UBS Group Has Lowered Expectations for Ellington Credit (NYSE:EARN) Stock Price

Ellington Credit (NYSE:EARN) had its price objective cut by research analysts at UBS Group from $6.50 to $5.25 in a report issued on Thursday,Benzinga reports. The firm presently has a “neutral” rating on the real estate investment trust’s stock. UBS Group’s target price would suggest a potential downside of 1.41% from the company’s current price.

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

Ellington Credit Trading Up 3.4 %

NYSE EARN opened at $5.33 on Thursday. The business has a fifty day simple moving average of $5.80 and a 200 day simple moving average of $6.36. Ellington Credit has a 12 month low of $4.33 and a 12 month high of $7.26. The firm has a market capitalization of $200.00 million, a P/E ratio of 4.75 and a beta of 1.74.

Ellington Credit (NYSE:EARN) last announced its quarterly earnings data on Wednesday, March 12th. The real estate investment trust reported $0.27 EPS for the quarter, topping the consensus estimate of $0.26 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 $6.14 million for the quarter, compared to analyst estimates of $9.65 million. As a group, sell-side analysts predict that Ellington Credit will post 1.17 EPS for the current fiscal year.

Insider Buying and Selling at Ellington Credit

In other news, Portfolio Manager Gregory Morris Borenstein bought 8,000 shares of the firm’s stock in a transaction that occurred on Wednesday, April 9th. The shares were bought at an average cost of $4.73 per share, with a total value of $37,840.00. Following the completion of the purchase, the portfolio manager now directly owns 18,000 shares in the company, valued at $85,140. This represents a 80.00 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available at this link. Company insiders own 1.60% of the company’s stock.

Institutional Trading of Ellington Credit

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