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

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

Separately, Piper Sandler lowered their target price 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.

Ellington Credit Stock Performance

EARN opened at $5.33 on Thursday. Ellington Credit has a 52-week low of $4.33 and a 52-week high of $7.26. The stock has a 50-day moving average of $5.80 and a 200-day moving average of $6.36. The company has a market cap of $200.00 million, a PE ratio of 4.75 and a beta of 1.74.

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

Insiders Place Their Bets

In related news, Portfolio Manager Gregory Morris Borenstein bought 8,000 shares of Ellington Credit stock in a transaction on Wednesday, April 9th. The shares were purchased at an average price of $4.73 per share, for a total transaction of $37,840.00. Following the completion of the acquisition, the portfolio manager now owns 18,000 shares in the company, valued at approximately $85,140. This represents a 80.00 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 1.60% of the company’s stock.

Institutional Trading of Ellington Credit

A number of large investors have recently made changes to their positions in the company. Charles Schwab Investment Management Inc. bought a new stake in shares of Ellington Credit during the third quarter worth $170,000. FMR LLC increased its stake in shares of Ellington Credit by 243.2% during 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. Barclays PLC acquired a new stake in shares of Ellington Credit in the third quarter valued at approximately $334,000. Geode Capital Management LLC lifted its holdings in Ellington Credit by 21.6% during the 3rd quarter. Geode Capital Management LLC now owns 269,850 shares of the real estate investment trust’s stock valued at $1,885,000 after purchasing an additional 47,998 shares during the last quarter. Finally, Clear Harbor Asset Management LLC raised its holdings in 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 valued at $1,558,000 after acquiring an additional 33,040 shares during the period. Institutional investors own 20.40% of the company’s stock.

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.