Ellington Credit (NYSE:EARN) Stock Price Expected to Rise, UBS Group Analyst Says

Ellington Credit (NYSE:EARN) had its price objective raised by analysts at UBS Group from $5.25 to $5.50 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm presently has a “neutral” rating on the real estate investment trust’s stock. UBS Group’s price target indicates a potential downside of 4.10% from the stock’s previous close.

A number of other brokerages have also issued reports on EARN. Wall Street Zen lowered Ellington Credit from a “hold” rating to a “sell” rating in a research note on Friday, May 16th. Piper Sandler decreased their price target on Ellington Credit from $8.00 to $6.50 and set an “overweight” rating for the company in a research note on Tuesday, April 8th.

Ellington Credit Price Performance

NYSE:EARN opened at $5.74 on Tuesday. Ellington Credit has a 1 year low of $4.33 and a 1 year high of $7.20. The firm has a market capitalization of $215.40 million, a price-to-earnings ratio of 5.12 and a beta of 1.30. The business has a 50 day simple moving average of $5.39 and a 200-day simple moving average of $6.07.

Ellington Credit (NYSE:EARN) last issued its quarterly earnings results on Tuesday, May 20th. The real estate investment trust reported $0.26 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.27 by ($0.01). Ellington Credit had a return on equity of 15.81% and a net margin of 226.01%. The business had revenue of $9.25 million for the quarter, compared to the consensus estimate of $10.35 million. During the same period in the prior year, the business posted $0.27 earnings per share. As a group, analysts expect that Ellington Credit will post 1.17 earnings per share for the current fiscal year.

Insider Transactions at Ellington Credit

In other Ellington Credit news, Portfolio Manager Gregory Morris Borenstein purchased 8,000 shares of Ellington Credit stock in a transaction that occurred on Wednesday, April 9th. The stock was bought at an average price of $4.73 per share, with a total value of $37,840.00. Following the acquisition, the portfolio manager now owns 18,000 shares of the company’s stock, valued at $85,140. This trade represents a 80.00% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 1.40% of the company’s stock.

Hedge Funds Weigh In On Ellington Credit

Large investors have recently bought and sold shares of the business. Jane Street Group LLC raised its holdings in Ellington Credit by 177.5% in the 4th quarter. Jane Street Group LLC now owns 73,714 shares of the real estate investment trust’s stock worth $488,000 after purchasing an additional 47,151 shares during the period. Wells Fargo & Company MN raised its holdings in 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 during the period. Bank of New York Mellon Corp acquired a new position in Ellington Credit in the 4th quarter worth about $955,000. First Trust Advisors LP raised its holdings in Ellington Credit by 2.2% in the 4th quarter. First Trust Advisors LP now owns 90,895 shares of the real estate investment trust’s stock worth $602,000 after purchasing an additional 1,959 shares during the period. Finally, Ameriprise Financial Inc. acquired a new position in Ellington Credit in the 4th quarter worth about $197,000. Institutional investors and hedge funds own 20.40% of the company’s stock.

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.