Ellington Financial (NYSE:EFC) Hits New 52-Week High Following Earnings Beat

Ellington Financial Inc. (NYSE:EFC) shares reached a new 52-week high 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 trading hands. The stock had previously closed at $13.17.

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

Ellington Financial Dividend Announcement

The business also recently announced a monthly dividend, which will be paid on Tuesday, March 25th. Stockholders 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 dividend on an annualized basis and a dividend yield of 10.87%. Ellington Financial’s payout ratio is presently 119.08%.

Analyst Ratings Changes

Several research analysts have issued reports on EFC shares. JMP Securities reiterated a “market outperform” rating and set a $14.00 price objective on shares of Ellington Financial in a research note on Thursday, January 23rd. B. Riley raised shares of Ellington Financial to a “strong-buy” rating in a report on Tuesday, January 7th. Two research analysts have rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Ellington Financial presently has an average rating of “Moderate Buy” and an average price target of $13.75.

Institutional Trading of Ellington Financial

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Larson Financial Group LLC increased its holdings in Ellington Financial by 18,200.0% in the fourth 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 during the last quarter. Steward Partners Investment Advisory LLC grew its holdings in Ellington Financial by 162.3% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 2,602 shares of the financial services provider’s stock valued at $32,000 after purchasing an additional 1,610 shares during the period. Sterling Capital Management LLC grew its holdings in 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 purchasing an additional 2,355 shares during the period. AlphaQuest LLC bought a new stake in Ellington Financial in the fourth quarter valued at approximately $37,000. Finally, State of Wyoming acquired a new stake in Ellington Financial during the 4th quarter worth $56,000. 55.62% of the stock is owned by institutional investors.

Ellington Financial Trading Up 7.9 %

The business has a 50 day simple moving average of $12.60 and a 200-day simple moving average of $12.63. The stock has a market capitalization of $1.30 billion, a price-to-earnings ratio of 10.95 and a beta of 1.97. The company has a debt-to-equity ratio of 10.87, a current ratio of 37.04 and a quick ratio of 37.04.

About Ellington Financial

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.