Ellington Credit (NYSE:EARN) Stock Crosses Below 200-Day Moving Average – Here’s What Happened

Ellington Credit (NYSE:EARN) shares passed below its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $6.78 and traded as low as $6.61. Ellington Credit shares last traded at $6.65, with a volume of 473,406 shares changing hands.

Analysts Set New Price Targets

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

Ellington Credit Stock Up 0.2 %

The firm has a market capitalization of $193.90 million, a price-to-earnings ratio of 5.93 and a beta of 1.86. The company’s fifty day moving average is $6.66 and its two-hundred day moving average is $6.78.

Ellington Credit (NYSE:EARN) last posted its quarterly earnings results on Tuesday, November 12th. The real estate investment trust reported $0.28 earnings per share for the quarter, beating analysts’ consensus estimates of $0.27 by $0.01. Ellington Credit had a return on equity of 15.81% and a net margin of 226.01%. The company had revenue of $4.75 million for the quarter, compared to the consensus estimate of $7.55 million. During the same quarter in the prior year, the business posted $0.21 EPS. On average, equities research analysts expect that Ellington Credit will post 1.17 EPS for the current year.

Ellington Credit Announces Dividend

The company also recently announced a monthly dividend, which will be paid on Tuesday, February 25th. Shareholders of record on Friday, January 31st will be paid a $0.08 dividend. This represents a $0.96 annualized dividend and a yield of 14.45%. The ex-dividend date of this dividend is Friday, January 31st. Ellington Credit’s payout ratio is presently 85.71%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in EARN. Clear Harbor Asset Management LLC bought a new position in shares of Ellington Credit during the 3rd quarter valued at about $1,412,000. International Assets Investment Management LLC bought a new position in Ellington Credit in the third quarter valued at approximately $468,000. Geode Capital Management LLC boosted its holdings in shares of Ellington Credit by 21.6% in the third quarter. Geode Capital Management LLC now owns 269,850 shares of the real estate investment trust’s stock valued at $1,885,000 after buying an additional 47,998 shares during the period. Barclays PLC bought a new stake in shares of Ellington Credit during the third quarter worth $334,000. Finally, Quadrature Capital Ltd acquired a new stake in shares of Ellington Credit during the third quarter worth $220,000. 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.