Ellington Credit (NYSE:EARN) Stock Passes Below 200 Day Moving Average – Here’s Why

Ellington Credit (NYSE:EARN)’s share price crossed below its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $6.83 and traded as low as $6.58. Ellington Credit shares last traded at $6.67, with a volume of 543,373 shares changing hands.

Wall Street Analysts Forecast Growth

Separately, StockNews.com upgraded Ellington Credit from a “sell” rating to a “hold” rating in a research note on Wednesday, November 20th.

Ellington Credit Price Performance

The business’s 50-day moving average price is $6.64 and its two-hundred day moving average price is $6.83. The firm has a market cap of $194.61 million, a price-to-earnings ratio of 5.96 and a beta of 1.86.

Ellington Credit (NYSE:EARN) last announced its quarterly earnings data on Tuesday, November 12th. The real estate investment trust reported $0.28 earnings per share for the quarter, topping the consensus estimate of $0.27 by $0.01. The company had revenue of $4.75 million during the quarter, compared to analyst estimates of $7.55 million. Ellington Credit had a net margin of 226.01% and a return on equity of 15.81%. During the same period last year, the business earned $0.21 EPS. Equities analysts predict that Ellington Credit will post 1.17 earnings per share for the current fiscal year.

Ellington Credit Dividend Announcement

The company also recently disclosed a monthly dividend, which will be paid on Monday, January 27th. Shareholders of record on Tuesday, December 31st will be paid a dividend of $0.08 per share. This represents a $0.96 annualized dividend and a yield of 14.39%. The ex-dividend date of this dividend is Tuesday, December 31st. Ellington Credit’s payout ratio is currently 85.71%.

Hedge Funds Weigh In On Ellington Credit

Large investors have recently added to or reduced their stakes in the company. FMR LLC increased its stake in 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 purchasing an additional 3,429 shares during the last quarter. Charles Schwab Investment Management Inc. bought a new stake in shares of Ellington Credit during the 3rd quarter valued at about $170,000. Quadrature Capital Ltd acquired a new stake in Ellington Credit during the third quarter worth about $220,000. Barclays PLC bought a new position in Ellington Credit in the third quarter worth about $334,000. Finally, International Assets Investment Management LLC acquired a new position in Ellington Credit in the third quarter valued at approximately $468,000. 20.40% of the stock is currently owned by institutional investors.

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.