The Ellington Mortgage Fund (NYSE: EARN) was the target of a significant drop in short interest rates during the month of December. As of December 31, there was a short interest totaling 162,900 shares, down 49.0% from the December 15 total of 319,400 shares. Approximately 1.4% of the company’s shares were short sold. Based on an average daily volume of 225,700 shares, the ratio of days to coverage is currently 0.7 days.
EARN has been the subject of several research reports. BTIG Research lowered Ellington’s home mortgage rating from a “buy” rating to a “neutral” rating in a report released on Monday, November 8th. Piper Sandler began coverage of Ellington’s mortgage fund in a report released on Tuesday, October 12th. They set an “overweight” rating and a $12.50 target price for the company. Finally, Zacks Investment Research upgraded Ellington’s residential mortgage fund from a “sell” rating to a “hold” rating in a report released on Wednesday, January 5th.
EARN stock traded down $0.16 during trading hours on Friday, to reach $10.83. 180,888 shares of stock were traded, compared to an average trading volume of 200,487 shares. The company has a market capitalization of $140.14 million, a price-to-earnings ratio of 33.84 and a beta of 1.84. The company has a 50-day simple moving average of $11.02 and a 200-day simple moving average of $11.32. The Ellington Mortgage Fund’s 12-month low was at $9.81 and the 12-month high was at $13.92.
Ellington Mortgage Fund (NYSE: EARN) released its latest quarterly earnings data on Tuesday, November 2nd. The REIT reported earnings of $0.31 per share for the quarter, topping the consensus estimate of $0.34 ($0.03). The Ellington Mortgage Fund had a return on equity of 10.23% and a net margin of 15.17%. During the same period in the previous year, the company reported $0.39 per share. Equity research analysts expect the Ellington Mortgage Fund to report 1.31 earnings per share for the current year.
The company also recently announced a monthly dividend, which will be paid on Friday, February 25th. Investors of record on Monday, January 31st will receive a dividend of $0.10. This represents a dividend of $1.20 year-over-year and a dividend yield of 11.08%. The due date is Friday 28th January. Ellington REIT’s payout ratio is currently 375.01%.
Hedge funds and other institutional investors have recently modified their holdings of stocks. Marshall Wace LLP bought a new position in Ellington Residential Mortgage REIT in the first quarter valued at $40K. Penserra Capital Management LLC bought a new stock of Ellington Residential Mortgage REIT in the 3rd quarter valued at $82,000. SG Americas Securities LLC bought a new stock of Ellington Residential Mortgage REIT in the second quarter valued at $117,000. Cambridge Investment Research Advisors Inc. A new position in stock of Ellington Residential Mortgage REIT in the second quarter valued at $127,000. Finally, Citigroup Inc boosted its position in shares of Ellington Residential Mortgage REIT by 1,137.0% in the second quarter. Citigroup Inc. owns. Now 11,294 shares of REIT stock are valued at $13,000 after purchasing an additional 10,381 shares during the period. Institutional investors own 36.19% of the company’s stock.
About the Ellington Residential Mortgage Fund
The Ellington Residential Mortgage Fund operates as a real estate investment trust, which is involved in the acquisition, investment and management of assets related to residential mortgage and real estate. It manages a portfolio consisting of non-agency and non-agency residential mortgage-backed securities and acquires other target assets, such as full-fledged residential mortgage loans, commercial mortgage-backed securities, mortgage-related derivatives, and other asset-backed securities.
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