Wells Fargo & Company MN Purchases 1,122,092 Shares of Ellington Credit (NYSE:EARN)

Wells Fargo & Company MN increased its position in Ellington Credit (NYSE:EARN - Free Report) by 56,104,600.0% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,122,094 shares of the real estate investment trust's stock after buying an additional 1,122,092 shares during the quarter. Wells Fargo & Company MN owned 3.85% of Ellington Credit worth $7,428,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Quantbot Technologies LP bought a new stake in Ellington Credit during the 4th quarter valued at approximately $30,000. FMR LLC grew its stake in Ellington Credit by 243.2% in the third 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 period. Naviter Wealth LLC purchased a new position in Ellington Credit during the fourth quarter valued at $72,000. Inspire Advisors LLC bought a new stake in shares of Ellington Credit during the 4th quarter valued at $98,000. Finally, Plancorp LLC purchased a new stake in shares of Ellington Credit in the 4th quarter worth about $100,000. 20.40% of the stock is currently owned by institutional investors.

Insider Activity at Ellington Credit

In related news, Portfolio Manager Gregory Morris Borenstein acquired 8,000 shares of the firm's stock in a transaction on Wednesday, April 9th. The shares were acquired at an average cost of $4.73 per share, for a total transaction of $37,840.00. Following the completion of the transaction, the portfolio manager now directly owns 18,000 shares in the company, valued at approximately $85,140. This trade represents a 80.00 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.60% of the stock is owned by corporate insiders.

Ellington Credit Price Performance

Shares of EARN traded up $0.15 on Tuesday, reaching $5.42. The company's stock had a trading volume of 392,482 shares, compared to its average volume of 514,117. Ellington Credit has a 12-month low of $4.33 and a 12-month high of $7.26. The stock has a market capitalization of $203.57 million, a P/E ratio of 4.84 and a beta of 1.74. The stock's 50 day simple moving average is $5.77 and its two-hundred day simple moving average is $6.35.

Ellington Credit (NYSE:EARN - Get Free Report) last posted its quarterly earnings data on Wednesday, March 12th. The real estate investment trust reported $0.27 earnings per share for the quarter, beating analysts' consensus estimates of $0.26 by $0.01. The firm had revenue of $6.14 million for 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%. Analysts expect that Ellington Credit will post 1.17 earnings per share for the current year.

Ellington Credit Dividend Announcement

The company also recently disclosed a monthly dividend, which will be paid on Tuesday, May 27th. Stockholders of record on Wednesday, April 30th will be given a dividend of $0.08 per share. The ex-dividend date of this dividend is Wednesday, April 30th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 17.71%. Ellington Credit's payout ratio is 320.00%.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on EARN shares. UBS Group lowered their price objective on 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 cut their price objective on shares of Ellington Credit from $8.00 to $6.50 and set an "overweight" rating on the stock in a research report on Tuesday, April 8th.

Ellington Credit Company Profile

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.