Renaissance Technologies LLC reduced its stake in shares of Ellington Credit (NYSE:EARN - Free Report) by 54.2% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 414,353 shares of the real estate investment trust's stock after selling 491,083 shares during the quarter. Renaissance Technologies LLC owned approximately 1.42% of Ellington Credit worth $2,743,000 as of its most recent SEC filing.
A number of other institutional investors also recently added to or reduced their stakes in the stock. Wells Fargo & Company MN boosted its position in shares of Ellington Credit by 56,104,600.0% in the 4th quarter. Wells Fargo & Company MN now owns 1,122,094 shares of the real estate investment trust's stock worth $7,428,000 after purchasing an additional 1,122,092 shares in the last quarter. Bank of New York Mellon Corp purchased a new stake in Ellington Credit in the fourth quarter valued at about $955,000. Geode Capital Management LLC boosted its holdings in 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 worth $1,885,000 after acquiring an additional 47,998 shares in the last quarter. Barclays PLC purchased a new stake in shares of Ellington Credit during the third quarter worth about $334,000. Finally, FMR LLC increased its holdings in shares of Ellington Credit by 243.2% during the third quarter. FMR LLC now owns 4,839 shares of the real estate investment trust's stock valued at $34,000 after acquiring an additional 3,429 shares in the last quarter. Institutional investors own 20.40% of the company's stock.
Wall Street Analysts Forecast Growth
A number of analysts recently commented on EARN shares. UBS Group lowered their target price on shares of Ellington Credit from $6.50 to $5.25 and set a "neutral" rating for the company in a research note on Thursday, April 17th. Piper Sandler lowered their price objective on shares of Ellington Credit from $8.00 to $6.50 and set an "overweight" rating for the company in a research note on Tuesday, April 8th.
Check Out Our Latest Stock Report on Ellington Credit
Ellington Credit Price Performance
EARN traded up $0.08 during trading on Monday, reaching $5.70. 540,909 shares of the company's stock were exchanged, compared to its average volume of 519,845. Ellington Credit has a 1 year low of $4.33 and a 1 year high of $7.26. The company's fifty day simple moving average is $5.69 and its 200-day simple moving average is $6.31. The stock has a market capitalization of $214.09 million, a P/E ratio of 5.09 and a beta of 1.74.
Ellington Credit (NYSE:EARN - Get Free Report) last issued its earnings results on Wednesday, March 12th. The real estate investment trust reported $0.27 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.26 by $0.01. Ellington Credit had a net margin of 226.01% and a return on equity of 15.81%. The firm had revenue of $6.14 million during the quarter, compared to analysts' expectations of $9.65 million. Equities analysts forecast that Ellington Credit will post 1.17 EPS for the current year.
Ellington Credit Dividend Announcement
The business also recently announced a monthly dividend, which will be paid on Tuesday, May 27th. Stockholders of record on Wednesday, April 30th will be paid a $0.08 dividend. The ex-dividend date is Wednesday, April 30th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 16.84%. Ellington Credit's payout ratio is 320.00%.
Insider Transactions at Ellington Credit
In other news, Portfolio Manager Gregory Morris Borenstein bought 8,000 shares of Ellington Credit stock in a transaction on Wednesday, April 9th. The shares were bought at an average cost of $4.73 per share, with a total value of $37,840.00. Following the completion of the purchase, the portfolio manager now directly owns 18,000 shares of the company's stock, valued at approximately $85,140. This trade represents a 80.00 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 1.60% of the company's stock.
Ellington Credit Profile
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Free Report)
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.
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