.01. The firm had revenue of $6.14 million for the quarter, compared to analysts’ expectations of $9.65 million. Ellington Credit had a net margin of 226.01% and a return on equity of 15.81%. On average, equities research analysts predict that Ellington Credit will post 1.17 EPS for the current year.

Ellington Credit Announces Dividend

The company also recently declared a monthly dividend, which will be paid on Tuesday, May 27th. Shareholders of record on Wednesday, April 30th will be paid a dividend of $0.08 per share. This represents a $0.96 dividend on an annualized basis and a yield of 20.10%. The ex-dividend date is Wednesday, April 30th. Ellington Credit’s payout ratio is currently 320.00%.

Analyst Upgrades and Downgrades

Separately, Piper Sandler dropped their price target on shares of Ellington Credit from $8.00 to $6.50 and set an “overweight” rating on the stock in a research note on Tuesday, April 8th.

Institutional Trading of Ellington Credit

A number of hedge funds and other institutional investors have recently modified their holdings of EARN. Charles Schwab Investment Management Inc. acquired a new position in Ellington Credit during the third quarter worth about $170,000. FMR LLC grew its stake in shares of Ellington Credit by 243.2% in the 3rd quarter. FMR LLC now owns 4,839 shares of the real estate investment trust’s stock worth $34,000 after purchasing an additional 3,429 shares during the last quarter. Quadrature Capital Ltd bought a new stake in shares of Ellington Credit in the 3rd quarter worth approximately $220,000. Barclays PLC acquired a new stake in Ellington Credit during the third quarter valued at approximately $334,000. Finally, Geode Capital Management LLC boosted its holdings in Ellington Credit by 21.6% during the third quarter. Geode Capital Management LLC now owns 269,850 shares of the real estate investment trust’s stock worth $1,885,000 after buying an additional 47,998 shares in the last quarter. 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.