Ellington Financial (NYSE:EFC) Reaches New 52-Week High After Better-Than-Expected Earnings

Ellington Financial Inc. (NYSE:EFC) shares hit a new 52-week high during mid-day trading on Friday following a stronger than expected earnings report. The stock traded as high as $13.77 and last traded at $13.68, with a volume of 379598 shares trading hands. The stock had previously closed at $13.17.

The financial services provider reported $0.45 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.38 by $0.07. Ellington Financial had a net margin of 106.40% and a return on equity of 10.26%. The business had revenue of $38.13 million for the quarter, compared to analysts’ expectations of $112.88 million.

Ellington Financial Dividend Announcement

The business also recently disclosed a monthly dividend, which will be paid on Tuesday, March 25th. Stockholders of record on Friday, February 28th will be paid a dividend of $0.13 per share. The ex-dividend date of this dividend is Friday, February 28th. This represents a $1.56 annualized dividend and a dividend yield of 11.38%. Ellington Financial’s dividend payout ratio is presently 119.08%.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on EFC. JMP Securities reiterated a “market outperform” rating and issued a $14.00 target price on shares of Ellington Financial in a report on Thursday, January 23rd. B. Riley raised Ellington Financial to a “strong-buy” rating in a research note on Tuesday, January 7th. Two analysts have rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $13.58.

Institutional Trading of Ellington Financial

Hedge funds have recently made changes to their positions in the company. Larson Financial Group LLC grew its holdings in Ellington Financial by 18,200.0% during the 4th quarter. Larson Financial Group LLC now owns 2,562 shares of the financial services provider’s stock valued at $31,000 after purchasing an additional 2,548 shares in the last quarter. Steward Partners Investment Advisory LLC boosted its position in Ellington Financial by 162.3% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 2,602 shares of the financial services provider’s stock valued at $32,000 after buying an additional 1,610 shares during the last quarter. Sterling Capital Management LLC grew its stake in shares of Ellington Financial by 814.9% during the fourth quarter. Sterling Capital Management LLC now owns 2,644 shares of the financial services provider’s stock valued at $32,000 after acquiring an additional 2,355 shares in the last quarter. AlphaQuest LLC purchased a new stake in shares of Ellington Financial during the fourth quarter worth about $37,000. Finally, State of Wyoming acquired a new position in shares of Ellington Financial in the fourth quarter worth about $56,000. Hedge funds and other institutional investors own 55.62% of the company’s stock.

Ellington Financial Price Performance

The business has a fifty day moving average of $12.56 and a 200 day moving average of $12.62. The company has a debt-to-equity ratio of 10.87, a current ratio of 37.04 and a quick ratio of 37.04. The stock has a market cap of $1.24 billion, a PE ratio of 10.46 and a beta of 1.97.

Ellington Financial Company Profile

Ellington Financial Inc, through its subsidiary, Ellington Financial Operating Partnership LLC, acquires and manages mortgage-related, consumer-related, corporate-related, and other financial assets in the United States. The company acquires and manages residential mortgage-backed securities (RMBS) backed by prime jumbo, Alt-A, manufactured housing, and subprime mortgage; RMBS for which the principal and interest payments are guaranteed by the U.S.