Ellington Credit (NYSE:EARN) Stock Price Crosses Below 200 Day Moving Average – What’s Next?

Shares of Ellington Credit Company (NYSE:EARN) passed below its two hundred day moving average during trading on Tuesday. The stock has a two hundred day moving average of $4.50 and traded as low as $4.22. Ellington Credit shares last traded at $4.2550, with a volume of 375,294 shares.

Wall Street Analysts Forecast Growth

Separately, Piper Sandler reduced their target price on Ellington Credit from $5.25 to $5.00 and set an “overweight” rating for the company in a report on Monday, July 13th. One equities research analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $5.50.

Ellington Credit Trading Down 1.4%

The company has a 50 day simple moving average of $4.34 and a 200 day simple moving average of $4.49. The stock has a market capitalization of $152.11 million, a PE ratio of -4.07 and a beta of 1.28.

Ellington Credit (NYSE:EARN) last posted its quarterly earnings data on Wednesday, August 12th. The real estate investment trust reported $0.15 earnings per share for the quarter, missing analysts’ consensus estimates of $0.20 by ($0.05). The business had revenue of $6.08 million during the quarter, compared to the consensus estimate of $10.57 million.

Ellington Credit Announces Dividend

The business also recently declared a monthly dividend, which will be paid on Friday, October 30th. Investors of record on Wednesday, September 30th will be issued a dividend of $0.08 per share. The ex-dividend date of this dividend is Wednesday, September 30th. This represents a $0.96 annualized dividend and a dividend yield of 24.1%. Ellington Credit’s dividend payout ratio (DPR) is currently -97.96%.

Hedge Funds Weigh In On Ellington Credit

Several institutional investors have recently bought and sold shares of EARN. McIlrath & Eck LLC raised its stake in shares of Ellington Credit by 122.4% during the 1st quarter. McIlrath & Eck LLC now owns 10,969 shares of the real estate investment trust’s stock worth $49,000 after buying an additional 6,038 shares in the last quarter. World Investment Advisors purchased a new stake in shares of Ellington Credit in the fourth quarter valued at approximately $115,000. Focus Financial Network Inc. purchased a new stake in shares of Ellington Credit in the second quarter valued at approximately $154,000. Finally, Waverly Advisors LLC grew its holdings in Ellington Credit by 85.8% during the first quarter. Waverly Advisors LLC now owns 167,250 shares of the real estate investment trust’s stock worth $741,000 after acquiring an additional 77,250 shares during the period. 20.40% of the stock is owned by institutional investors and hedge funds.

Ellington Credit Company Profile

Ellington Credit Company (NYSE:EARN) is a mortgage real estate investment trust that invests primarily in residential mortgage-related assets. The company seeks to generate income for shareholders through a portfolio that may include residential mortgage loans, residential mortgage-backed securities and other investments tied to the housing and consumer-credit markets.

Ellington Credit has historically focused on non-agency residential mortgage assets, including loans that are not guaranteed by government-sponsored entities.