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

Ellington Financial Inc. (NYSE:EFC - Get Free Report) reached a new 52-week high during trading on Friday after the company announced better than expected quarterly earnings. The stock traded as high as $13.77 and last traded at $13.68, with a volume of 379598 shares. The stock had previously closed at $13.17.

The financial services provider reported $0.45 earnings per share for the quarter, topping analysts' consensus estimates of $0.38 by $0.07. The firm had revenue of $38.13 million for the quarter, compared to analyst estimates of $112.88 million. Ellington Financial had a return on equity of 10.26% and a net margin of 106.40%.

Ellington Financial Dividend Announcement

The business also recently disclosed a monthly dividend, which will be paid on Tuesday, March 25th. Shareholders of record on Friday, February 28th will be issued a $0.13 dividend. The ex-dividend date of this dividend is Friday, February 28th. This represents a $1.56 annualized dividend and a yield of 11.46%. Ellington Financial's dividend payout ratio (DPR) is presently 113.04%.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the stock. B. Riley upgraded shares of Ellington Financial to a "strong-buy" rating in a research report on Tuesday, January 7th. Keefe, Bruyette & Woods upped their target price on Ellington Financial from $13.75 to $14.50 and gave the stock an "outperform" rating in a report on Monday. Finally, JMP Securities reissued a "market outperform" rating and issued a $14.00 target price on shares of Ellington Financial in a research report on Thursday, January 23rd. Two research 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 stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $14.00.

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Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the business. Maryland State Retirement & Pension System grew its holdings in Ellington Financial by 3.0% in the fourth quarter. Maryland State Retirement & Pension System now owns 30,531 shares of the financial services provider's stock worth $370,000 after purchasing an additional 880 shares during the period. Oregon Public Employees Retirement Fund grew its stake in shares of Ellington Financial by 4.4% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 21,364 shares of the financial services provider's stock worth $259,000 after buying an additional 900 shares during the last quarter. Steward Partners Investment Advisory LLC increased its position in Ellington Financial by 162.3% during 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 in the last quarter. Bank of America Corp DE raised its stake in Ellington Financial by 0.8% during the fourth quarter. Bank of America Corp DE now owns 196,381 shares of the financial services provider's stock valued at $2,380,000 after buying an additional 1,648 shares during the last quarter. Finally, Portside Wealth Group LLC raised its stake in Ellington Financial by 13.3% during the third quarter. Portside Wealth Group LLC now owns 14,415 shares of the financial services provider's stock valued at $186,000 after buying an additional 1,688 shares during the last quarter. 55.62% of the stock is owned by hedge funds and other institutional investors.

Ellington Financial Stock Down 1.8 %

The firm has a market capitalization of $1.23 billion, a P/E ratio of 10.39 and a beta of 1.97. The company has a fifty day simple moving average of $12.64 and a 200 day simple moving average of $12.64. The company has a quick ratio of 37.04, a current ratio of 37.04 and a debt-to-equity ratio of 10.87.

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.